Construction in the face of business rescue
With even the largest construction companies collapsing regularly, many construction sites are coming to a grinding halt.
Lets buy a bar! The importance of Shareholder Agreements
There is something of a recurring joke in the sitcom, “How I Met Your Mother”, that Ted and Barney should buy a bar. And why not? Cheap drinks, no last call; it’ll be legen … wait for it … It’s with a similar mindset that many people approach starting a business. It’s an exciting […]
Proposed Amendments to the Companies Act
The Companies Amendment Bill, 2018 (the Bill) was published for public comment on 21 September 2018. Although there is no proposed timeline for the implementation of the Bill, it is important to consider the impact that the proposed amendments will have on corporate governance. The Bill seeks to reduce the amount of red tape […]
Collect those debts and loan accounts before they prescribe
Debts prescribe. In simple terms, this means that you lose the right to collect the debt, from the individual or entity that was indebted to you, as the debt no longer exists. Prescription is governed by the Prescription Act 68 of 1969 and is designed to bring finality to disputes. The general rule is that […]
Too broadly defined not clear enough yet
There has been a flurry of news articles in recent weeks concerning an apparent challenge to the status quo in the B-BBEE landscape, especially in relation to ownership through trusts. In a nutshell, the fledgling B-BBEE Commission has indicated that more than half of the existing structures of trust ownership might amount to ‘fronting’. […]
Cox Yeats receives Level 2 Broad Based Black Economic Empowerment (BBBEE) rating
Cox Yeats is pleased to have received a Level 2 Broad Based Black Economic Empowerment (BBBEE) rating in 2019. This is a significant improvement on the Level 4 rating that was achieved in 2018.
Resolving disputes in community schemes
Many owners of units in community schemes, be they residential estates, sectional title, retirement or shareblock schemes would have noticed a new line-item in their levy statement for the Community Schemes Ombud Service sometimes referred to as, ‘the CSOS’ ( the “Ombud”).
No more tax breaks in foreign trusts and companies
Previously, individuals who wished to register companies or form trusts outside of South Africa, could easily do so and in most instances may have done so on the prudent advice of their financial advisor. The tax exemptions available to South African residents in receiving foreign dividends or distributions made placing funds in a foreign trust […]
B-BBEE Commission
The Broad-Based Black Economic Empowerment Commission (the Commission) was established under section 13B of the Broad Based Black Economic Empowerment Act 53 of 2003, as amended (the B-BBEE Act) with effect from 24 October 2014. The Commission is empowered to investigate any matter concerning broad-based black economic empowerment (B-BBEE) and is required to keep […]
When terms and conditions do not apply
Most businesses have a standard set of terms and conditions (“Ts & Cs”) which regulate the supply of goods and services to customers. Often a supplier provides a customer with a quote incorporating its Ts & Cs.