by VDT Attorneys | Sep 2, 2024 | Debt, Director, Waiver of Rights
In the matter of Phoenix Salt Industries (Pty) Ltd v The Lubavitch Foundation of South Africa (330/2023) [2024] ZASCA 107 (3 July 2024) (hereinafter referred to as the “Phoenix case”), the court had to determine if former directors could waive their right to reclaim...
by VDT Attorneys | Feb 8, 2022 | Business, Companies Act, Company, Corporate, Director
As a director of a company, you have certain fiduciary responsibilities towards the company, which includes disclosing financial interests that may have a bearing on your position as director. In this regard section 75 of the Companies Act 71 of 2008 (“Act”)...
by VDT Attorneys | May 13, 2019 | Business, Commercial, Company, Corporate, Director, Employment
Firstly it must be understood that although the positions of director, shareholder and employee can all reside in one person, these positions are not all the same and have different legal responsibilities potentially linked to them. A director of a company is...
by VDT Attorneys | Oct 4, 2018 | Commercial, Company, Corporate, Director
A company is a reliable and well known vehicle to use for a business. That said, many company directors are not always aware of the nature and scope of their duties as directors and their liability should these duties not be complied with. A director of a company is a...
by VDT Attorneys | Aug 8, 2018 | Business, Business Rescue, Commercial, Company, Director, Insolvency, Shares
The short answer to this question is no. Your company creditors should not be able to come after you personally. But, this is a qualified no. At the core of our company law is the concept of limited liability which implies that the shareholders and directors of the...
by VDT Attorneys | Apr 9, 2014 | Debt, Director
It has become general practice for SARS to issue a letter of demand requesting a reasonable explanation as to why a person or third party should not be held personally responsible for the debt owing to SARS by a corporate entity. SARS goes further by stating that if...
