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When a developer wishes to establish a sectional title scheme on land that has an existing building wholly or partially let for residential purposes, the developer has to comply with Section 4(3) of the Sectional Titles Act.
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Business rescue provides a structured approach to address financial and operational challenges, enabling entrepreneurs and small business owners to restructure their companies, renegotiate debts, and navigate complex legal landscapes.
The Department of Health in South Africa has received approval from the courts to proceed with the recruitment process for 44 specialist positions within the proposed National Healthcare Insurance (NHI) scheme, despite objections from trade union Solidarity.
The implementation of the NHI in South Africa has had many South Africans concerned and one of the biggest questions that citizens are asking is what will happen to private medical care if and when the NHI is implemented.
The National Health Insurance Bill was presented to Parliament in August 2019 and has since garnered significant attention from various stakeholders. The issue has been widely debated and discussed in the media and on social media platforms.
The NHI aims to pool funds to provide access to quality and affordable health services for all South Africans, regardless of their socio-economic status, based on their health needs. Under the NHI, the National Health Insurance Fund will be responsible for purchasing health care services for all registered users.
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.
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.
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