Insolvency / Liquidation

26
Aug

Buying a Business? Make Sure the Seller Publishes Notice of the Sale

Article courtesy of Law Dot News Buying a Business? Make Sure the Seller Publishes Notice of the Sale “The purpose of the legislature in enacting s 34(1) is to protect creditors by preventing traders who are in financial difficulty from disposing of their business assets to third parties who are not liable for the debts of the business, without due
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29
May

Directors at War and the Liquidation Option – A Tale of Sibling Rivalry

Article courtesy of Law Dot News Business Law - Directors Dispute, the Liquidation Option? “Family quarrels are bitter things. They don’t go according to any rules” (F. Scott Fitzgerald) A company’s directors have both the power and the duty to manage the company’s affairs for its benefit. When two or more directors are in place, it’s perhaps natural for the
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29
May

Business Rescue: Are Your Suretyships Enforceable? A R5.5m Lesson for Directors and Creditors

Article courtesy of Law Dot News “Some people use one-half their ingenuity to get into debt, and the other half to avoid paying it” (George Prentice, newspaper editor and author) You are owed a lot of money by a company that goes into business rescue. The business rescue plan provides for creditors like you to accept a dividend of only

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30
Jan

Proving Your Claim in a Liquidation or Sequestration – Proving Your Claim in a Liquidation or Sequestration

Article courtesy of Law Dot News Liquidation or Sequestration Law - Proving Your Claim “A small debt produces a debtor; a large one, an enemy” (Publilius Syrus, Roman writer) You are owed money by a debtor, whose “insolvent estate” is “sequestrated” (in the case of an individual or trust) or “liquidated” (in the case of a company or other corporate).
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