Loans to settle divorce settlement sink microlender’s mutual bank application
The proposed CEO breached the Companies Act by allowing another company of which he was the sole shareholder to advance loans to him while it was insolvent.
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SCA upholds pre-commencement tax debts in business rescue
The Supreme Court of Appeal confirms that re-quantifying a tax debt post-rescue commencement doesn’t create a new, preferential liability – cementing SARS’s place as a concurrent creditor under an approved rescue plan.
Judgment in Delta case highlights D&O insurance limitations
With directors held accountable for undisclosed deals and conflicts of interest, the judgment brings to light the crucial issue of whether D&O policies will stand behind executives embroiled in misconduct.
Shaping corporate law: important revisions to the Companies Act
A comprehensive guide to the changes introduced by the Companies Amendment Act and the Companies Second Amendment Act.
More arrests in Steinhoff saga as executives face justice
The arrest of two more former Steinhoff executives ties back to a fraudulent scheme involving a handwritten note by Markus Jooste.
Be aware of the difficulties when dealing with tax debt in business rescue
Can a creditor lose their right to enforce post-commencement debt? A High Court case sheds light on the fine print of business rescue rules and SARS’s role in enforcing tax obligations.
Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
Dimension Data Campus case: a landmark test for corporate governance
The High Court’s ruling emphasises the duty of directors to disclose conflicts of interest and highlights the importance of complying with corporate and B-BBEE laws.
Why retirement fund trustees should pay attention to the newly signed Companies Amendment Bills
The Companies Amendment Bills impose crucial changes to remuneration disclosure and shareholder approval that trustees must integrate into their governance practices.
Important aspects of the Companies Amendment Acts
The Companies Amendment Act provides for more disclosure by companies, and the Companies Second Amendment Act extends the time bars to applications for director delinquency and proceedings to recover loss due to director liability.
SCA judgment has implications for directors, companies, and D&O insurers
The decision confirms that directors are generally not liable to the company’s creditors unless there is an abuse of the corporate structure.
Welcome news for companies in business rescue
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
It’s ‘business as usual’ for debarred director of Classic Financial Services
A provisional sequestration order for the estate of Classic Financial Services director Jacobus Geldenhuis has been granted.
Considerations when deciding whether to keep a company dormant or close it
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
