In terms of section 112(2) of the Companies Act, a company may not dispose of all or the greater part of its assets or undertaking (Disposal) unless the Disposal was approved by a special resolution of shareholders, in accordance with section 115 of ...
DEBT RELIEF FOR OVER-INDEBTED CONSUMERS
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Borrowing money has become easy in today’s society. Many consumers are over-indebted in that they are unable to pay their financial obligations timeously. Many consumers over-commit themselves and repayments of debt become significantly difficult for ...
PRODUCT LIABILITY UNDER THE CONSUMER PROTECTION ACT
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Section 61 of the Consumer Protection Act, 2008 (“CPA”) provides that producers, importers, distributors and/or retailers of goods (collectively the “Supplier(s)”) may be held liable for any harm caused as a result of the supply of unsafe goods, pr ...
VAT LIABILITY FOR NON-EXECUTIVE DIRECTORS
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On 10 February 2017, South African Revenue Service (‘SARS’) passed a Binding General Ruling(VAT) 41 (‘BGR 41’) which deals with the VAT treatment of the activities conducted by Non-Executive Directors (‘NEDs’) and clarifies whether those activities ...
FOREIGN COMPANIES ESTABLISHING A BRANCH OR SUBSIDIARY IN SOUTH AFRICA
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The Companies Act, 2008 (“Companies Act”) defines a company that is incorporated outside of South Africa as a “foreign company”. Should such foreign company wish to establish business operations in South Africa, it may be required either establish a ...
TAX LIABILITY OF AMERICAN MUSICIANS AND AGENTS DOING BUSINESS IN SOUTH AFRICA
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South African retailers often use American musicians to endorse their brands on a number of advertising platforms in South Africa. Generally, South African retailers work through international agents in order to secure the services of international m ...
TAX TREATMENT – DONATING TO PUBLIC BENEFIT ORGANISATIONS
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South African companies often seek to conduct corporate social investment initiatives for a number of reasons including, but not limited to, enhancing their Broad-based Black Economic Empowerment status. These initiatives are commonly conducted by wa ...
VALIDITY OF ANTENUPTIAL CONTRACTS
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One must be careful when drafting and signing an Antenuptial Contract. Aside from ensuring that the contents is all correct, one must also ensure that all the necessary provisions are contained therein to make the contract valid. The consequences of ...
THE CREDIT AGREEMENT
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If you default on a credit agreement and action is taken against you by the credit provider, you still have time, according to Section 129(3)(b) read with 129(3)(a) and S129(4) of the National Credit Act (“NCA”) as well as the case of Firstrand Ban ...
THE INTERPLAY BETWEEN THE CONSUMER PROTECTION ACT AND THE NATIONAL CREDIT ACT, AND THE POSSIBILITY OF PENALTIES WITH EARLY SETTLEMENT OF CREDIT AGREEMENTS
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Mr Black buys a BMW car in terms of a hire purchase agreement and the financing is done through BMW Finance. After a few months Mr Black inherits a huge sum of money and decides that he wants to settle the outstanding amount. Mr Black’s concern is ...