A creditor whose loan is subordinated is nonetheless a contingent creditor of the borrower in terms of section 346 of the Companies Act, 1973 (which still applies to the liquidation of companies) and the creditor is accordingly well within its rights to apply for the winding-up of the debtor in default.
The appellant in Absa
South African insurers must take cognisance of the importance of Treating Customers Fairly and the handling of complaints. Lloyds Banking Group has been fined £117 million in the UK for failing to fairly handle payment protection insurance (PPI) complaints.
From March 2012 to May 2013 Lloyds Banking assessed customer complaints relating to 2.3 million PPI
An agreement has been reached between the justice department and national treasury regarding the salary grading for the Information Regulator. The nomination process in the Protection of Personal Information Act, 2013 (POPI) for appointment of the Regulator will soon be initiated. Section 41 requires a multi-party committee of the National Assembly to assist with the
In early June 2015 the Competition Authority of Kenya fined the Association of Kenya Reinsurers about R91 000 for setting minimum premium rates for insurance companies tendering to provide group life cover to the National Intelligence Service employees.
The fixing of minimum premium rates have been going on for years in Kenya. The reinsurers claim
The factual matrix may have to be set out and proved in a case involving the interpretation of an ambiguous contract. We have previously written about the method of interpreting a contract in our posts Golden rule of interpretation – Good riddance and Interpret contracts according to words, purpose and context.
The Supreme Court
An English court recently dealt with a case which brought marine war risk exclusions into the spotlight. In 2007 an underwater inspection of a vessel in Venezuela resulted in the discovery of 132kgs of cocaine strapped to its hull. The drugs were attached by unknown third parties. The vessel was immediately detained and eventually abandoned
The question arises how businesses should prepare for the introduction of carbon tax on 1 January 2016, when the legislation has not been released. There are clues in the carbon tax policy paper released in 2013 by National Treasury about what we can expect to see in terms of the pricing of carbon and how
Court records are public documents. Members of the public now have access to most court documents before the matter has been called in open court.
Some documents, such as those involving the interests of children, state security or commercial confidentiality, could be kept quiet but a departure from the general rule is an exception and
The fracking regulations have been published by the Department of Mineral Resources.
If you’re interested in 44 pages of mostly technical stuff, go to GG 38855 GN R 466.