S
Legal
Sequestration
When the court declares you're officially broke and takes all your stuff to pay back creditors. It's the legal nuclear option in SA. You lose assets, your credit record gets trashed for 10 years, and it's hectic.
Usage Examples
"Andile's business went under. After sequestration, his car was sold, his house went to the bank. His credit report was gatvol for a decade."
"Thandi tried debt counselling but things got worse. Eventually sequestration was the only way. Her assets were liquidated, creditors got something, but she was starting from zero."
"Bongani faced sequestration after a retrenchment and months of not paying bonds and loans. The court froze his assets and appointed a curator to sell everything off. Not ideal."