Liquidation of a Company or Close Corporation
Under the Companies Act of South Africa(1973)
There are many grounds available to creditors and/or members of a company or close corporation to launch liquidation proceedings. Normally liquidation proceedings will be launched by a creditor of a company or close corporation because that company or close corporation is unable to effect payment of a debt due and owing to the creditor. In that instance, the creditor can apply to Court for the liquidation of that South African company or close corporation.
Read more about the Liquidation of Companies below ....
Drunk Driving: Court Procedure
What must the State prove?
In a case of driving under the influence of liquor, the state must prove that the accused drove a vehicle on a public road while under the influence, or while the alcohol content of the accused's blood exceeded 0,05g per 100ml. When these elements have been established, a court will consider the following factors in imposing sentence, which are detailed in the rest of the article ...
Drunk Driving 101: The basics
Drunk Driving is one of the biggest threats to Road Safety in South Africa. Research indicates that 50% of people who die on the roads have a blood alcohol concentration above 0.05 gram per 100 millilitres.
The National Road Traffic Act (NRTA), Act 93 of 1996 as amended.
Section 65:
Driving while under the influence of intoxicating liquor or drug having narcotic effect, or with excessive amount of alcohol in blood or breath: 1. No person shall on a public road - (a) drive a vehicle; or (b) occupy the driver's seat of a motor vehicle the engine of which is running, while under the influence of intoxicating liquor or a drug having a narcotic effect.
But what are the limits ??? Read more ...
National Credit Act: Do you need to be registered?
Does your company provide credit facilities to consumers?
Is your company registered with the National Credit Regulator as a Registered Credit Provider?
It is important to note that the exemption from the requirement to register as credit provider does not mean that the National Credit Act does not apply.
Read more to find out more ...
National Credit Act: Commercial loans exempt?
The implementation of the National Credit Act has drawn a lot of attention from credit providers and the Act is often blamed for the weak market conditions in retail, motor vehicle sales and the residential property market. The Acts application is far reaching. Implementing the new National Credit Act has also been a cumbersome and expensive exercise for many.
Prior to the National Credit Act
Before the National Credit Act the credit industry was regulated by a variety of laws, which included the Credit Agreements Act, Usury Act and the so called Exemption Notice to the Usury Act. Under the old dispensation micro loans were exempt from the Usury Act, which meant that for loans of less than R10,000.00 and a repayment period of no more than 12 months there was no limit as to what the consumer could be charged as far as interest rates were concerned. Microlenders could charge any interest rates, and loans charging rates of 30% per month common. If a lender did not fall within the framework of the Exemption Notice, the restrictions of the Usury Act applied.
But things have since changed .... drastically!
National Credit Act and Home Loan Finance?
The new National Credit Act of South Africa came into affect in 2007, and has compelled the banks to ensure that their mortgage clients do not over extend their credit limit.
Previously, the bond repayments were not to exceed 30% of their proven dependable income. The new act will now make the banks legally responsible for checking the applicant's full credit situation. On bond application, clients will be asked to declare their income as well as their expenses.
Divorce: Dividing up your property
How the family property will be divided up depends on what property regime the couple adopted when they got married. This will usually be covered in the ante-nuptial agreement if there is one or, if there is no pre-marital contract, then it is determined by law.
The default legal position is that civil marriages are in community of property. This means that everything that you own is shared, including property and debts. Accrual means that everything that you earn or buy after you have married also becomes part of the joint estate. If you get divorced, the shared property is divided equally between you. Any debts are also shared.
Divorce: Maintenance (Spouse/Child)
When a couple gets divorced, one party is often in a better financial position than the other. The person who has custody of the children will also have expenses that the other parent does not have. For this reason the court will issue a maintenance order requiring maintenance to be paid for the children and, depending on the circumstances, to the other party.