The endless, very slow moving queues; people setting up bridge tables to pass the time; enterprising people rushing off to buy cool drinks and fast food to sell to those standing with amazing patience in the human traffic jam; the announcement of an extra day's voting because not everyone had been given the opportunity to make their cross and photographs of the elderly who walked for miles to ensure that at last, in their twilight years, they would be able to vote as a person equal to all others – these images and more are fresh in my memory.
The in duplum rule is a South African common law rule, which originated in Roman law and provides that interest on a loan or debt will cease to run when the amount of outstanding interest reaches the amount of the outstanding capital. The in duplum rule is based on public policy and protects debtors who are in financial difficulty and are unable to service their debts from an ever-increasing accumulation of interest.1
FATCA is a piece of United States legislation enacted in 2010 with the aim of reducing tax evasion by US citizens and residents who hold assets through non-US financial institutions. The most controversial aspect of this legislation is that, despite being US legislation, it imposes obligations to withhold tax on behalf of, and report and disclose information to the US Internal Revenue Service (IRS) on, every foreign financial institution (FFI) established outside the US. In other words, foreign institutions within the scope of FATCA are technically required to comply with US tax rules even if they are incorporated and tax resident outside the US.
A solvent company may be wound up on just and equitable grounds in terms of s81(1)(d)(iii) of the Companies Act (71 of 2008). The court, in the matter of Knipe and Others v Kameelhoek (Pty) Ltd and Another 2014 (1) SA 52 (FB), considered a winding-up on this ground, in circumstances where the court was asked to grant a final liquidation order in respect of Kameelhoek Proprietary Limited and Schaapplaats 978 Proprietary Limited.
With the recent conflicting decisions handed down in African Bank Corporation of Botswana Limited v Kariba Furniture Manufacturers (Pty) Ltd & Others 2013 (6) SA 471 and DH Brothers Industries (Pty) Ltd v Gribnitz NO & Others 2014 (1) SA 103, the courts have adopted a varied approach regarding whether or not, in pursuing a business rescue plan, the creditors and/or shareholders who vote against prospective business plans can be compelled to accept the plan on the basis that the creditors' voting interests are acquired through a binding offer.
Before the advent of the Companies Act (71 of 2008) and with it, the Companies Regulations, 1 2011 , there was no direct statutory provision for the governance of social and ethics responsibilities of companies in South Africa.2
Under the old Companies Act it became settled law that shares had become "dematerialised" – that is, that ownership of shares could be lawfully transferred without the necessity of delivering an instrument of title. This article considers whether the new Companies Act may constitute a retrogressive step on the path of dematerialisation.
In accordance with s15(1) of the Prescription Act (68 of 1969), the running of prescription is interrupted by the service on the debtor of any process whereby the creditor claims payment of the debt.
The interests of the members of a retirement fund can be highly compromised if the participating employer fails to pay contributions to the fund in which they participate. Not only does the with-holding of contributions constitute a breach of the employment contract, but the member also forfeits the interest that could be earned on that money and the employees' risk cover could lapse.
In Loureiro and Others v Imvula Quality Protection (Pty) Ltd  ZACC 4, the Constitutional Court overturned a decision of the Supreme Court of Appeal (SCA), which upheld an appeal from the South Gauteng High Court. The latter held Imvula Quality Protection (Pty) Ltd (Imvula) liable for losses suffered by Licinio Loureiro (Loureiro) and members of his family arising out of an armed robbery.
After a drawn out legal process of nearly 10 years, the Competition Tribunal handed down its decision in the Competition Commission/SAB “Distribution System" case, on Monday, March 24 2014. The reasons for the decision justify further detailed analysis to discern all the nuances and potential implications. However, some preliminary remarks are informative.
When a party to a contract defaults on one of their payments, one of the questions that arises is whether the creditor is entitled to accelerate payment for the entire amount. An acceleration clause is typically phrased in a manner that makes the full amount of a loan immediately due and payable. Any security the creditor may hold also becomes immediately executable.
The regulation of hedge funds in terms of the Collective Investment Scheme Control Act 2002 is a step closer. On February 10 the National Treasury announced that the draft regulations would be published by the end of March. At the time of writing they have not yet been promulgated but it can be assumed that this is imminent.
Unsecured loans, or consumer and small business loans that are not backed by assets, are the fastest growing sector of South Africa's credit market. That said, there is a growing trend of over indebtedness among consumers and a tidal wave of those seeking relief from their debt obligations.