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.
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.
A comprehensive guide to the changes introduced by the Companies Amendment Act and the Companies Second Amendment Act.
The arrest of two more former Steinhoff executives ties back to a fraudulent scheme involving a handwritten note by Markus Jooste.
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.
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
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.
The Companies Amendment Bills impose crucial changes to remuneration disclosure and shareholder approval that trustees must integrate into their governance practices.
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.
The decision confirms that directors are generally not liable to the company’s creditors unless there is an abuse of the corporate structure.
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
A provisional sequestration order for the estate of Classic Financial Services director Jacobus Geldenhuis has been granted.
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
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