Adri van Zyl reports on Fin24.com:
“South Africa has not yet shaken off the weight of the consumer-led recession.
At 78%, the ratio of debt to disposable income is still far too high for that.
In addition, it looks as if many consumers deliberately built up further debt in the Christmas period with a view to now applying for debt counselling.
Excessive debt can also have serious implication for the economy.
The current debt position of many South Africans has also raised concern about the brake that this could place on economic growth.”
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“The more corrupt the state, the more it legislates.”
– Tacitus
Business Report article:
The outlook for liquidations and insolvencies has improved compared to earlier in the year, although risks to the upside still exist, if the economy slowed from the current growth trajectory, according to Investec economist Kgotso Radira.
The sharper fall in insolvencies than liquidations (nine months to September) is encouraging, as it shows that while there are still companies forced to close down, those struggling with debt are diminishing, he says.
He adds: “This week’s data releases for inflation and unemployment data could prove crucial for the November MPC meeting. If …
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 …
