Deadline for filing of securities registers looms!
This quick newsflash is just to inform our corporate clients that all companies registered with the Companies and Intellectual Property Commission (CIPC) (each, a "Company") must file their securities registers (including details of beneficial owners) with the CIPC ("Disclosure Requirement") by no later than 24 May 2024.
The challenges and limitations of using a Power of Attorney when someone becomes incapacitated
We are often approached to prepare a power of attorney for someone whose family member faces illness, mental or physical incapacity, or an inability to manage their own affairs.
Converting a Close Corporation to a Company in South Africa
Converting a Close Corporation (“CC”) to a Company is a common business transition in South Africa and involves a change in the structure and legal status of the business. There are advantages to this. This is a short guide to help you navigate the process smoothly.
Breaking down the new beneficial ownership reporting requirements for trusts
The Amendment Act has introduced new trustee obligations into the existing South African trust law. The changes pertain to the recording and reporting of beneficial ownership of trusts. The aim of this recording is to improve transparency regarding the ownership of trust assets to assist in the combatting of a money laundering and terrorist financing.
Acting without authority: What you need to know before acting as a trustee.
It is vital that a trustee is authorised by the Master before they exercise or undertake any trustee powers or duties. If this is not adhered to, these unauthorised acts are void and of no legal effect. This can place the trust, its beneficiaries and even the trustees themselves, depending on the circumstances, in a precarious position which could have financial or other adverse consequences.
Attention Entrepreneur : Venture Capitalism
You’re a starry-eyed entrepreneur or business owner with big dreams, intriguing ideas and promising growth prospects. You’ve got the potential, but you need the funding. In that case, it’s time to hook a venture capitalist or two. Before you move into the market and start networking, you need to consider things carefully and ensure that more...
Greylisting or Grey Hairs : new company disclosure requirements deadline 1 October 2023
Analysing the new disclosure requirements in the General Laws Amendment Act, 2022 In response to the greylisting by the Financial Action Task Force, the President has signed into law the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act to improve SA’s ability to combat money laundering and terrorist financing The Amendment Act has more...
More transparency or more trouble? A look at the Companies Amendment Bill, 2021
If passed, the Companies Amendment Bill will be the first substantive amendment to the Companies Act since it came into force in 2011. The Bill includes a contentious requirement for large companies to disclose their executive remuneration policy to the shareholders for approval including a ratio comparing the compensation of the highest-earning employees with that more...
Electronic signature of sale of immovable property agreements – what’s new?
If you asked a year ago whether you could sign a sale of immovable property agreement electronically, the short answer would have been that an electronically signed agreement of sale is not valid or binding on the parties. With the swift advances in technology, and more people than ever working remotely, there has been a more...
A step-by-step guide to having your documents commissioned
“Please, go back to the commissioner of oaths and repeat the process – you skipped a page!” – do these words sound familiar? Having documents commissioned should be a relatively simple task. In practice, however, minor mistakes, like a missed initial, can undermine the integrity of the entire process. Unfortunately, this is often only cured more...
Judicial redress in contracts: a balancing act
On 5 November 2019, Beadica 231 CC and Others v Trustees for the time being of Oregon Trust and Others (CCT109/2019) was before the Constitutional Court. This case made its way up, starting in the Western Cape High Court, then to the Supreme Court of Appeal (“SCA”), and finally, to the Constitutional Court. The judgment more...
Liquidations: Compulsory and Voluntary
A company can be liquidated regardless of whether it is solvent or insolvent. If a company is insolvent, it is unable to satisfy its debts as and when they come due (this is referred to as commercial insolvency). If the company is solvent, it has the option of being liquidated for reasons other than that more...