The Companies Amendment Bills impose crucial changes to remuneration disclosure and shareholder approval that trustees must integrate into their governance practices.
The Companies Amendment Act provides for more disclosure by companies, and the Companies Second Amendment Act extends the time bars to applications for director delinquency and proceedings to recover loss due to director liability.
The decision confirms that directors are generally not liable to the company’s creditors unless there is an abuse of the corporate structure.
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
A provisional sequestration order for the estate of Classic Financial Services director Jacobus Geldenhuis has been granted.
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
