The court of first instance in Richter v ABSA Bank Limited SCA (unreported case no 20181/2014, 1-6-2015) held that it is not possible to apply for business rescue after a…
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Finances are tight and debts are increasing now you find faced with the threat of vehicle repossession. Vehicle repossession can happen when you are still paying off your vehicle but…
It is understandable that whenever parties enter into negotiations or want to reduce their intentions to a contract, they would want to do so in the most specific and accurate…
Although it is always a good idea to save up and buy goods for cash, this is not always possible. Most of life’s biggest expenses are things most people can…
The Insolvency Act 24 of 1936 (“Act”) in its Section 8 provides for 8 acts of insolvency and are listed below. The word “debtor” is defined in the Act as…
Finance Minister, Tito Mboweni delivered his latest budget speech on 24 February 2021. He outlined in detail the dire financial position of South Africa. He went as far as to…
It has become usual when scrolling through social media platforms to come across messages or posts like “do you know you can make R2000 a day, ask me how”. What…
As we steadily ease into the lifting of Lockdown Regulations, we are also faced with the lifting of creditors’ compassion towards the debtor’s financial distress. COVID-19 drove many South Africans…
INTRODUCTION The following information relates to reckless trading and directors’ liability in such cases. LEGISLATION Section 22 of the Companies Act prohibits reckless trading and touches on the illegality of…
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