Insolvency & Debt Restructuring

The Legal Framework

In South Africa the law of insolvency is governed by several statutes including the Insolvency Act 24 of 1936, the Companies Act 61 of 1973 and 71 of 2008, the Close Corporations Act 69 of 1984 and the Cross-border Insolvency Act 42 of 2000.

In addition to the above, common-law and related legislation allow for the evolution of law in this field and for alternatives to the over-indebted - an interplay to which parties should pay careful attention.