Rent due: a creditors nightmare

In terms of Chapter 6 of the Companies Act 71 of 2008 (hereinafter referred to as “the Act”) a company, which is financially distressed, may be placed under business rescue. The business rescue proceedings may be commenced with either through a valid resolution passed by the board of directors or through an application made to […]

Read more...

The duties and liabilities of company directors

The woes of Steinhoff have been in the news since December 2017.  As has been widely reported in the press, the share price of the company fell by about 95% after it became known that the company materially overstated its profits and materially understated some of its liabilities. The board of Steinhoff consisted of eminent […]

Read more...

When is payment of my commission due and payable to me by my employer?

I am employed as a temporary employee and my employer is now withholding commission I am entitled to in terms of our verbal employment agreement. Temporary employee: An employment situation where an employee is expected to remain in a position for a certain period of time. Temporary employees may have the opportunity to achieve permanent […]

Read more...

What does “Offer + Acceptance = a Contract” mean?

What does “Offer + Acceptance = a Contract” mean? A contract is in our Law created where parties reach consensus on the essential elements of the specific contract.  Where formality requirements are prescribed, the contract will only be binding if these have been complied with. Consensus is in most cases reached by one party making […]

Read more...

What is the effect of a suspensive condition in an agreement of sale?

In an agreement of sale between a buyer and a seller for the acquisition of a property, there maybe suspensive condition clauses.  Until all the suspensive conditions have been met, the sale cannot proceed. Thus it is very important to understand the power of suspensive conditions in a deed of sale.  These are conditions written […]

Read more...

What is a ‘rouwkoop’ clause?

What is a ‘rouwkoop’ clause? A ‘rouwkoop’ clause in a contract of sale provides for the purchaser to pay a deposit to the seller that is not refundable should the purchaser withdraw from the contract.  Most contracts of sale, that provide for the payment of a deposit by the purchaser, also contain a provision that […]

Read more...