Legal Articles and Guides

Minority shareholders should not have to resort to legal action to get a company to buy back their shares at ‘fair value’ if it implements a significant transaction they oppose.

The process of liquidation involves a company (or close corporation) ceasing all trading activities, selling its company assets and then distributing the proceeds to its creditors. There are two options for the voluntary winding-up of a solvent business.

Several companies owned by controversial Gupta lieutenants Eric Wood and Salim Essa are close to being liquidated after the Gauteng High Court (Johannesburg) ordered that they be treated as one entity before their winding down, says a Cape Times report.

Former SAA chairperson Dudu Myeni is seeking leave to introduce new evidence pertaining to the testimony of the airline's former board member, Yakhe Kwinana, at the State Capture Inquiry.

The COVID-19 pandemic-induced lockdown in South Africa has brought the legal considerations of force majeure into sharp focus across multiple industries, particularly in engineering and construction circles.

Steinhoff has been emboldened in its attempt to settle some 90 lawsuits for R18.7bn after all but one of its creditors voted in favour of a settlement, Die Burger reports.

The SCA has ruled in favour of Steinhoff and Pepkor in one of their legal battles with former Tekkie Town executives.

The appeal by disgraced former SAA chair Dudu Myeni against the order of Judge Ronel Tolmay in the Gauteng High Court (Pretoria) declaring her a delinquent director – on the basis that, among other reasons, it supposedly violated her constitutional rights – confirms Myeni has no idea of what the Companies Act expects of directors.

Former SAA chairperson Dudu Myeni has launched a blistering attack on the judge who declared her a delinquent director for life, arguing that there were many mistakes in the judgment, says a Daily Maverick report.

Regrettably the pandemic still shows no sign of going away any time soon, and the social distancing it has brought to our “new normal” leaves companies with a dilemma. How can you comply – safely and lawfully – with the Companies Act’s stringent requirements for the holding of Annual General Meetings and (where needed) interim General Meetings?

One of the liquidators of a former Gupta company has attacked the wide discretion afforded to business rescue practitioners (BRPs), in court papers supporting an application for the liquidation of the Optimum Coal Mine, says a Moneyweb report.

The Organisation Undoing Tax Abuse (Outa) and the SAA Pilots' Association (Saapa) are asking the Gauteng High Court (Pretoria) for an order that its ruling in May, declaring Dudu Myeni as a delinquent director, be enforced despite the former SAA board chair's appeal.

Steinhoff International got some respite on Friday as the Gauteng High Court (Johannesburg) dismissed a local class action suit brought against the global retailer after an accounting crisis in late 2017 caused its share price to collapse.

Judge Ronel Tolmay’s recent judgment declaring Dudu Myeni a delinquent director sets a legal precedent which will shake up SA’s corporate governance landscape, notes a Financial Mail commentary.

In a damning judgment yesterday, former SAA chair Dudu Myeni was declared a delinquent director for life in terms of the Companies Act.