
Considerations when deciding whether to keep a company dormant or close it
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
When faced with a bad debtor, establish whether the contractual relationship is a specific contract and/or a standard terms and conditions contract.
The administration process of the insolvent estate of Classic Financial Services has yielded ‘numerous assets’, providing a glimmer of hope for creditors.
The claim form, together with supporting documentation, must be delivered to the liquidators’ office in Pretoria.
Claim documents have been sent to creditors as the provisional liquidators take steps to recover assets and secure funds held in the name of Classic Financial Services One.
The curator finds there are no reasonable prospects that the bank can be rehabilitated as a going concern.
FSCA implements notice exempting funds from certain qualifying criteria in Board Notice 75.
The exemption does away with the R50 000 average-benefit-per-member threshold and caps the membership threshold at 100.
Did section 54(5) of the Insurance Act and the provisional curatorship orders preclude the final liquidation orders?
Whistleblower asserts that members’ money was stolen, although a forensic investigation found no evidence of this.
The High Court in Johannesburg has placed Constantia Insurance Company Limited (CICL) in final liquidation after granting the urgent application brought by the Prudential Authority (PA) and the short-term insurer’s curator at the […]
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
The Financial Services Tribunal (FST) has dismissed an application by an umbrella fund member who was aggrieved by the FSCA’s decision to exempt the fund from the full liquidation requirements in the Pension […]
The number of retirement funds applying for liquidation increased by 21.5% between 2019 and 2020 because of financial distress as members’ contributions fell when employers cut salaries or laid-off staff and businesses closed […]
On Tuesday, 19 January 2021, the FSCA announced that it has finalised its investigation into Mirror Trading International (Pty) Ltd (MTI) and will share its report with the liquidators appointed by the Master […]
On Tuesday, 19 January 2021, the FSCA announced that it has finalised its investigation into Mirror Trading International (Pty) Ltd (MTI) and will share its report with the liquidators appointed by the Master […]
The short-term insurance industry, through the South African Insurance Association (SAIA), has established a limited voluntary fund (SAIA Fund) to try and alleviate the prejudice suffered by those policyholders with motor accident claims […]
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