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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.
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.
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.
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.
The Maintenance of Surviving Spouses Act 2 of 1990 provides that of a surviving spouse to claim maintenance from the late estate of their deceased spouse, and the Executor of the estate is obliged to pay such maintenance.
Service providers sometimes see it necessary and in best interest to request consumers to provide guarantees of payment towards service accounts. Such measures are necessary to forestall and compensate for any default in payment of accounts so that business continuity and viability is not affected.
In this article, we discuss the business rescue process in South Africa, as well as the difference between business rescue by compnay resolution and business rescue by court order.
The dissolution of marriage is one of the biggest decisions one can make in their lives. Due to the sometimes-grave consequences, divorce is one that the Courts do not take lightly and will only order upon evidence that a normal marriage relationship cannot be restored.
Stakeholders such as the High Court and Notaries also have a role to play in the legalisation process. This article discusses the role played by the Department of International Relations and Cooperation.
It stands to that premise therefore, that parties feel the urge to retain the matrimonial house after a divorce process. In these disagreements with regards to the house, the Courts simply apply the legal rules much to the disappointment or relief of either party.
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