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 …

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 …

In an article in the Business Report focusing primarily on the possibility of a rates cut next month, Credit Guarantee Insurance Corporation senior economist Luke Doig commented on the decease in claims against the company :
“….if our claims gauge is correct as a leading indicator, a possible 50 basis point cut in interest rates next month, together with a 15 cents per litre cut in fuel prices next week, may yet provide impulse to overall demand while also assisting to improve current business cash flows,” he said.
The company said its threatening losses or overdue advised …

Times Live :
Next month’s decision on interest rates will be a tough one for the Reserve Bank’s monetary policy committee.
With inflation less of a concern now, more calls can be expected for a rate cut.
Civil debt figures released by Stats SA on Thursday show consumers are still highly indebted, and are experiencing a high degree of financial vulnerability.
The figures show the private sector is still struggling with debt repayments, with individuals making up 92% of the judgments and business enterprises just 8%.
These figures come after Stats SA reported that the …

Moneyweb’s Lindo Xulu reports:
“When it comes to entry level banking it’s all about getting the right model, once you’ve done that you can apply it on scale,” says Gerhard Coetzee Absa’sspecialist adviser on inclusive banking. With a somewhat high degree of saturation at the top end of the market Absa has joined the rush for the high risk, high reward entry-level market.
If one focuses on the savings side research suggests that the big four already reach 60% of bankable South Africans the highest penetration rate on the continent. According …

Phumuza Macanda for the Mail and Guardian reports:
Demand for credit from South Africa’s private sector fell more than expected in April, reflecting companies’ reluctance to borrow further in an uncertain economic environment.
Companies have mostly given a cautious outlook for this year and sales remain under pressure as demand in Africa’s biggest economy continues to be weak.
The central bank said on Monday credit demand fell by 0,86% year-on-year in April — the eighth monthly decline in a row — more than the 0,4% fall seen in a Reuters poll last …

The South African Reserve Bank statement on counterfeit notes:
“The South African Reserve Bank (the “Bank”) has noted with concern that relatively high quality counterfeit notes of the old series, that does not have the security features as listed below, have illegally come into circulation. This matter is currently under investigation.
We also advise that the Bank, together with the commercial banks, is withdrawing all old series R200 banknotes that remain in circulation. Members of the public are requested to present these banknotes for exchange at the nearest commercial bank by the …

Gabriel Davel, CEO of the National Credit Regulator, said today that nearly half (45.3%) of the 18.07 million credit-active, consumers on record are struggling to meet their debt obligations. Further analysis shows the growth in the number of accounts falling within the three plus months’ arrears category has risen by just over half a million accounts to 10.16 million in the quarter ended December 2009. It does appear that the rate at which consumers are falling into the impaired record category is slowing.
The number of consumers with impaired records is still increasing, with an increase …

Moneyweb reports that:
ABSA agreed to lend an 81-year-old client R350 000 to help his daughter’s business. Group, the South African bank controlled by Barclays Plc, said it may appeal a charge of “reckless lending” handed down by the Port Elizabeth Magistrate’s Court.
About 20 months ago, ABSA agreed to lend an unidentified 81-year-old client R350 000 to help his daughter’s business, Louis von Zeuner, deputy chief executive of the bank, said. The daughter stood surety and was a guarantor on the loan, he said.
“Now it appears her business didn’t do what was …

Moneyweb reports that:
ABSA agreed to lend an 81-year-old client R350 000 to help his daughter’s business. Group, the South African bank controlled by Barclays Plc, said it may appeal a charge of “reckless lending” handed down by the Port Elizabeth Magistrate’s Court.
About 20 months ago, ABSA agreed to lend an unidentified 81-year-old client R350 000 to help his daughter’s business, Louis von Zeuner, deputy chief executive of the bank, said. The daughter stood surety and was a guarantor on the loan, he said.
“Now it appears her business didn’t do what was …