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    Africa Business in Brief - Issue 529
    2024-01-21

    AfDB to support HealthTech Hub Africa’s blueprint to fast-track health technology innovations across Africa

    Filed under:
    Global, South Africa, Aviation, Energy & Natural Resources, Insolvency & Restructuring, IT & Data Protection, Tax, ENS
    Location:
    Global, South Africa
    Firm:
    ENS
    Insolvency in South Africa | snapshot 2023
    2023-10-26

    “A look at current trending topics in the world of Insolvency Law.”

    Filed under:
    South Africa, Insolvency & Restructuring, ENS
    Location:
    South Africa
    Firm:
    ENS
    Why South Africa should emulate Italy’s adoption of the new Italian Insolvency Code
    2023-09-20

    The new Italian Insolvency Code came into effect on 15 July 2022, effectively changing the status quo by attempting to resolve the financial distress of companies and minimise damage through restructuring outstanding debt. The code makes restructuring frameworks the first measure to help debtors restructure their debt to prevent further insolvency and liquidation. More importantly, it is a break from the status quo in insolvency law whereby maximising a creditor’s return is of the utmost importance. Instead, preserving the company as a going concern becomes a protected value.

    Filed under:
    Italy, South Africa, Insolvency & Restructuring, ENS, Insolvency
    Location:
    Italy, South Africa
    Firm:
    ENS
    The shifting definition of security in the cryptocurrency era and the impact of the Insolvency Act
    2023-09-18

    In the case of Bester N.O & Others v Mirror Trading International Proprietary Limited (in liquidation) t/a MTI, the Western Cape Division of the High Court considered whether cryptocurrencies fell within the definition of property under the context of the Insolvency Act and whether courts in South Africa had jurisdiction in respect of cryptocurrency.

    Filed under:
    South Africa, Banking, Insolvency & Restructuring, Litigation, ENS, Bitcoin, Cryptocurrency
    Authors:
    Ayesha Khan
    Location:
    South Africa
    Firm:
    ENS
    Master of the High Court decision: set off overturned but liquidators permitted to disregard set off
    2023-09-06

    In NSP Unsgaard (Pty) Ltd v Master of the High Court, Cape Town and Another, the applicant, NSP Unsgaard (Pty) Ltd sought to review and set aside a decision of the first respondent, the Master of the High Court made on 28 January 2022 in terms of section 46 of the Insolvency Act,1936 (“the Act”). The decision in question permitted the liquidators of the second respondent, Green Tissue (Pty) Ltd ), to disregard a set off applied by NSP in its dealings with Green Tissue before the latter’s liquidation.

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, ENS
    Authors:
    Aslam Moosajee
    Location:
    South Africa
    Firm:
    ENS
    The importance of a well-drafted security agreement in liquidation
    2022-09-27

    The effect of a liquidation order is to crystallise an insolvent company’s position in time and to ensure that no further transactions can be concluded by that entity. In other words, once a company is in liquidation and the concursus has occurred, no creditor may exercise its rights against that company in a manner prejudicial to other creditors.

    This is a well-established principle of South African law, but what does it mean for a security taker wishing to, by agreement with the insolvent company, rectify a written agreement concluded prior to liquidation?

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, ENS, Insolvency
    Authors:
    Jessica Blumenthal , Lisa Melis
    Location:
    South Africa
    Firm:
    ENS
    ENSafrica Uganda in brief - Issue 01 | 2022-07
    2022-07-26

    Welcome to the first issue of ENSafrica's Uganda in brief, focusing on the latest legal and regulatory updates across Uganda's corporate commercial and banking and finance industries.

    corporate and commercial

    Filed under:
    Uganda, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Tax, ENS
    Location:
    Uganda
    Firm:
    ENS
    The High Court of Uganda emphasises the rights of secured creditors in insolvency proceedings
    2022-05-24

    The High Court recently passed a decision (Bank Of India (U) Limited Vs NC Beverages Limited And Uganda Revenue Authority (Civil Suit 0009 of 2021) highlighting the priority of a secured creditor in the winding up or liquidation of a company. The court further checked the actions by the Uganda Revenue Authority (“URA”) of seizing and disposing secured assets before they can be realised by a secured creditor on commencement of insolvency proceedings.

    Background

    Filed under:
    Uganda, Insolvency & Restructuring, Litigation, ENS
    Authors:
    Sheila Pacuto , Tracy Kakongi
    Location:
    Uganda
    Firm:
    ENS
    How does the indoor management rule in company law apply in Uganda?
    2021-08-17

    The indoor management rule is a common principle, codified in Ugandan law. However, recent decisions from courts have applied the rule inconsistently, and have been a cause of concern as to what reliance can be placed on a company resolution by a party contracting with a company.

    What is the indoor management rule?

    Filed under:
    Uganda, Company & Commercial, Insolvency & Restructuring, Litigation, ENS
    Authors:
    Phillip Karugaba
    Location:
    Uganda
    Firm:
    ENS
    Mauritius: Companies in financial difficulty and the COVID-19 (Miscellaneous Provisions) Act, 2020
    2020-05-18

    Due to the global Coronavirus (COVID-19) pandemic and its effects on the Mauritian economy, on 15 May 2020, the Government of Mauritius enacted the COVID-19 (Miscellaneous Provisions) Act 2020 (the “Act”) which is intended to amend a number of existing laws so as to cater for the changes and impacts brought by the pandemic on the country, including the financial distress that certain companies are and/or will be facing during the pandemic.

    Duty of directors on Insolvency

    Filed under:
    Global, Mauritius, Banking, Insolvency & Restructuring, ENS, Board of directors, Coronavirus
    Authors:
    Anne Sophie Lenette , Thierry Koenig
    Location:
    Global, Mauritius
    Firm:
    ENS

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