“He who is quick to borrow is slow to pay” (Old proverb) A recent High Court decision means that, for the first time, creditors of debtor companies are specifically cleared to apply for the company’s directors to be declared “delinquent” […]
See MoreDebt Collection – Two Recovery Options
“Creditors have better memories than debtors” (Benjamin Franklin) How well you manage your debtors’ book, and how successful you are in actually collecting monies due to you, should always be a management priority. It can spell the difference between a […]
See MoreDon’t Give a Loan or Credit to Anyone (Not Even a Friend) Without Legal Advice!
“The requirement that credit providers must be registered allows for their control and regulation, especially in relation to their financial probity and integrity, thereby avoiding the unscrupulous exploitation of credit consumers by so-called fly-by-night operators and loan sharks.” (Extract from […]
See MoreCreditors: How to Secure Your Claim with a Notarial Bond
You should always take as much security for your claims as you possibly can before advancing credit or lending money to a debtor. That’s because if your debtor fails and is “liquidated” (if a corporate) or “sequestrated” (if an individual), […]
See MoreIt’s Not Simple to Sell a House in Execution (Even if a Trust Owns It)
“A court shall not authorise execution against immovable property which is the primary residence of a judgment debtor unless the court having considered all relevant factors, considers that execution against such property is warranted” (High Court Rules) Selling a house […]
See MoreDirectors – When Are They Personally Liable?
“… for the benefit of immunity from liability for its debts, those running the corporation may not use its formal identity to incur obligations recklessly, grossly negligently or fraudulently. If they do, they risk being made personally liable.” (Quoted in […]
See MoreThe Trouble with Family Loans: A R540,000 Lesson
“How sharper than a serpent’s tooth it is to have a thankless child!” (Shakespeare) “Family helps family in times of need” – that’s been part of human culture since long before the dawn of history but be sure to observe […]
See MoreDebtor Not Paying? Consider a Liquidation Application
“When debtors once have borrowed all we have to lend, they are very apt to grow shy of their creditors’ company” (John Vanbrugh) Bad debt is a major issue for many businesses in these hard economic times – not taking […]
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