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Notarial Bonds: Securing debt in times of uncertainty

By Pierre van der merwe and Simone jansen van rensburg 1. Introduction A creditor is often faced with the decision of what form of security for the due and proper performance by the debtor of its obligations under, for example, a loan agreement, would be most beneficial to the creditor. Common forms of security include
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The authority of close corporation members to bind a close corporation in respect of immovable property transactions

INTRODUCTION The purpose of this article is to discuss the extent to which members of a Close Corporation (“CC”) have authority to bind the CC generally and specifically with regard to immovable property transactions. HISTORY CC’s are regulated and governed by the Close Corporations Act, 69 of 1984 (as amended) (“the Act“), together with any
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The Ins and Outs of the Assets that may be Secured in Notarial Bonds

By Pierre van der Merwe, Partner & Notary Publicand Simone Jansen van Rensburg, Associate & Notary Public 1. Introduction Commonly, creditors need to decide on the method in which to obtain the best security for the due and proper performance by the debtor of its obligations under, for example, a loan agreement. Often, creditors decide
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Basics of business rescue & its impact on property transactions

By Candidate Attorney INTRODUCTION Business rescue was introduced into South African law with the commencement of the new Companies Act No 71 of 2008 (“the Act”), being effective on 1 May 2011.  Business rescue enables a company, with minimal or no cash-flow, to restructure, while obtaining some “breathing room”. Business rescue is a rehabilitation mechanism,
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Covid-19 and Force Majeure in Construction Contracts: How the JBCC Protects Both Client and Contractor

By Nicole Rens, Candidate Attorney Introduction This article will discuss force majeure in relation to the relevant clauses of the Joint Building Contracts Committee Principal Building Agreement, 2000 Edition 5.0 (Reprint 1) (“JBCC”) regarding its enforcement and the rights pertaining to the Contractor and Employer respectively, during this Covid-19 outbreak. Important Definitions In order to
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