Rehabilitation
WHAT IS
REHABILITATION
Rehabilitation is to put an end to sequestration and restores their ability to become a creditworthy consumer.
WHO CAN APPLY FOR REHABILITATION
- The insolvent himself or herself
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HOW SOON AFTER HAVING BEEN SEQUESTRATED CAN AN INSOLVENT APPLY FOR REHABILITATION?
At any time:-
- As soon as all creditors’ claims and sequestration costs have been paid in full; or
- If the insolvent has made an offer of composition that was accepted by three-quarters of his or her creditors in number and value, and the insolvent has either made payment or given security.
After six months:-
- If, within these six months, no claims have been proved against the insolvent’s estate; and on condition that;
- This was the first time that the insolvent had been sequestrated; and
- The insolvent had not been convicted of certain offences.
After twelve months:-
- From the date of the Master’s confirmation of the first trustee’s account in the estate; and on condition that;
- This was the first time that the insolvent had been sequestrated; and
- The insolvent had not been convicted of certain offences.
After three years:-
- From the date of the Master’s confirmation of the first trustee’s account in the estate; if;
- The insolvent had already been sequestrated more than once, but on condition that
- The insolvent had not been convicted of certain offences.
After five years:-
- In the case of an insolvent who had been convicted of certain offences.
After ten years:-
- The insolvent shall be considered automatic rehabilitated after ten years.