Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. Lakh and Interest Deduction under section 24 of up to Rs. Lakh. Articles deals. If you owe money to your creditors, the first and logical option is to pay your debt. Payment can take many different forms, like for example rescheduling of payments. German Civil Code. BGB. Full citation Civil Code in the version promulgated on 2 January 2002 Federal Law Gazette Bundesgesetzblatt I page 42, 2909 2003 I page. I/51ntmK6sPKL.jpg' alt='Inheritance Tax Interest On Instalments Allowed' title='Inheritance Tax Interest On Instalments Allowed' />Sequestration Questions Danie Potgieter Attorneys How does the sequestration process work Make an appointment with us. During consultation we will assist you in determining whether sequestration is indeed the right option. Should you want to proceed with sequestration, there are a lot of legal formalities of which we take care. From date of the decision to sequestrate it normally takes about seven weeks before we appear in Court. Benefits Enrollment for 2018 is Closed. Click an icon above to find more information for your benefits program. New Electronic Freeze Form Norman Programs. This is an unofficial consolidation of the Liquefied Natural Gas Income Tax Act, prepared for convenience only. This consolidation reflects how the Act, which is not. This Ordinance may be called the Incometax Ordinance, 1984. It shall come into force on the first day of July, 1984. You dont have to appear in person, we appear on your behalf. During the process you are protected against execution by your creditors unless you have left it so late that we cant timorously place the prescribed publications in the Government Gazette which would stop execution by your creditors. After the Sequestration Order has been granted, the Master of the High Court appoints a Trustee who must take charge of your assets and liabilities. Once a Trustee is appointed we set up a meeting with the Trustee at which meeting we represent you. When meeting with the Trustee we negotiate on your behalf certain important aspects. Can I be too poor to sequestrate Yes indeed. There must be a benefit for creditor before the court will grant a sequestration order. There are outstanding changes not yet made by the legislation. Income Tax Trading and Other Income Act 2005. Those changes will be listed. What is a benefit for creditors and how is it calculated Should we try to explain this concept thoroughly it will take a lecture of many hours. For your benefit we will give you the very short version. In terms of the Insolvency Act it must be to the benefit of your creditors if you sequestrate. In laymans terms this means that you have to prove to the Court that your creditors are, for as long as you are not sequestrated, prejudiced. We as Insolvency Law practitioners experience some frustration with the inconsistency amongst certain Courts and judges. Traditionally judges required that concurrent creditors should, in the winding up of the estate receive at least ten cents in the rand. The preferred creditors must be paid in full, limited to the value of their security. This means that if you have for example an immovable property in your estate of which the value is a million rand and the value of the property as determined by a valuator is for example R8. R8. 00,0. 00. 0. 0 excluding the cost of realisation such as auctioneers costs etc. The creditors that do not hold any security must each receive a dividend of at least 2. Traditionally the Courts required that there should be a dividend of 1. January 2. 01. 0, his Lordship Judge Bertelsman decided that a proper dividend for creditors is 2. Many Judges follow this decision. Over and above these requirements, there must also be enough assets or cash in the insolvent estate to ensure that the administrative costs of the estate are paid. The frustration that we as Insolvency lawyers experience is that some judges may require a dividend of ten cents in the rand for concurrent creditors as suppose to other judges that may require up to twenty cents in the rand. My advice is to approach a competent lawyer who understand the calculation of benefit for creditors and will do it on your behalf. Will my Application for Sequestration succeed We have dealt with about 2. Thus far only 5 of these Applications did not succeed. We cant pretend that we will always succeed, but on a balance of probabilities we have succeeded in passing 9. Why dont I simply wait for my creditors to sequestrate meCreditors are not keen to bring a hostile Sequestration Application, because it is normally cheaper for them to follow execution steps via the Sheriff. Hostile sequestration Applications are normally brought against debtors who have very large estates and have hidden their assets from creditors. Such a creditor would most properly hold an insolvency enquiry against such a debtor. And insolvency enquiry is a process in the insolvency law by which the insolvent, his family, auditor, employees, auditors etc. What do I tell my creditors Once you have given us instructions, you use the famous term Speak to my lawyer. Once you have given us instructions, you must not try to deal with your creditors yourself. That is why we get paid. There are a lot of creditors who will