Financially Stressed Homeowners to Engage Banks Before Forced Foreclosures
Between April and June last year, 1.6 million South Africans applied for mortgage payment holidays from their banks. While this provided some form of temporary relief, it is now costing them, on average, an additional R12 900 a month due to having to pay up on interest accrued, pushing many South Africans further into […]
Insolvency & Restructure in the Post-Pandemic World: The Role of Liquidation & Business Rescue
Introduction The COVID-19 global pandemic and the various national lockdowns that have been imposed in South Africa as a result will undoubtedly cast a long shadow over this country’s economy. Predictions of economic hardship as a result of recession, reduced productivity and increased unemployment can still be found in almost every major news publication. In […]
No Ducking and Diving – Stick to the Rules of Insolvency
The COVID crisis has had an overwhelming impact on local business with corporate South Africa struggling to keep its head above water and the wolves at bay. With no clear indication as to how the lockdown process will further impact businesses in the coming months, an understanding of the law of insolvency can provide much […]
Business Rescue, Liquidation or Survival – Time to Make the Call?
Big corporation or small enterprise – no business is immune to the current financial disaster 2020 has chauffeured in. We’ve seen the business rescue troubles of SAA unravel before our locked-down eyes, EDCON and Comair sending up an SOS flare and reports of indeterminable businesses (small and large) staring down the barrel of the COVID-19 […]
Compromising With Creditors
(in terms of section 155 of the Companies Act) Introduction – Purpose The purpose of this section of the Companies Act (Act 71 of 2008) is to allow for a company to make an agreement of compromise with its creditors without going into liquidation or being wound up or as an alternative to, […]