FALLING into debt may be necessary, but there are problems that come with it. More often than not, the debtor ends up enslaved to the creditor if one defaults in payment.
Insolvency, sequestration and liquidation are terms that people hear about frequently, but rarely have they paid attention to them.
In these harsh economic times where to fall into debt can be a curse, people need to understand better the subject of insolvency so as to avoid embarrassment of being publicly declared an insolvent.
Generally an act of insolvency is committed when one is ensnared in debt to the extent that his liabilities will outweigh his assets.
The Insolvency Act Chapter 6:04 also provide for the circumstances that constitute acts of insolvency. As an illustration, an act of insolvency shall be committed in one of these circums
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