tell you that they dont speak to attorneys. The simple answer to this is that, if they do not wish to speak to your attorneys, they will speak to nobody. It is a basic principal under South African Law, that once you have an attorney on record, you opponent is obliged to speak to your attorney and not to you in person. The practical problem is that many of the creditors have call centres a large number of untrained, unsympathetic, sometimes half brainless people sit in front of a computer screen and there only instruction is to call the name that appears on the screen. They will call you, threaten you, or do any other legal or illegal thing to convince you to pay them. You might even hear from them that if you dont pay by the end of the day they will have you arrested. If you cant handle you debt dont be intimidated. Get professional help. Can they take my salary There are certain sections in the Insolvency Act as well Court decisions which deal with this question. Once you are sequestrated no creditor is allowed to attach your salary, either by Garnishee Order against your salary or by simply grabbing your salary which is paid into your bank account. Your Trustee has discretion in terms of Section 2. Insolvency Act in terms whereof he can attach any part of your salary which the Trustee deems not necessary for your normal expenditure. In the thousands of Insolvency matters that we have handled, we have in every instance succeeded in negotiating with the Trustee to exclude our clients income from the Insolvent Estate. Will I lose my furniture In terms of the Insolvency Law there are certain assets which your Trustee has to attach. Regarding your household furniture, there are certain exceptions. We have done about 2. Insolvent Estate. The worst case scenario is that your furniture is appraised, and you have to buy back your furniture from your Insolvent Estate, while the furniture stays in your possession. The insolvency value of furniture is very low, because it is valuated at a forced sale value, such as when it is sold in execution by a sheriff. Can they take my tools of trade In terms of Section 8. Insolvency act your trustee are not allowed to take your tools of trade. Bear in mind, that if the assets are under finance, ownership has not fully vested in you, and these assets will fall in your insolvent estate. If you dont owe any money on your tools of trade, no one can take it from you. Many years ago we dealt with a matter where our client was a singer. His mixing desk, amplifiers, microphones, speakers etc was of substantial value but his trustee could not attach it. Can they take my childrens assets No. Your childs estate belongs to himher. The devil lies in the detail. If your son plays cricket, it is rather easy to proof that the cricket bat in your sons room belongs to him. When your son is born and grandpa and grandma bring him his first present, that child is starting to accumulate his own estate it belongs to him, not his parents. It will obviously be difficult to prove that the new BMW parked in front of your house belongs to him. What happens to my insurance policies Insurance policies consist of different categories. A retirement annuity is protected against your insolvent estate. Also protected against your insolvent estate are any funds that pay out to you in terms of a claim for personal injury. Liquefied Natural Gas Income Tax ActThis Act is current to November 1, 2. See the Table of Legislative Changes for this Acts recent legislative history, including any changes not in force. This is an unofficial consolidation of the Liquefied Natural Gas Income Tax Act, prepared for convenience only. This consolidation reflects how the Act, which is not in force, reads as amended by the Liquefied Natural Gas Income Tax Amendment Act, 2. S. B. C. 2. 01. 5, c. SBC 2. 01. 4 CHAPTER3. Assented to November 2. Part 1 Interpretation. Definitions. 1  In this Act applicable percentage,ain relation to a taxation year that begins on or after January 1, 2. January 1, 2. 03. January 1, 2. 03. Act by the taxpayer for the taxation year,b. Act by the taxpayer in relation to the taxation year, andc. Act by the taxpayer in relation to tax or penalties referred to in paragraphs a and b balance due date, in relation to a taxpayer for a taxation year, means the day the taxpayer must pay the amount remaining unpaid of the tax payable under this Act for the taxation year band has the same meaning as in section 2 of the Indian Act capital cost, in relation to capital investment property acquired by a taxpayer, does not include any outlay or expense made or incurred by the taxpayer to the extent that the outlay or expense was deducted in computing the taxpayers net operating income or net operating loss for the taxation year in which the capital investment property was acquired or a previous taxation year capital investment property means the following property aproperty that is referred to in section 7 LNG facility a. LNG facility to carry out activities described in paragraph g of the definition of liquefaction activities a. LNG facility,but does not include the following property c. LNG facility, means the later ofa. Oil and Gas Activities Act in respect of the LNG facility, if that section is applicable, andbthe date that a