A trend has arisen, which has not gone unnoticed by the CIPC, where companies are failing to conduct the solvency and liquidity test in accordance with section 4 of the Companies Act, 2008, for instance when declaring a dividend. A failure to do so can have personal consequences for directors.
The CIPC reviews annual financial
The Companies and Intellectual Property Commission (CIPC) Intellectual Property (IP) division’s external systems resumed on 1 May 2020 but are managed by limited staff.
Although provision was made to extend any deadlines which fell after 25 March 2020 to 6 May 2020 (excluding 4 and 5 May 2020), you will be required to apply for
Voluntary business rescue applications filed with CIPC during 24 March to 30 April 2020 will be processed by CIPC to reflect the dates on which they were filed. These applications do not have to be resubmitted. Similarly, the appointment of business rescue practitioners that were filed with CIPC during 24 March to 30 April 2020
Services recommencement
The Companies and Intellectual Property Commission (CIPC) has announced that it will be recommencing services on Wednesday, 6 May 2020. Those services will however be done with reduced staff, and therefore delays are inevitable.
Business rescue proceedings
In regard to business rescue proceedings, the CIPC has stated that any filings made between 24
The Supreme Court of Appeal made important findings regarding the powers of the Companies Commission to investigate a complaint.