How to get protection from enforcement, bailiffs

The initiation of restructuring proceedings offers the debtor a wide range of benefits. First and foremost, he receives protection that allows him to concentrate on negotiations with his creditors without fear of losing his assets as a result of bailiff enforcement proceedings.

This is important because it gives the debtor time and space to work out an agreement with his or her creditors on the repayment of the debt. And what steps can be taken are set out below:

1. Consult a restructuring advisor, which will help you understand the legal processes involved in restructuring and present your options for protection against enforcement.

2. Prepare a restructuring planwhich you will present to the restructuring advisor. Together you will decide whether to open restructuring proceedings.

3. Arrange with your restructuring advisor possible date for the announcement of the opening of simplified. restructuring proceedings. Under the current rules, the announcement of the opening of the simplified restructuring procedure suspends executions.

4. negotiate with creditors, when engaged in a restructuring process, creditors may be more willing to reach a settlement/agreement and suspend enforcement actions.

It should be emphasised that restructuring proceedings also take into account the rights of creditors. Creditors are involved in the process of negotiating the arrangement and have the opportunity to express their agreement to the proposed solutions. This ensures a balance of interests and enables a fair agreement to be reached between the debtor and the creditors.

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