In tough economic times landlords and tenants may be faced with the difficult decision of having to terminate a lease agreement prior to the expiry of the lease period. The right to cancel a lease agreement is primarily regulated by the agreement between the landlord and the tenant, whether this agreement is recorded in writing [...]
Article 3 of 3 in a series on financially distressed companies. In order to fully comprehend directors’ liability, it is important to consider Section 76 of the Act, which setsout the duties of directors when conducting business. Section 76 addresses the standards of directors’ conduct and extends the common law fiduciary duties, which require directors [...]
In our current global society it is now common for South African residents to acquire assets in other counties, which could include investment properties, shares or other investment products. Dealing with these offshore assets by an executor of a deceased estate could be a complex, frustrating and expensive process if the deceased individual did [...]
Very often the lines between an independent contractor and an employee are blurred, meaning employers believe that they have entered into a contract with an individual service provider (“SP”) as an independent contractor, yet the SP after weeks of rendering the service may come to believe that he/she is an employee. Simply put, if [...]
When you pass away without a signed will and testament, you are said to have died “intestate”. What that means is that the Intestate Succession Act 81 of 1987 (“the Act”) applies on your estate and will determine how your estate will be distributed. WHAT ARE THE GENERAL PRINCIPLES THAT APPLY IF I DIE [...]
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 [...]
