Search results
Results From The WOW.Com Content Network
An act of insolvency need not be committed vis-à-vis the sequestrating creditor. Section 9(1) gives any creditor of the debtor the right to apply for sequestration once the debtor commits an act of insolvency—whether or not the debtor directed the act at the creditor concerned or intended it to have any bearing on that creditor's affairs.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
The table below lists the judgments of the Constitutional Court of South Africa delivered in 2023. [1]The members of the court at the start of 2023 were Chief Justice Raymond Zondo, Deputy Chief Justice Mandisa Maya, and judges Jody Kollapen, Mbuyiseli Madlanga, Steven Majiedt, Rammaka Mathopo, Nonkosi Mhlantla, Owen Rogers, Leona Theron and Zukisa Tshiqi.
In most jurisdictions, a liquidator's powers are defined by statute. [3] Certain powers are generally exercisable without the requirement of any approvals; others may require sanction, either by the court, by an extraordinary resolution (in a members' voluntary winding up) or the liquidation committee or a meeting of the company's creditors .In the United Kingdom, see sections 165-168 of the ...
Division of Revenue Act, 2023: 6: Land Court Act, 2023: 7: Eskom Debt Relief Act, 2023: 8: Appropriation Act, 2023: 9: Financial Matters Amendment Act, 2023: 10: South African Postbank Limited Amendment Act, 2023: 11: Fund-raising Amendment Act, 2023: 12: Agricultural Product Standards Amendment Act, 2023: 13: National Veld and Forest Fire ...
Harksen v Lane NO and Others is an important decision of the Constitutional Court of South Africa, delivered on 7 October 1997.The court dismissed a challenge to the constitutionality of the Insolvency Act, 1936, finding that it was consistent with the right to property and right to equality for the property of a solvent spouse to be attached to the insolvent estate of his or her partner.
The first South African company legislation was the Companies Act [3] of 1926, which was based on the Transvaal Companies Act, [4] which was in turn based on the British Companies (Consolidation) Act 1908. The next major South African legislation in this area was the Companies Act [5] of 1973, which remained in force until 31 April 2011.
For companies, formal bankruptcy is a normal effect of insolvency, even if there is a reconstruction mechanism where the company can be given time to solve its situation, e.g. by finding an investor. The government can pay salaries to employees in insolvent companies which do not pay them, but only if the company is declared bankrupt.