Both the Companies Act and the Close Corporation Act have provisions in them allowing CIPRO to deregister corporate entities that have not lodged annual returns with the Registrar (Section 73 of the Companies Act and Section 26 of the Close Corporations Act).
CIPRO earlier in the year started to invoke the provisions of these Sections and hundreds of thousands of corporate entities were reclassified with the status “deregistration in progress”, for not having lodged the relevant returns.
In the last couple of days, what was thought to be a CIPRO threat for …

In the  the previous article on the report by the Debt Review Task Team, the National Credit Regulator, Mr Davel commented that, “We also found many cases where debt counsellors promote the debt review process as a payment holiday, with no realistic intention of effective rehabilitation”.
This is a sentiment that has been experienced by the writer and seen in a recent matter our law firm dealt with where the Debt Counsellor set down the application of debt rearrangment for the 22 November 2010. We check with the clerk of the court in …

We previously reported on the appointment and interim report of the Debt Review Task Team appointed by the National Credit Regulator.
The Task Team has now released a report which has been commented on firstly by the Business Report we it was written that:
“The National Credit Regulator’s Debt Review Task Team admitted on Tuesday it has had heated debates with big banks around the final resolution to delays in the debt review process.
Johan de Ridder, a banker and member of the task team, says the big tussle within the banks is …

We previously reported on the uncertainty and problems created by the National Credit Act “in duplum” ruling in the NCR declaratory order granted by Judge Du Plessis on the 21st August 2009 in the North Gauteng High Court.
The major banks involved in the application shortly thereafter indicated their intention to appeal this aspect of the judgment, which seemed to drastically curtail the rights of credit providers to charge interest on defaulting debt. Now eventually the slow wheels of justice have begun turning on this issue when Judge Du Plessis on the …

The most recent significant case impacting on the National Credit Act is the currently unreported decision in the case of African Bank Limited v Additional Magistrate Myambo NO and Others (34793/2008) [2010] ZAGPPHC 60 (9 July 2010), in which Judge Du Plessis gave another declaratory judgment on various provisions of the NCA, this time in regard to the application of Section 58 of the Magistrates Court.
Section 58 is a provision of the Magistrates Court Act which allows a debtor who has received either a summons or an appropriate letter of …