In South Africa, there are two types of liquidation: voluntary liquidation, which is initiated by the company's directors or shareholders, and involuntary liquidation, which is initiated by the company's creditors or the court.
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Fortunately, South African employees have certain rights and protections under the law when their employer becomes insolvent. Additionally, the Companies Act and the Insolvency Act provide for the appointment of a liquidator to oversee the winding up of the company's affairs and to ensure that employees are treated fairly.
Understanding the different types of insolvencies is important for individuals and businesses who are struggling to meet their financial obligations, as it can help them choose the best course of action to address their financial difficulties.
As a law firm specializing in insolvency and liquidation in South Africa, we know how important it is for individuals and businesses to understand the differences between these three terms. In this blog, we'll provide a clear definition for each, as well as an explanation of the key differences between insolvency, liquidation, and bankruptcy.
Molatelo Maloka, who purchased a home that turned out to have a number of defects. Despite the initial excitement of owning her dream home, Molatelo soon realized that the house was in a state of disrepair, including issues such as damp, a strong smell, and paint that was bubbling and cracking.
In order for an estate agent to be entitled to commission, they must have been the effective cause of the transaction. This means that they must have played a direct and significant role in bringing the buyer or tenant and the seller or landlord together and in facilitating the successful completion of the transaction.
A stipulatio alteri is a legal term that refers to a provision or clause in a contract that states that one party will receive a benefit or commission, regardless of whether or not they were the cause or reason for the contract being fulfilled.
Laws and regulations regarding exotic pet ownership can vary by country or region, and different species may be considered exotic in different locations. Some animals may be considered exotic in one country, but not in another, depending on the native species of that area.
Throughout a person's life, they will accumulate a variety of assets and obligations. These assets can range from tangible items such as property, vehicles, and furniture to liquid assets like cash. On the other hand, liabilities may include home loans, personal loans, and retail accounts.
Property transfer delays can be extremely frustrating for everyone involved and, what’s worse, is that often delays can cause unexpected costs from arising – costs that nobody prepared for.
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