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Whereas liquidation is prescribed for companies that are insolvent (solvent companies can also liquidate under section 81 of the Companies Act 71 of 2008), business rescue is preferred where there are prospects that the company can be saved from shutdown.
The Maintenance of Surviving Spouses Act 2 of 1990 provides that of a surviving spouse to claim maintenance from the late estate of their deceased spouse, and the Executor of the estate is obliged to pay such maintenance.
Service providers sometimes see it necessary and in best interest to request consumers to provide guarantees of payment towards service accounts. Such measures are necessary to forestall and compensate for any default in payment of accounts so that business continuity and viability is not affected.
In this article, we discuss the business rescue process in South Africa, as well as the difference between business rescue by compnay resolution and business rescue by court order.
The dissolution of marriage is one of the biggest decisions one can make in their lives. Due to the sometimes-grave consequences, divorce is one that the Courts do not take lightly and will only order upon evidence that a normal marriage relationship cannot be restored.
Stakeholders such as the High Court and Notaries also have a role to play in the legalisation process. This article discusses the role played by the Department of International Relations and Cooperation.
It stands to that premise therefore, that parties feel the urge to retain the matrimonial house after a divorce process. In these disagreements with regards to the house, the Courts simply apply the legal rules much to the disappointment or relief of either party.
The primary purpose of having a valid will is so that the testator can have the benefit of prescribing the division of his assets to only the beneficiaries he/she desires. In this way, having the assets of the deceased in the wrong hands after his/her death is avoided.
The sale of the assets is one of the most prominent ways of distributing assets. However such sale needs to be at market value, which can be achieved by getting two different valuations and declaring the average. However, the sale of assets such as property and company shares will invite Transfer Duty and Capital Gains Tax.
Most of us have seen the word Notary written on the billboards at some attorneys’ offices, but not all. This is because not all attorneys have the designation of Notary Public. It is an office endowed with an increased measure of trust.
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