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 […]

Business Rescue Increases Amongst SMEs and Corporates

            CNA is the latest in a string of high profile brands that have gone, or are considering going into business rescue, following in the footsteps of Ster Kinekor, Edcon, Comair and SAA. Business rescue is also on the increase in the SME sector, as many suffer from financial distress. […]

Small Business Owners: Working Remotely & Employee Vaccine Rights

                  Small and medium-sized enterprises (SMEs) have had to deal with a litany of issues since the pandemic began. Many were forced to close shop for a period of time, had to put their staff on short time or retrench and even needed to restructure their entire […]

COVID-19 and Tax Residence

The pandemic has affected us all in numerous ways.  Even National Treasury and SARS have made some concessions, particularly regarding provisional tax estimates.  One area they haven’t addressed is the physical presence test in the definition of “resident” in the Income Tax Act. A natural person may qualify as a tax resident in two ways: […]

Alternatives to Retrenchment

During stages 5 and 4 of the national lock down, when businesses not involved in providing essential services were prohibited from operating, the oft quoted “No work no pay” principle applied by operation of law.   In essence, the government-imposed prohibition on business operations created a supervening impossibility of performance for both employer and employee resulting […]

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 […]