Sequestration (Bankruptcy)
In some circumstances you can petition for your own sequestration (bankruptcy). Your assets may also be sequestered (bankrupted) by somebody you owe money to, or by your Trustee acting under a Trust Deed. In a sequestration, a Trustee (a licensed insolvency practitioner) is appointed to recover, manage and sell-off your assets, in some cases including your home, to pay your creditors. The Trustee may also seek a contribution from your income if you’re employed. Sequestration normally lasts for 3 years. Being sequestered will make it difficult to obtain credit in the future. It should only be considered after reviewing all your options and taking professional advice