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 …

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.

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 …

On Friday, the 1st April 2011 we pointed out that the Consumer Protection Act had become law without the necessary regulations which was going to make it very difficult to know the full impact and operation of the Act.
It now appears on the same day the Minister of Trade and Industry published a notice changing the threshold  for “juristic persons”  who enjoy CPA protection from the R 3 million, that he had indicated in October 2010 would be the threshold, to R 2 million.
The Regulations are now also available for download.

This article originally appeared on Bentley Attorneys website :
The new Companies Act is due to be introduced on the 1st April 2011, its introduction having been delayed because of the Act having had the dubious honour of being the first piece of legislation that the writer knows of that had to be amended after it had been passed but before it come into operation.
The reality is that we have to practically deal with piece of law and the 1st April 2011 is not an April fool’s day joke but has …

An article that originally appeared on the  Bentley Credit Control website:
In a previous article we pointed creditors to the potential problems with not knowing who you are doing business with.
Let’s say a debtor advises you that their business is Bob’s Suppliers.
It could be:

Bob’s Suppliers C.C. (a close corporation)
Bob’s Suppliers (Pty) Ltd (a private company)
Bob’s Suppliers Ltd (a public company)
Bob Naidoo trading as Bob’s Suppliers (a sole proprietor)
Bob Naidoo and Dan Jones trading as Bob’s Suppliers (partnership)
Bob Naidoo Investment Trust trading as Bob’s Suppliers (a trading trust

If this wasn’t bad enough, …

There is a new Supreme Court of Appeal  judgment,  Rossouw and Another v First Rand Bank Ltd t/a FNB Homeloans (Formerly First Rand Bank of South Africa Ltd) (640/2009) [2010] ZASCA 130 which puts to rest the conflicting judgments about what constitutes proper delivery of a notice under section 129(1).  Two differing views were previously given, the problematic one – from a credit provider’s perspective – being that delivery would only properly be effected once the notice actually came to the attention of the consumer (for example in First Rand …

Emoluments attachment orders, commonly referred to as garnishee orders, are governed by Section 65J of Magistrates Court Act 32 of 1944.
The provisions of Section 65J define an emoluments attachment order as – an order issued by the court which entitles a judgment creditor to attach the emoluments which are at present or in future owing to the judgment debtor by the garnishee (the employer).

What this essentially means is that the employee is in effect replaced by his employer who now becomes obliged to pay to the judgment creditor a …

Aimed at keeping credit professionals up to date with all the latest developments in this fast developing area of law, this is a half day seminar for those involved in credit who have had previous training and experience in various aspects of credit law, including having previously attended one of our credit management seminars. It is a half day seminar in Johannesburg on the 14thOctober 2001, Cape Town on the 15th October 2010 and in Durban on the 21st October 2010
It will look at legal developments impact these areas of credit management over the last …

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 and procedures need to be reviewed and upgraded in order to avoid your company becoming a statistic of the poor economy.
This is a half day seminar in Johannesburg on the 14th October 2010, Cape Town on the 15th October 2010 and in Durban on the 21st October 2010 aimed at commercial creditors (businesses who supply other businesses on credit). Specific staff who will benefit from this seminar are credit managers, financial …