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Panel Discussion: Decoding the 2025 Budget Speech

Date: 26 February 2025 | Location: Online webinar – link will be sent to registrants

Join us for our annual online panel discussion as our expert panellists set to work decoding the 2025 national budget from a legal, tax, accounting, fiduciary, and compliance perspective and discuss the implications it holds for individuals, trusts, and companies. 

Event Details
Date: 26 February 2025
Start Time: 26 February 2025 03:00 PM
End Time: 26 February 2025 04:00 PM

Panel Discussion: Decoding the 2025 Budget Speech

Date: 26 February 2025 | Location: Online webinar – link will be sent to registrants

Join us for our annual online panel discussion as our expert panellists set to work decoding the 2025 national budget from a legal, tax, accounting, fiduciary, and compliance perspective and discuss the implications it holds for individuals, trusts, and companies. 

Event Details
Date: 26 February 2025
Start Time: 26 February 2025 03:00 PM
End Time: 26 February 2025 04:00 PM

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Filter: Business Rescue
The final say on business interruption insurance and Covid-19

16 March 2021

I’ve been following the media reports relating to the Café Chameleon case and their claim that their business interruption insurance... covers losses suffered due to Covid-19. The last I heard was that this case was being appealed by the insurer. I have a similar argument going with my insurers, and would like to know whether there is any finality yet on the matter.

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1242
Article
How can a business rescue plan help my business in tough times?

17 August 2020

How can a business rescue plan help my business in tough My business has been struggling since the start of... the Covid-19 pandemic and the national lockdown. I’ve been advised to consider business rescue but I am unsure about how I will get a business plan in place and what this will entail. Can you give some guidance here?times?

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1067
Article
The importance of BEE compliance in accessing Covid-19 relief funding

17 August 2020

I am a restaurant owner and my business has been adversely affected by the Covid-19 pandemic. I want to apply... for relief funding, but I heard that my business needs to be B-BBEE compliant in order to qualify for such. How important is B-BBEE compliance in accessing relief assistance for my business?

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1138
Article
Labour Court lays down retrenchment rules when a business is under business rescue

15 July 2020,  Sinenhlanhla Khoza

During these difficult economic times, many businesses are experiencing financial distress and have responded thereto by, among other things, getting... retrenchment processes underway. In terms of the Labour Relations Act (LRA), an employer who ‘contemplates retrenchments’ due to his or her operational requirements may issue a notice inviting all affected employees to a consultation. The purpose of the consultation is for parties to attempt to reach consensus on a number of prescribed factors prior to any final decision being taken on retrenchments. The LRA does not prescribe any precondition to be met by such an employer prior to the issue of retrenchment notices. The employer merely has to be contemplating retrenchments due to his economic, structural or other needs of his or her business and must issue retrenchment notices as soon as possible thereafter. This therefore means that the employer has the exclusive prerogative to decide on when to issue retrenchment notices.  This position has, however, recently been changed when it comes to an employer under business rescue as contemplated by the Companies Act. During business rescue proceedings, the business rescuer assumes management control of the company and subsequently ‘steps into the shoes’ of the employer with regards to all rights and obligations the latter had prior to the start of this process. In the largely publicised court-battle between South African Airways (SOC) Ltd and Others v National Union of Metalworkers of South Africa ( NUMSA) obo Members and Another the Labour Court was faced with a question of when a business rescue practitioner may commence with retrenchments in terms of the Labour Relations Act.  In interpreting the Companies Act, the Court ultimately held that the need to retrench must be entrenched in the business rescue plan itself and the business rescue practitioner is not empowered to retrench employees in the absence of a business rescue plan - and that doing so, was procedurally unfair. This judgment, which has been confirmed by the Labour Appeal Court, means that an employer who has been placed under business rescue must address the issue of retrenchment in the business rescue plan itself and only issue notices to the affected employees after the business rescue plan has been approved. In practice, prior to issue of retrenchment notices, employers offer voluntary severance packages to employees who are likely to be affected by retrenchments. In the aforementioned case, NUMSA argued that the offer of voluntary severance packages entails that the employer is contemplating retrenchments which is subject to a consultation process in terms of the LRA. The Courts, however dissented from this view and held that the provisions of the LRA do not prohibit an employer from offering his/her employees voluntary severance packages as a measure to prevent retrenchments and should such an offer be accepted, the employment relationship is terminated by mutual agreement. The Labour Court plays a supervisory role in all retrenchment processes instituted by employers. Therefore, should an employer fail to follow any procedure prescribed by the LRA, any party to the consultation process may approach the Labour Court for an appropriate order which may include compelling the employer to comply therewith, interdicting the employer from dismissing the employee until the former has complied with the procedure or awarding compensation to the employee. Such an employee must approach the Labour Court within 30 days of the employer giving notice of termination of employment or if no notice is given, the date on which the employee is dismissed.Consequently, a business rescuer can only commence with retrenchment process after the business rescue plan has been approved.

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2687
Blog
Can a close corporation go under business rescue?

10 June 2020,  Chang-Lin Dirks

I have a construction business that is operated in a close corporation. As we have not had much work during... the last few months, my business has come under severe financial pressure. I still believe in the business and know things will pick up again, but right now we just don’t have the cashflow to pay our creditors. I’m considering business rescue but am unsure whether that option is available seeing as my business is a close corporation?

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1167
Article
Covid Advisory: Contracts, contractual obligations and business rescue

20 April 2020

Did you know that business rescue proceedings can assist in managing your contractual obligations?

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1213
Article
Covid Advisory: Business rescue can help bring your creditors to the table

14 April 2020

Did you know that business rescue proceedings can be used as a strategic tool to assist your business in negotiating... with creditors?

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1012
Article
Covid Advisory: Business Rescue can help you survive the recession

08 April 2020

Did you know that business rescue proceedings can be used as a strategic tool to assist your business during these... challenging financial times?

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910
Article
My company is going under - what is my personal exposure?

08 August 2018

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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1157
Article
Liquidation or business rescue - what is the difference?

09 August 2017

My family company has been operating successfully for nearly 20 years. Over time I’ve also managed to get a few... investors into the business. The last year however has been tough and we are struggling to make ends meet. I feel its decision time about the future of the business, but was wondering whether liquidation is the best route or must I rather look at business rescue? What is the difference between these two options?

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1161
Article
Business rescue proceedings and sureties

12 January 2015,  Lucian Companie

Your family company bought a new commercial property with a view to expanding the business. The bank insisted on the... family shareholders providing personal sureties for the financing afforded to the business to buy the property. Without hesitation, the sureties were provided as business was looking up and the property was needed. Then the recession hit, and to avoid foreclosure by the bank your company was placed under business rescue. But now the bank is coming after you as surety despite the company being placed under business rescue. Can they do this? 

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1113
Article
Financial distress: your obligation to inform the public

22 November 2013

In the last few years, many business owners have had to make difficult decisions to restructure their business in order... to survive the economic recession. Family businesses were sold, assets made to money and unfortunate events even led to liquidation of businesses. Owners, understandably, often don’t keep perspective of their financial struggles and will do anything to salvage the business without taking formal steps or letting anyone know of its dire financial position. The following questions thus arise: At what point must you take formal steps to notify persons about your financial situation? Who needs to know? How much do they need to know?

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756
Article

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