What happens when a lessee walks away from a lease? A lease terminates on abandonment by the lessee. However, a lessee cannot simply walk away from a contract without consequence. The lessor can apply to the Magistrates Court for an order to repossess the premises and for compensation for damages caused to the lessor as...Read More

Definition Liquidation, or “winding up”, has to do with solvency and insolvency. A company is solvent if it can pay its debts, and insolvent if they cannot. When insolvent and unable to pay its obligation, a firm’s assets are liquidated, meaning they are divided among shareholders and creditors. When this occurs, a liquidation officer is...Read More

Sometimes a company or a person might not be able to pay the unpaid debt. This article will describe what actions may be taken when a company or person enters into insolvency. A company is insolvent when it cannot pay its debts when they are due for payment. Voluntary administration, liquidation and receivership are the...Read More