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Lexis Nexis
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In Shiva Uranium (Pty) Limited (In Business Rescue) and Another v Tayob and Others 2022 (2) BCLR 197 (CC), if a company enters business rescue voluntarily in terms of s 129, the power to appoint a substitute, if the practitioner resigns, remains with the company. -
A reflection on conflicts of interest and misappropriation of corporate opportunity under modern Company Law in South Africa. -
In Department of Agriculture, Forestry and Fisheries and Another v B Xulu and Partners Incorporated and Others [2022] 1 All SA 434 (WCC) if there is in fact no distinction between the separate juristic personality of a juristic entity and those controlling it improperly, a piercing is justified. -
In Massyn v De Villiers NO and Others [2021] 3 All SA 578 (WCC), establishing an inquiry by liquidators into the affairs of a company in terms of s 417 of the Companies Act, is if deemed fit, acceptable and necessary for winding-up the affairs of the company and distributing its assets. -
Directors wanting to address problems in financially distressed companies need to be proactive, diligent, and aware of all options available to them, including the option of business rescue, its value, and the importance of its timing. -
A recent judgment in First National Nominees Pty Ltd and Others v Capital Appreciation Limited has, to a certain extent, provided much-needed clarity as to whether a company's acquisition of more than 5% of its issued shares is in fact a scheme, or merely subject to the procedural requirements thereof. Either way, are appraisal rights triggered when the company proposes such a buyback? -
In Van Zyl v Auto Commodities (Pty) Ltd [2021] 3 All SA 395 (SCA), Section 154(2) of the Companies Act only precludes creditors from pursuing claims against the company after the business rescue plan has been implemented. It does not affect or extinguish the liability of a surety for the debt. -
Most businesses have been struggling to stay afloat and some have considered cutting the number of their employees while others are totally closing down as they have not survived the COVID 19 lockdown period. Before deciding on totally closing down your business or company you might want to consider a business merger with a company or business that offers or renders the same goods and services as yours. -
South Africa has adopted many of the international core rescue principles applicable in foreign jurisdictions, creating a modern business rescue regime aimed at saving financially distressed companies, preserving employment and restructuring the discharge of debt. -
Cutting edge issues for South African boards of directors facing financial distress in 2019