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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: Companies Act
The Companies Amendment Act puts directors in the hot seat

03 October 2024,  Ahmed DhupliDr Candice Reynders

Recent amendments to the Companies Act—through the Companies Amendment Act 16 of 2024 and Companies Amendment Act 17 of 2024... (collectively referred to as the “Amendment Acts”)—introduce a host of changes that all directors need to be aware of. This article offers an overview of the significant updates to the Act.  

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583
Article
Deregistration looms for non-compliant companies

24 July 2024,  Mark le Riche

The recent ruling of Goosen v Minister of Trade and Industry and Others (EL 639/2024) [2024] ZAECELLC 28 highlights the... critical duty companies have to file annual returns with the Companies and Intellectual Property Commission (CIPC) and the significance of the procedures companies must follow to reinstate a deregistered company. 

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1093
Article
Where does director liability end?

26 June 2024,  Neo Madlala

The actions of a company director are often seen as the actions of the company, leading to the perception that... where a company has potentially caused harm or damage at the direction of its directors, the directors are automatically liable for such loss or damage. Our Supreme Court of Appeal recently had occasion to consider this position and when directors can be held liable.

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857
Article
When must a director disclose a financial interest?

08 February 2022,  Millisanté de Wee

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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6060
Article
Companies Act Amendment Bill – less red tape or more?

14 December 2021,  Luhann Prinsloo

I understand there are amendments being proposed to the Companies Act? Will this help make life easier or harder for... our company? It feels as if there is always just more red tape whenever the law changes.

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1719
Article
How long is a proxy valid for?

14 September 2021,  Johnny Davis

I was recently appointed as a proxy to represent a shareholder at an upcoming shareholders meeting. Unfortunately, the meeting has... been rescheduled two months later, and I was wondering if the proxy will still be valid then or would I need to have a new proxy issued by the shareholder for the meeting?

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1204
Article
Phantom share schemes – a very real option for incentivising your key staff

20 May 2021,  Mulalo Mokgoro

Our family owns a very successful agriculture company that has been built up over the years by our family. We... have a number of employees that have also shown their value to the business and we would like to retain and reward them by giving them shares in the business. However, we feel strongly about the family nature of our business and don’t want a large number of shareholders with accompanying shareholder rights we have to involve in every decision. Is this possible to achieve?

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1242
Article
Why the company secretary is a business superpower

15 February 2021,  Mulalo Mokgoro

The title “company secretary” brings to mind a picture of an administrative secretary who attends to scheduling of your diary... and answering phones calls on behalf of your company. The company secretary is not the aforementioned but rather a specialised role regulated by the Companies Act of 2008. This position is mostly occupied by individuals or juristic persons who possess specialised governance knowledge with a legal qualification. A company secretary’s duties as regulated by the Companies Act include, but are not restricted to - providing the directors of the company collectively and individually with guidance as to their duties, responsibilities and powers; making the directors aware of any law relevant to or affecting the company; reporting to the company’s board any failure on the part of the company or a director to comply with the Memorandum of Incorporation or rules of the company; ensuring that minutes of all shareholders meetings, board meetings and the meetings of any committees of the directors, or of the company’s audit committee, are properly recorded; certifying in the company’s annual financial statements whether the company has filed required returns and notices in terms of the Companies Act, and whether all such returns and notices appear to be true, correct and up to date; and ensuring that a copy of the company’s annual financial statements is sent, in accordance with this Act, to every person who is entitled to it. With most companies adopting a “work from home” system as a result of the Covid-19 pandemic, company secretaries have had to ensure that businesses adopt policies which enable employees to work from home in a more structured and controlled setting. Company secretaries have also been zooming in on a business’s founding documents to ensure that the documents allow for conducting of virtual board and shareholders meetings and decision making by way of electronic resolutions.The King IV report on corporate governance recommends that a board of directors must satisfy itself on the competence, qualifications and experience of a company secretary and appoint one to ensure that it receives adequate guidance and advice on corporate governance matters. Avoid the appointment of unskilled and unqualified persons to render company secretariat services for your business as you may risk being found non-compliant in respect of applicable legislative prescripts. Your business requires a company secretary that is thoroughly knowledgeable as regards current legislation and court decisions in order to adequately update the board of directors on laws and compliance matters which may affect your business.Please contact our offices for more insight into this role.

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1453
Blog
The rights of a dissenting shareholder in a scheme of arrangement

10 November 2020,  Herman du Randt

I’m a minority shareholder in a company that has been approached by a buyer willing to buy out all the... shareholders. Because of Covid-19 the company has suffered financially and I know that the shareholders holding more than 75% of the company will want to accept the offer even though I believe it to be far below the market value of the shares. Is there any remedy at my disposal?

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1173
Article
Minority shareholder rights in a private company

12 October 2020

I hold 20% shares in a private company that I bought into a few years ago. The majority shareholders heavily... influence the directors who take decisions which in my view is not always in the best interests of the company or my own as a minority shareholder in the company. What remedies are available to me?

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1000
Article
Compliance Course: The Company Secretary | GET 25% OFF

03 August 2020

Do you understand the value of a company secretary?Various businesses operate as companies in South Africa and conduct a broad range... of corporate and commercial activities. Ensuring the effective management and profitability of a company is not a “one man job”. While it is the company's board of directors that acts as the governing body of the company, it is the company secretary that makes sure the job gets done correctly.This course, The Company Secretary, written by me as an Associate in our Commercial Practice Group, will help you understand what assistance a company secretary provides to ensure a company's board of directors identifies and implements measures to ensure the effective management and profitability of a company, as effectively as possible. Special offer:Click here to sign up and use Phatshoane Henney Attorneys' unique discount code, PHI25, to get an instant 25% off!

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783
Blog
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

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