Corporate Lawyer and CEO Adriaan Smuts says in order for SAA to have a successful turnaround the company needs to be ready to make drastic changes to its structure. Luckily for Employees, in business rescue all labour relations and regulations remain in place. So the practitioner cannot unilaterally fire anyone. They will need to
Dear Taxpayer The following information is taken directly from a recent announcement by SARS. ADMINISTRATIVE PENALTIES FOR CORPORATE INCOME TAX (CIT) TO BE IMPOSED SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Administrative penalties will be imposed on companies that receive a final demand to submit a
Section 133 of the Companies Act No. 71 of 2008 (“the Act”) provides for a general moratorium on legal proceedings against the company in business rescue. The protection of the moratorium afforded to the company often results in creditors looking to the surety for settlement of the company’s debt.
Section 136 of the Companies Act no. 71 of 2008 (“the Act”) allows a Business Rescue Practitioner (“BRP”) to entirely, partially or conditionally suspend, for the duration of the business rescue process, any obligation of the company that arises under a contract to which the company was party to at the commencement of rescue or that would otherwise become due during the rescue process.
How does Business Rescue impact employees, creditors, owners etc? In studio with Garry and team is Adriaan Smuts CA (SA) and Advocate of the High Court of South Africa, along with Caitlin Gottschalk (Bcom LLB), discussing Business Rescue in practical terms. This show is presented in collaboration with LegalTalkSA. http://cliffcentral.com/the-laws-of-life/laws-of-life-business-rescue-is-it-a-better-alternative-to-liquidation/
AFFECTED PERSONS AND BUSINESS RESCUE – PART 6 The final group in the definition of affected persons in the Act comprises any registered trade union representing employees of the company or, where employees are not represented by a registered trade union, each of the employees themselves or their respective representatives. For the sake of
DIENER NO / THE MINISTER OF JUSTICE IN THE SUPREME COURT OF APPEAL The all important case of Diener NO was set down for hearing in Bloemfontein on 23 August 2017. On the said date the full bench of the Supreme Court of Appeal tasked with this matter indicated that, due to the complexity of
Shareholders (continued) Removal of Practitioner and Practitioner remuneration Shareholders have numerous interests in the well-being of the company, the least of which is the right to receive the net assets of the company in the event of a liquidation (they have a residual interest in the company). To protect their interests, shareholders, as affected
Shareholders Shareholders, as affected persons , are often overlooked during Business Rescue proceedings, however, they are important role players in ensuring the successful rescue of a financially distressed company. In larger companies shareholders frequently have limited access to financial and operational information other than which is available from management at shareholders
Introduction The Companies Act  (hereinafter referred to as “the Act”) defines an affected person as a shareholder or creditor of the company and any registered trade union representing employees of the company, or in the case of employees not represented by a registered trade union, each individual employee or their respective