In the unprecedented times South Africans are now facing, many individuals and businesses will have no alternative but to take out loans to survive the challenging economic environment. As noble as it might be to provide loans to friends or their businesses, if it is not correctly done in compliance with prevailing laws, the lender [...]

When 2 individuals enter into a marriage relationship it has certain legal implications. The legal nature of a couple’s marriage, also referred to as their “matrimonial regime”, will determine what legal implications their marriage will hold. In South Africa the matrimonial regimes of married couples are primarily regulated by the Matrimonial Property Act (88 of [...]

Article 2 of 3 in a series on Financial Distressed Companies Before a company can be placed under business rescue, there are several procedural requirements that must be complied with. There are two ways in which business rescue proceedings may commence, being by way of a company resolution in terms of Section 129 of the [...]

Article 1 of 3 in a series of financially distressed companies BACKGROUND There is a global increase in companies experiencing financial distress, leaving such companies with no other option but to restructure the company in attempt to prevent liquidation. Chapter 6 of the Companies Act, 71 of 2008 (hereinafter referred to as “the Act”), [...]

Under the Companies Act (2008) a company is in financial distress if - it appears to be reasonably unlikely that the company will be able to pay all of its debts as they become due and payable within the immediately ensuing 6 (Six) months; or it appears to be reasonably likely that the company [...]