by Honey-AdminPrescription periods applicable to claims against the Road Accident Fund
Prescription is when a debt arising from a cause of action is extinguished after a determined period of time has elapsed. It is regulated by the Prescription Act 68 of 1969 and starts to run on the day that the debt becomes legally due to be paid. The general prescription period applicable in most cases run for a period of three years. The prescription periods in relation to Road Accident Fund...
by Honey-AdminDoes your body corporate have a 10 year maintenance plan?
On 7 October 2016, the new Sectional Titles Scheme Management Act of 2011 (better known as “STSMA”) come into operation and changed a lot of things in the conveyancing industry. Due to this new legislation, a body corporate are now compelled to make provision for a reserve fund on an ongoing basis over a period of 10 years. This means that this reserve fund is a second additional...
by Honey-AdminThe relevance of Force Majeure and contractual obligations during a pandemic
On 26 March 2020, South Africans experienced the unknown phenomenon of a national lockdown. Unprecedented regulations where implemented by the South African Government, that required all South Africans to stay home and non-essential traders and businesses were required to temporarily close their doors, as to curb the spread of the COVID 19 Coronavirus.
by Honey-AdminImmovable property: Transfer Duty payable on transfer of company shares
One of the main considerations of a purchaser when purchasing immovable property, besides the cash that he or she needs to put down in order to cover the purchase price, is the costs involved in order to effect transfer of the property into his or her name. These costs include transfer fees, deeds office fees and Transfer Duty. Depending on the value of the property involved, a big portion of...
by HoneyAdminThe requirements of an interim interdict
Case Summary : HM v LM Certain interim relief was granted to the applicant on the 28th of January 2020 and the applicant wanted to confirm this relief, pendente lite. The following relief was granted to the applicant in terms of the interim order, namely that the respondent was, “…interdicted and restrained from alienating, entering into any sale of or transferring, disposing of...
by hnydmnContract cancellation – construction agreement
In construction contracts generally, barring allegations that fraud has taken place, contractors are not allowed to challenge payment guarantees even when if there is a dispute in terms of the building contract. The Courts will however take note of any underlying contracts which may exist. Written by: Adriaan Jean Vermaas (B. Com Law, L.L.B, L.L.M); source:...
by hnydmnCession of rights, title and interest in immovable property as security for a loan
In the case of Coetzee N.O v Total Auctioneering Services and Sales CC t/a Consolidated Auctioneers and another JOL 41493 (GJ), one of the respondents had ceded all his rights, title and interest in an immovable property as security for a loan. The loan was not repaid and the applicant sought to enforce the cession and take transfer of the relevant property. The applicant was successful and...by hnydmnProvisional winding up
Case: Kriedemann and Another v One Division Investments 139 (Pty) Limited and Others The case Kriedemann and Another v One Division Investments 139 (Pty) Limited and Others, concerns the application for a order provisionally winding up a company in terms of section 81(1)(d)(iii) of the Companies Act, Act 71 of 2008. Section 81(1)(d)(iii) provides for the liquidation of a company on...by hnydmnKNOWING THE RULES REGARDING SHARES OF PROFIT COMPANIES
If one had to explain in layman’s terms what a share of a profit company is, one might say that such a company is divided into small pieces of value which are held by the shareholders of the relevant company. The holder of one of these “small pieces of value” is then entitled to, amongst other things, share in the profit of the company by way of a dividend. Even though the idea of profit...by hnydmn