Legal Articles and Guides
With the recovery of global financial markets and investors racing to the Johannesburg Stock Exchange (JSE) to acquire equity at discounted prices, it is only normal to want to get your piece of the proverbial pie. However, with the epidemic bringing widespread job losses and salary reductions, a new investment trend is on the rise in the form of “investment clubs”.
The business rescue plan for SAA has finally been approved after all conditions on which it rested were met yesterday, according to Business Day.
Eskom board member Sifiso Dabengwa resigned from the embattled parastatal because he disagreed with his colleagues over the cancellation of a tender.
Embattled retailer Steinhoff International has proposed settling some of the dozens of lawsuits against the group through payment in cash and Pepkor shares, says a BusinessLIVE report.
The business rescue of SAA has been prolonged after a dispute broke out between the government and the consortium of banks to which SAA owes money, on the eve of the finalisation of the rescue plan.
As if the Steinhoff debacle was not enough of a tangled web, it now appears there are no fewer than four court actions challenging a substantial portion of former chair Christo Wiese’s R59bn claim against the group, says a Moneyweb report.
Cape Town is being pushed to speed up the rate at which new businesses are being set up to replace those that buckled due to lockdown restrictions.
As part of continuing efforts to contain fallout from its R100bn-plus accounting fraud and build cash buffers to withstand the Covid-19 economic shock, Steinhoff will raise €70m (R1.3bn) from the sale of store properties in France.
Cafe Chameleon, a Cape Town restaurant, is the first to win a court case against an insurer for payment of damages arising from a business interruption policy due to the Covid-19 pandemic, says a Business Day report.
The COVID-19 pandemic and the resultant lockdown have opened up new avenues of profit for some businesses, but they have also subjected many others to the spectre of business failure.
After untangling a web of fraudulent transactions, Steinhoff is bracing for more pain as it tallies legal claims that have topped R170bn.
Edcon's creditors approved the company’s business rescue plan after a meeting yesterday, with the practitioners having successfully warded off legal action by some creditors who tried to stop the process, notes Business Day.
The government is considering phasing out the ban on the sale of tobacco products under Covid-19 lockdown regulations, but this does not necessarily mean they will be for sale in the nearest supermarket any time soon.
The Orthotouch and Zephan business rescue processes present a difficult choice for the 18 700 investors who invested nearly R5bn of their savings in the failed Highveld Syndication companies, says editor Ryk van Niekerk in a detailed report on the Moneyweb site.
Edcon has attracted 15 entities interested in buying one or both of its two divisions as the retailer scrambles in a last-ditch attempt to stay afloat to raise money from assets worth nearly R11bn to pay off creditors.