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SARS and CIPC compliance crusade aimed at getting South Africa off...

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On 27 June 2024, the South African Revenue Service (SARS) announced its enhanced Beneficial Ownership disclosures for the 2024 Filing Season. Not even 24 hours later, the Companies and Intellectual Property Commission (CIPC) issued a media release enforcing beneficial ownership (OB) declaration, to be able to file annual returns. This may simply be a compliance coincidence, but more likely a strategic move to eradicate non-compliance for companies, trusts, and partnerships, on all levels.

Voting rights denied for post-commencement creditors – implications

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The recent decision by the Gauteng High Court denoting that creditors who have acquired their claim in a business after business rescue has commenced are not entitled to vote on business rescue plans could set a significantly risky precedent for any future organisations facing business rescue.

Unlocking investment potential – A Mauritius case study

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Mauritius has increasingly become a sought-after destination for African asset managers and international investors. This is primarily due to its diverse range of options and familiarity as a jurisdiction of choice for fund structures and investment vehicles, particularly those which permit the segregation of assets and liabilities, such as protected cell companies (PCCs) and variable capital companies (VCCs).

“Seismic ruling” – financiers cannot vote on a business rescue plan

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Should post-commencement financiers have a vote on business rescue plans? A critical look at Wescoal Mining (Pty) Ltd & Another versus Mkhombo NO & Others (2023-079991) [2023] ZAGPJHC 1097 (2 October 2023). On 2 October 2023 Judge Wilson of the Gauteng Division of the High Court of South Africa endeavoured to ascribe a meaning to the undefined term "creditor" in Chapter 6 of the Companies Act 71 of 2008 (the Companies Act).  

Company confidential shareholding days are over

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On 1 April 2023, the Companies and Intellectual Property Commission (CIPC) released its new “beneficial ownership register” functionality on its e-services platform. This new requirement has placed companies under the spotlight as they must now declare their beneficial ownership to the CIPC. This means the days when the “warm body” which sits behind a company can no longer remain off record.

CIPC and SARS align to eradicate non-compliance at all levels

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If you hold “beneficial ownership” in relation to a company, you should already be aware of the new “beneficial ownership register” functionality now on the Companies and Intellectual Property Commission (CIPC)’s e-services platform.

Who is the UBO? – knowing is vital for any deal

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Knowing who the ultimate beneficial owner (UBO) of an entity is before engaging in any type of business deal, is a critical task that is often overlooked. This is particularly true in today’s increasingly stringent regulatory environment, in which organisations are increasingly expected to understand who they are doing business with to help fight fraud.

Understanding shareholder rights – tackling the Big Fish

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An often misunderstood issue among entrepreneurs is the muddled duties of individuals who act in the roles of shareholder, director and employee. The court recently assisted to untangle these issues.

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