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A reflection on conflicts of interest and misappropriation of corporate opportunity under modern Company Law in South Africa.
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Business owners need to be aware of all the options and implications thereof, at their disposal when resolving disputes – when they start their business. As its future survival could depend on the resolution of such disputes.
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In Gore NO and Another v Ward and Another [2022] 2 All SA 178 (WCC), liability for loss caused by fraudulent acts committed by company director, the authority of directors to control companies is vested and actual.
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In Santam Limited, a division of which is Hospitality and Leisure Insurance v Ma-Afrika Hotels (Pty) Ltd and Another [2022] 1 All SA 376 (SCA), business interruption indemnity period, objective approach of interpreting contracts and parties’ intentions applied.
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In Sand Grove Opportunities Master Fund Ltd and Others v Distell Group Holdings Ltd and Others [2022] 2 All SA 855 (WCC), standing of an investment fund not registered as a shareholder to object to a scheme of arrangement.
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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.
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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.
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A case from the Commercial Court in Gauteng is fascinating because it illustrates the far-reaching effects of conflicts of interest in companies and why they should be avoided.
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Poor execution or contract management such as a belief by the parties that an electronic signature is binding, when in fact it does not meet the applicable legal provisions necessary for validity, may result in your businesses suffering an inability to remedy the consequences of a breach.
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Astral Operations Ltd t/a Early Bird Farm - the proper interpretation of the terms of the contract between the parties with specific reference to allegations that ‘usual prices’ for goods sold were not the usual prices, and if lower, whether the contract was breached.