What are your rights when you receive defective or unsafe goods under the Consumer Protection Act
Introduction The main aim of the Consumer Protection Act No. 68 of 2008, as amended, (the “CPA”) is to protect the rights of the consumers in South Africa. Although many consumers are aware of the existence of the CPA, not many are familiar with the actual rights relating to the return of defective or more...
Protecting one’s business from the repercussions of divorce
How to divorce proof your business - ante nuptial contract, post nuptial contract and trusts.
The Protection of Trade Secrets
Introduction A trade secret may generally be described as information which is known only by employees of a specific business and can include formulas, ideas, processes or a compilation of information. Trade secrets are used by a business to obtain an advantage over its competitors in the market. In short, the “know-how” that businesses keep more...
Trade mark, copyright and patents– basic differences and how to protect your intellectual property rights
It is important for business owners to understand that most of your products, goods, brands, technologies, logos and creative works are protected by one of the three types of Intellectual Property Law: copyright, trade mark or patent. By knowing what type of intellectual property rights you own, you can take the necessary legal steps to more...
The benefits of registering property (and other assets) in a trust and how to go about it
The primary reason for setting up a trust is for protection of your assets. A trust will protect the assets and hard-earned wealth that you have accumulated and will ensure that your legacy is preserved for future generations. Not only can trusts be useful for asset protection purposes, if the creditors of the beneficiary are more...
Selling your Business – “Best Time to Draw up the Sale Documents”
In the financial planning world, it is often said that the best time to start saving is 10 years ago. The same can perhaps be said for when the best time is to draw up (or at least think about) the documents for the sale of your business. When reading through a draft sale of more...
The ‘Give and Take’ of the The Employment Equity Amendment Bill, 2018 (the “Bill”)
The Employment Equity Amendment Bill, 2018 (the “Bill”) and draft Employment Equity Regulations (the “EE Regulations”) are a direct consequence of the Department of Labour’s twenty-year review into the effectiveness of the Employment Equity Act, 55 of 1998 (the “EEA”). Although the provisions introduced by the Bill are not yet fully enforceable, their implications for more...
The big question: Discounting Transaction or Incidental Credit?
A question often asked, and understandably so, is what is the difference between a discounting transaction and an incidental credit transaction? On first glance at the definitions in the National Credit Act, 2005 (the “NCA”) they seem almost identical, but one needs to look at the nature of the transaction to differentiate between the two.
Credit providers – Do not forget to comply with Section 129 of the NCA
Before a credit provider takes any action against a consumer that is in arrears, a credit provider must ensure that it has satisfied the provisions of section 129, section 130 and section 168 (which deals with the serving of documents) of the National Credit Act, 2005 (“NCA”). In doing this, a credit provider must provide more...
Why it is important to always have written agreements in place?
We know that many business deals are concluded with a handshake on the golf course or over some drinks after work. Verbal agreements are often also made with a friend or friend of a friend. But do they work? In our experience, they work well until they don’t anymore and then things can turn sour more...
Brief synopsis on what not to forget when considering a share buy-back in terms of the Companies Act, 2008
There are 4 main sections of the Companies Act, No. 71 of 2008 (the “Act”) that need to be taken into account (aside from sections 44 and 45 governing the provision of financial assistance) when a company buys back shares from a shareholder, namely: Section 4: which provides that the company must be able to more...
Protecting the ‘unbanked’
In March 2018 the Western Cape High Court delivered a judgment on the validity and effectiveness of the financial assessment mechanisms prescribed by the National Credit Act 34 of 2005 (“the NCA”). This financial assessment is obligatory to all considerations of affordability prior to the extension of credit to a consumer by the relevant credit more...