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 …

The confusion and uncertainty that seems to surround most Department of Trade legislation these days continues. The new Companies Act that was so much of a dog’s breakfast in it’s original form that it required an amendment before implementation appears to have been delayed again. This because the amendment Bill to try correct all the grammatical and reference errors has not be signed by the President, who is currently out of the country.
The Amended Companies Act was meant to have come into operation at the end of September last year was delayed …

Business Day reports that an amended version of the new Companies Act , which had been botched by the Department of Trade and Industry was published on the 28th July 2010.
Sanchia Temkin for Business Day:
“…..(the DTI) released the latest copy of the amended Companies Act, which has addressed significant grammatical errors and concerns about flaws in the legislation.
However, company law experts said yesterday that the Companies Act of 2008 had been “commercially flawed” and a “source of embarrassment” to start with.
“A series of grammatical errors and typos was used …

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 …

In a previous article we looked at the various different forms of security that a  commercial creditor providing credit to legal entities with limited liability can use to secure their debt. To view the article click here.
One of the more common forms of security used by commercial creditors is the cession of book debts.

A cession is the act by which a person/entity (known as the cedent) transfers their personal right to another (known as the cessionary). By signing a cession of book debts a debtor therefore agrees to transfer to …