Business Report‘s Donwald Pressly:The national assembly on Friday gave its unanimous nod to the Companies Bill and the Consumer Protection Bill, which are intended to improve the environment for business by preventing corruption and underpinning consumer rights.

The bills, which were piloted through the assembly by trade and industry minister Mandisi Mpahlwa, will be referred to the national council of provinces before President Kgalema Motlanthe signs them into law.

The Consumer Protection Bill, which Mpahlwa said was aimed at promoting “the social and economic welfare of consumers in South Africa”, will make labelling of genetically modified food mandatory.

Meanwhile, the Companies Bill, which Mpahlwa said had been in the pipeline since 2004 and had been subject to much deliberation, would bring to an end the “close corporation” concept. No more of these entities would be allowed to be formed once the legislation was enacted, although the existing 1.6 million close corporations would be allowed to continue.

The bill introduced the idea that business rescue schemes, rather than summary liquidations.

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