Meritas Member – VDMA Law (Johannesburg, South Africa)
LAWFUL DISTRIBUTIONS IN TERMS OF THE COMPANIES ACT NO. 71 OF 2008
In terms of the Companies Act No. 71 of 2008 (“Companies Act”), a distribution, in broad terms, encompasses any direct or indirect transfer by a company of money or other property of the company (save for its own shares), whether out of capital or profits, the...
WHEN IS IT APPROPRIATE TO MAKE USE OF A SECTION 345 LETTER OF DEMAND?
Background: A letter of demand in terms of section 345 of the Companies Act No. 61 of 1973 (the “Old Act”) is a powerful tool for debtors who are owed an amount of money exceeding R100 (one hundred Rand) (“345 Letter of Demand”), however, creditors should be aware of...