prescribed document is issued in relation to an obligation imposed under another Act of the Legislature, or under an Act of the Parliament of Canada, in relation to the restoration, reclamation or remediation of the LNG facility site commercial debt obligation, in relation to a taxpayer or partnership that is a debtor, means a debt obligation issued by the debtor the proceeds of which are used by the debtor for the purpose of gaining or producing income from an LNG source, but does not includea. LNG source, orb. Commissioner of Income Tax appointed under the Income Tax Act, orbanother person designated under section 1. Act designated automobile amount means the amount prescribed under section 7. LNG source, means any of the following a. LNG source b. the taxpayers net operating loss for the taxation year from the LNG source c. LNG source d. the balance of the taxpayers capital investment account for the LNG source at the end of the taxation year e. Act for the taxation year in respect of the LNG source determinable partnership amount, in relation to a partnership for a fiscal period in respect of an LNG source, means any of the following a. LNG source b. the balance of the partnerships capital investment account for the LNG source at the end of the fiscal period c. LNG source at the end of the fiscal period d. LNG facility e. LNG source determination, in relation to a determination under Part 8. Interpretation Act and includesaany transaction or event entitling a taxpayer to proceeds of disposition of the property,b. Act means the Income Tax Act Canada federal regulation means the Income Tax Regulations Canada feedstock pipeline means that portion of a natural gas pipeline from and including a feedstock pipeline inlet on the natural gas pipeline to an LNG facility inlet meter feedstock pipeline inlet means a meter station that isalocated in British Columbia on a natural gas pipeline, andb. LNG facility feedstock spur pipeline means that portion of a feedstock pipeline from and including the feedstock spur pipeline inlet to an LNG facility inlet meter feedstock spur pipeline inlet means a location, designated by regulation, on a feedstock pipeline financial incentive, in relation to a taxpayer, means an amount received or receivable by the taxpayera. First Nations economic development of the federal regulation or a prescribed amount financing charge, in relation to a taxpayer, means any of the following a. A the taxpayer, if the taxpayer is a unit trust,B interests in a partnership or syndicate by the partnership or syndicate, orC shares of the capital stock of the taxpayer,ii borrowing money,iii incurring indebtedness,iv rescheduling or restructuring a debt obligation of the taxpayer, orv assuming a debt obligation,including a commission, fee, or other amount paid or payable for or on account of services rendered by a person as a salesperson, agent or dealer in securities in the course of the issuing, selling or borrowing c. LNG source improvements includes a building, a structure and any other thing that is affixed to, or installed in, a building, a structure or land so that it ceases to be personal property at common law Indian has the same meaning as in section 2 of the Indian Act Indian Act means the Indian Act Canada information return means an information return that is provided for in the regulations and required to be filed under section 1. LNG source instalment due date, in relation to a taxpayer for a taxation year, means each of the following athe day that is 3 months after the end of the taxpayers preceding taxation year b. LNG facility, other than the following i acquiring, owning or disposing of natural gas before the natural gas passes through an LNG facility inlet meter for the LNG facility ii disposing of natural gas when the natural gas passes through an LNG facility inlet meter for the LNG facility iii acquiring liquefied natural gas, natural gas liquids or natural gas when the liquefied natural gas, natural gas liquids or natural gas leaves the LNG plant that is part of the LNG facility iv acquiring, owning or disposing of liquefied natural gas, natural gas liquids or natural gas after the liquefied natural gas, natural gas liquids or natural gas leaves the LNG plant that is part of the LNG facility a. Mac Os X Leopard 10 5 10 51 Band. LNG facility, other than the following i acquiring, owning or disposing of a right to acquire, own or dispose of natural gas before the natural gas passes through an LNG facility inlet meter for the LNG facility ii disposing of a right to dispose of natural gas when the natural gas passes through an LNG facility inlet meter for the LNG facility iii acquiring a right to acquire liquefied natural gas, natural gas liquids or natural gas when the liquefied natural gas, natural gas liquids or natural gas leaves the LNG plant that is part of the LNG facility iv acquiring, owning or disposing of a right to acquire, own or dispose of liquefied natural gas, natural gas liquids or natural gas after the liquefied natural gas, natural gas liquids or natural gas leaves the LNG plant that is part of the LNG facility b. LNG facility, orii a right to use all or part of an LNG facility c. LNG facility d. LNG facility, disposing of electrical power generated at the LNG facility e.