In a liquidation, an insolvency practitioner is indispensable, and plays a central role in the effective and efficient implementation of insolvency law. The practitioner has broad and far-reaching powers over the management of the insolvent business, and effectively takes control of management. The practitioner also has certain powers over the business assets, a duty to protect those assets and their value, ensuring that the law is applied effectively and impartially. The interests of Creditors and employees are also protected.
In major liquidations involving millions of Rands, the practitioner has daunting challenges which must be carefully handled in order to avoid costly litigation which could ensue, thereby costing the estate time, money and other resources. Accordingly, it is essential that the insolvency practitioner is appropriately qualified and possesses the knowledge, experience and personal qualities that will ensure confidence in the insolvency regime through the effective and efficient conduct of the proceedings.
In addition to possessing the necessary skills, an insolvency practitioner in the South African context must also bear in mind the broad-based empowerment and equity practices taking place in all sectors of the economy.
Saftrust recognizes the importance of empowerment, particularly of communities and person’s from previously disadvantaged backgrounds.
Saftrust is therefore appropriately positioned in terms of its ability to completely act as an insolvency practice, while its ownership structure reflects the company’s support of empowerment and equity.
To render world-class insolvency practice solutions to all participants in the South African economy.
To be a leading, world-class South African insolvency practice.