The Minister of Justice and Constitutional Development (the Minister) has recently determined a policy on the appointment of insolvency practitioners, which was published in theGovernment Gazette No 37287 on 7 February 2014 (the policy). This policy, once it commences, will replace all the previous policies and guidelines that are currently being utilised by the Master's offices to appoint insolvency practitioners and its stated intention is to "form the basis of the transformation of the insolvency industry".
An interesting judgment was delivered by the Honourable J Majiki on 19 of November 2013 in the Eastern Cape High Court, Port Elizabeth. The first and second applicants under case 3521/2012 were ABSA Bank Limited and Maria Ramos respectively.
Section 153 (1)(b)(ii) of the Companies Act 71 of 2008 (the Act) is intended to afford a remedy to affected persons who support a business rescue plan that has been
The section can be broken down into five key elements:
With the global recession still being felt, times are tough and many companies are struggling to collect debts from errant customers or clients. In these cases, a winding-up application is arguably the most effective way to collect substantial debt as the following example shows.
In terms of section 64B(5)(c) of the Act the following amounts will be exempt when distributed in the course of or in anticipation of the liquidation, winding up, deregistration or final termination of the corporate existence of a company or close corporation, provided that certain steps are taken within 18 months from the date of the liquidation distribution, namely;
In the 2011 budget speech, the Minister of Finance announced that the Government will consider exempting taxable capital gains or ordinary revenue imposed on an insolvent debtor if the debt owing by the debtor is cancelled or reduced.
Another important judgement for Business Rescue was handed down in the North Gauteng High Court by his Honorable Justice Legodi in the matter of P T van Staden v Angel Ozone Products CC (In Liquidation) & others on the 12th of October 2012.
The Applicant (member) of a Close Corporation named Angel Ozone Products CC (First Respondent) brought an application in terms of Section 131 of the Companies Act, Act 71 of 2008 (“new Act”) more than a year after the Magistrates Court of Pretoria had granted a final liquidation order.
La Resolución de la Dirección General de los Registros y del Notariado (RDGRN) de 19 de diciembre de 2018 (BOE 28 de enero) se pronuncia de nuevo sobre la extinción registral de sociedades sin patrimonio. En esta ocasión se admite la inscripción de una escritura de disolución y liquidación de una sociedad de responsabilidad limitada en la que el liquidador declaró que la sociedad carecía de activos y de acreedores, de conformidad con el balance aprobado unánimemente por los socios.
Following the Supreme Court of Canada decision in Sun Indalex Finance, LLC v. United Steelworkers, [2013] 1 S.C.R. 271 (Indalex), creditors and their advisors have been closely following jurisprudence which considers the scope of the decision.
In the last few years, pension deemed trust issues have been a subject of debate before the courts.