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When an entity cannot pay the debts they owe as and when they become due, or where their liabilities exceed their assets, such party is considered insolvent in South African law.
In the latter case this effectively means, even if the party were to liquidate all their assets to settle liabilities, it would still not be enough.
Declaration of insolvency status is done by the Courts.
The essence behind a Trust is the transfer of ownership of property from the Trust Founder to the Trust, while putting its control under the Trustees, for the advantage of the beneficiaries. The duties and responsibilities of the Trustees are fiduciary in nature and as such they must perform them with good faith, honesty, diligence, skill and uphold the best interests of the Trust and its beneficiaries.
Now that the Department of Labour issued a Directive on 11 June 2021 with regards to mandatory vaccination policies in the workplace, it is crucial for employees to know what their legal position is in this situation. This article will attempt to present a guide of general application to employees so as to outline what their legal position is in terms of mandatory vaccination in the workplace.
It is not all Road Accident Fund claims that are successful, owing to shortfalls in the technical and legal aspects pertaining to the lodged claims. This happens mostly because many claimants will be lost in the excitement of anticipating a lump sum and not putting pen to paper on the important aspects and requirements that must be satisfied before lodging a claim.
To achieve a safe working environment employers must adopt interventions and put measures in place that are necessary to do so. The Covid-19 virus has become the latest threat to workplace safety and employers are in a fix on how to approach the delicate issue of ensuring the safety of their employees against transmissions in the workplace.
During voluntary surrender proceedings the debtor must prove that it will be, whilst in terms of compulsory surrender proceedings the creditor must only show that there is reason to believe that sequestration will be to the advantage of creditors.
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.
There is often conflict when there is shared responsibility for land and building and, the CSOS aims to manage operations and provide efficient and cost-effective methods for dispute resolution within community schemes.
Although South Africa breathed a collective sigh of relief as President Ramaphosa announced the start of lockdown level three as of the 1st of June, it’s no doubt that COVID-19 has had a severe impact of the market value of property in South Africa.
The decision to get divorced is not an easy one for couples to make as it’s the first step to a process which can be time consuming as well as emotionally and financially draining.
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