In a February 2025 judgment, the high court declared two master rental agreements void, finding that the appellant company’s supposed representative who signed the agreements did not have the authority to bind the appellant. The directors resolution provided by the appellant was limited in scope to tax affairs. The purported delegation of authority by the
Michael McCarthy
Prescribed rate of interest is 11.00 % from 1 March 2025
By Patrick Bracher (ZA) & Michael McCarthy on
The prescribed rate of interest is 11.00% per annum with effect from 1 March 2025. The previous rate was 11.25% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts…
Upholding “Fit and Proper” Standards
By Michael McCarthy on
This blog was co-authored by Yuveshen Naidoo, Candidate Attorney.
On 23 December 2024, the Financial Services Tribunal upheld an FSP’s decision to debar its representative in terms of section 14(1) of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) for breaching the “fit and proper” requirements under the FAIS Act. In…
Debarment: Sharing client information not fit and proper
By Michael McCarthy on
This blog was co-authored by Yuveshen Naidoo, Candidate Attorney.
On 26 September 2024, the Financial Services Tribunal dismissed an application for reconsideration of a bank’s decision to debar its former risk advisor. The applicant was found guilty of misconduct and summarily dismissed for sharing confidential client information with a competitor and debarred. The question before…
Prescribed rate of interest is 11.25 % from 1 January 2025
By Patrick Bracher (ZA) & Michael McCarthy on
The prescribed rate of interest is 11.25% per annum with effect from 1 January 2025. The previous rate was 11.50% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts…
Prescribed rate of interest is 11.50 % from 1 November 2024
By Patrick Bracher (ZA) & Michael McCarthy on
The prescribed rate of interest is 11.50% per annum with effect from 1 November 2024. The previous rate was 11.75% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts…
Enforcement and perfection of a special and general notarial bond
By Michael McCarthy on
On 05 June 2024, the high court dealt with the perfection of a special and general notarial bond over moveable assets. The question whether the notarial bond was enforceable turned on whether an event leading to its executability had come to pass. A creditor can ‘perfect’ an executable general notarial bond by taking possession of…