Legal Articles

 

Legal Articles

Customary Marriage – Changing the Default Matrimonial Property System

Customary marriages in South Africa are regulated under the Recognition of Customary Marriages Act 120 of 1998 (RCMA). The RCMA provides that for a customary marriage to be deemed as legally valid and binding, the requirements provided in Section 3 must be complied with.

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What You Need to Know About Liquidation in South Africa

While the business rescue procedure is aimed at rehabilitating financially distressed companies so that they can return to solvency, liquidation is aimed at winding the company upon realisation that the situation is so dire, and liquidation is the only option left.

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The Legal Process of Adopting a Child in South Africa

Adopting a child is a regulated process in most if not all jurisdictions over the world. In South Africa it is regulated under the Children’s Act 38 of 2005. The reasons for such regulation are as diverse as the reasons to adopt themselves, but the core of the matter is that as important as the offer to provide a home for children without a supportive home.

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The Effect of Insolvency on the Estates of Spouses

Where one of the spouses in a marriage becomes sequestrated, the system that governs their matrimonial property is important in the determination of consequences on the estate of the other spouse.

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The Difference Between Liquidation and Business Rescue

Liquidation is whereby a debtor entity, after the realisation that its liabilities exceed assets (factual insolvency) or inability to settle the liabilities as and when they become due and payable (commercial insolvency) is wound up.

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Understanding Marriage out of Community of Property Excluding Accrual

Marriage out of Community of Property excluding community of profit and loss and accrual system is essentially the form of complete separation of estates, which are assets and liabilities.

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When Should A Business Initiate Business Rescue Proceedings?

The Business Rescue procedure was introduced into the South African legal discourse by Chapter 6 of the Companies Act 71 of 2008. The main purpose of business rescue proceedings is to maximize the likelihood of restoring the business to solvency.

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Can You Trust a Trust with Your Assets?

Trading trusts, asset protection trusts, settlement trusts, charitable trusts as well as special trusts are all aimed at ensuring the security of the purpose for that which that Trust was set up for. In terms of deceased estates, a Trust can be set up to secure inheritance for the benefit of heirs.

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The Advantage of Creditors Requirement in Sequestration Proceedings

During voluntary surrender proceedings the debtor must prove that it will be, whilst in terms of compulsory surrender proceedings the creditor must only show that there is reason to believe that sequestration will be to the advantage of creditors.

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Compromise under the Companies Act of 2008 - The Drawbacks

Whereas liquidation is prescribed for companies that are insolvent (solvent companies can also liquidate under section 81 of the Companies Act 71 of 2008), business rescue is preferred where there are prospects that the company can be saved from shutdown.

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