What are the consequences of Sequestration?
Sequestration aims to release all the money you have from your estate for the benefit of your creditors. Essentially your estate must be handed over to a Court appointed Trustee. Your Trustee will realise all of your assets and you may be expected to contribute any surplus income from your employment to your sequestration for the full 3 years. Once the Trustee has received as much money from your estate as is available they will apply to be discharged as your Trustee. This is provided that you have complied with all requests. The Trustee will settle the fees and expenses of sequestration and pay the remainder to your creditors.
