With the continuing effects of the economic downturn being felt by businesses, the importance of good credit management has been magnified and
all companies’ credit management policies need to be reviewed and upgraded in order to avoid your company becoming a statistic of the poor
economy. In addition credit management is also being impacted by the new legislation such as the National Credit Act, the Consumer Protection Act
and the new Companies Act.
 
This is a half day seminar in Cape Town on the 21st October 2011 aimed at commercial creditors (businesses who supply …

It has been almost a year since former NCR CEO Gabriel Davel announced his resignation and over 7 months since that resignation became effective and  Business Day‘s Micahel Bleby now reports:
“THE National Credit Regulator may soon have a new CEO, bringing an end to months of leadership under an acting head, the Department of Trade and Industry said last week.
“The process of appointing the CEO is at an advanced stage,” department spokesman Clement Manoko said last week.
“Interviews were conducted and verification of qualifications and security clearance process completed recently.
“We will recommend appointment …

The new Companies Act that was to have come into effect on the 1st September 2010 and then was delayed until the 1st April 2011, now appears to be on track for the 1st May 2011, according to the Department of Trade and Industry with the President having signed the amended Act and proclamation.
The new company regulations and forms are now also available on the CIPRO website.

Fin24 reports that:
“Significant strides have been made in resolving complaints from consumers and businesses negatively affected by credit bureau information and disputes with credit providers, the credit ombudsman said on Wednesday.
Credit Ombudsman Manie van Schalkwyk said 3 550 out of 3 870 disputes were settled in 2010.
“The credit ombud ruled in favour of consumers in 69% of cases and 86% of all cases were resolved within 60 days, compared to 79.48% the previous year,” Van Schalkwyk said.
“We managed to put R700 000 back in the pockets of consumers.”
Van Schalkwyk said …

While the Department of  Trade and Industry seems to charge into legislation like a bull in a china shop (see previous articles on the National Credit Act, the Consumer Protection Act and the new Companies Act), the department of Justice seems to be adopting a more measured and consultative approach.
In March 2008 we pointed out that South African Law had proposed abolition of administration orders under Section 74 of the Magistrates Court Act, in light of the introduction of debt counselling  in terms of the National Credit Act. An administration …