Articles
The latest developments in the Credit Management world.
Business rescue
Business Rescue Chapter 6 of the Companies Act 2008 (Act 71 of 2008) provides for the efficient rescue and recovery of financially distressed companies, in a manner that balances the rights and interests of all relevant stakeholders. All businesses that are financially distressed and want to take a decision to start rescue proceedings can file … Read more
Liquidating or winding up your company
Business in liquidationLiquidation and deregistration are not the same thing. Liquidation Liquidation implies that the business is not able to pay its debts. Liquidation further implies that the business will cease to operate (generally as a result of financial problems). The liquidation may come about: as a result of a legal court process, or by … Read more
What is prescription
What does prescription mean? * The Prescription Act 68 of 1969 (“PA”) says it means a debt (for example payment of money) is extinguished after the lapse (passing) of a time period. * South Africa had different laws which specify time periods, for example the PA says that contractual and delictual debts extinguish after 3 … Read more