Michael Senekal &  Associates






When a debtor is unable to pay his debt the creditor may issue summons and obtain judgment against the debtor. If the debt is for an outstanding bond then the creditor (bank) may proceed to sell your house on an auction, usually at a ridiculous low price. You will be liable for the difference between the selling price and the outstanding amount of the bond. This is enforceable for 30 years. 


The creditor (bank) may then re-issue the warrant and attach your moveable assets like furniture etc.  


After all your assets have been sold the creditor may garnish your salary in terms of section 65 of the Magistrate’s Court Act. 


Voluntary surrender of estate will avoid the above mentioned problems if steps are taken immediately as it is not possible to sequestrate without assets. 


Voluntary surrender/ sequestration is a legal process that is regulated by the Insolvency Act and may assist you. 


It is the only way to get permanently rid of all your debt. You get to keep your salary and no monthly payments towards old debt are made. 


If an auction has already been scheduled we can stop it if you react in time. 


We will evaluate your situation and advise accordingly. 


Get professional advice from a qualified attorney.


Contact Michael Senekal at 082 873 7917 for a free telephonic evaluation. 


We assist in the Gauteng, Mpumalanga, Limpopo and North-West Provinces.