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Filter: Director
When must a director disclose a financial interest?

08 February 2022,  Millisanté de Wee-Petersen

Being a director in a company does not necessarily stop you from holding shares in other companies. However, should your... company transact with another company in which you have a shareholding stake and from which you could potentially benefit, it becomes important that you disclose such financial interest to your co-directors, even if you can’t influence the transaction.

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Is it out with the boardroom table and in with online meetings?

10 July 2020,  Dr Candice Reynders

Our company has for years prided itself on regular board and shareholder meetings as the basis for the success of... our business. Initially we stopped due to the Covid-19 pandemic but have started meeting again using online meeting tools. With the pandemic continuing we are worried that we are not meeting the requirements of the Companies Act by not meeting in person. We have no other choice right now. Is it acceptable from a compliance perspective?

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1858
Article
The liability of company directors for decreases in a company’s share price

11 November 2019,  Dr Damian Viviers

I’m the only shareholder in my company, a cleaning products business. I have two directors who run the business for... me. I’ve been building up the business over the years with a view to selling it as my retirement plan. However, the auditors have just informed me that the shares, in my mind worth about R10 million are now worth no more than about R3 million because of reckless management by the directors, selling of assets and even falsifying financial information and accounts. The nest egg I’ve been building is now nearly worthless because of their conduct. Can I recover what my company is worth less from them?

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Article
A director, shareholder and employee? What rules apply to each position?

13 May 2019,  Dr Damian Viviers

I’m a director in a local design company. I’m also a shareholder in the company and have an employment contract.... Lately, I’ve been at loggerheads with my co-directors about the direction of the business. I just feel we want different things. I’ve now decided to rather head out on my own and start my own design company. But I want to make sure I can do this?

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Article
The liability of company directors

04 October 2018,  Dr Damian Viviers

A friend of mine has a good business concept and he has asked me to come on board as a... partner. He wants to set up a company and make both of us directors in the company. I want to be part of the business but I’m not sure about being a director and what my liability may be?

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2867
Article
My company is going under - what is my personal exposure?

08 August 2018,  Japie Kruger

My wife and I are the sole shareholders and directors of our family company. We’ve had a few good years,... but with the current economic times, despite our best efforts to keep the company afloat, it doesn’t look like the company is going to make it. For the first time this reality has hit us and we are both worried that the company’s creditors will come after us and take our home and savings. Can they do this?

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Natalie Steenkamp promoted to director

07 August 2018

Natalie Steenkamp, your personal property advisor from our Property Department, has just been promoted to director. She'll be taking on... this exciting new role as of 1 September 2018.

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Article
Jeanette Monahadi appointed as new director

25 August 2017

We’re proud to announce that Jeanette Monahadi has been appointed as a new director in the Dispute Resolution Practice Group... at Phatshoane Henney Attorneys.

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2735
Article
Is your company solvent? What are a director’s responsibilities to ensure it is?

18 March 2013

We Build It (Pty) Ltd is a construction company managed and operated by its directors. The nature of the company’s... business frequently requires that its construction projects be well advanced before receipt of payment for services rendered. With subcontractors and suppliers to be paid, the company often finds itself in a situation where its debts could potentially not be paid if payment from a major client is delayed. Should such a scenario arise, the business can be at risk of falling foul of the compliance requirements of the Companies Act, 2008 (the Companies Act) by not being able to pass the solvency and liquidity test prescribed by the Companies Act. As the business is being run by its directors, the following question then arises: If the company cannot pass the solvency and liquidity test, to what extent may the directors of the company incur liability for this situation?

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