scholarly journals Formal Debt-Relief, Rescue and Liquidation Options for External Companies in South Africa

2020 ◽  
Vol 7 (4) ◽  
pp. 85-126
Author(s):  
A. Boraine
Keyword(s):  
South Africa ◽  
South African ◽  
Financial Distress ◽  
Policy Issue ◽  
Debt Relief ◽  
Reform Process ◽  
Foreign Companies ◽  
Doing Business ◽  
Debt Collection ◽  
Definition Of

This article discusses how foreign companies doing business in South Africa during periods of financial distress and registered locally as external companies are, as a recent High Court decision confirms, denied the formal debt-relief measures of business rescue and therefore a compromise with creditors because of being excluded by the definition of “company” in the Companies Act 71 of 2008. Nor, for the same reason, may these companies, if solvent, rely on the current liquidation procedures. But they may possibly use the procedure preserved in the otherwise repealed Companies Act 61 of 1973 for liquidation as far as the transitional arrangements in the Companies Act 71 of 2008 allow. The purposive solution suggested in this article for the interplay between the two Acts may need legislative attention. This article surveys other possibilities relevant to these companies such as informal voluntary arrangements, applications for winding-up, ordinary debt collection, and perhaps compulsory sequestration applications. Finally, it raises the policy issue for the legislature to consider why these companies should be denied business rescue and/or a compromise with their creditors when these formal debtrelief measures might help them survive their financial stress and emerge stronger, to the advantage of themselves, their creditors, their stakeholders and communities, and the entire nation. It is submitted that these issues could and should be considered as part of the current law reform process of South African insolvency law.

Development of the South African Water Resource Classification System (WRCS): a tool towards the sustainable, equitable and efficient use of water resources in a developing country

Water Policy ◽  
2009 ◽  
Vol 12 (4) ◽  
pp. 479-499 ◽  
Author(s):  
E. S. J. Dollar ◽  
C. R. Nicolson ◽  
C. A. Brown ◽  
J. K. Turpie ◽  
A. R. Joubert ◽  
...  
Keyword(s):  
South Africa ◽  
Water Resources ◽  
South African ◽  
Classification System ◽  
Transition To Democracy ◽  
Reform Process ◽  
Sector Reform ◽  
Step Procedure ◽  
Resource Classification ◽  
Definition Of

Despite the transition to democracy in 1994, South Africa still had apartheid legislation on the statute books and the allocation of water was regulated by the 1956 Water Act. Accordingly, post-apartheid South Africa underwent a water sector reform process culminating in the new National Water Act (No. 36) of 1998. One component of the Act is the requirement for a classification system to determine different classes of water resources. The classification system provides a definition of the classes that are to be used and a seven-step procedure to be followed in order to recommend a class. The class outlines those attributes society requires of different water resources. The economic, social and ecological implications of choosing a class are established and communicated to all interested and affected parties during the classification process. This paper outlines the socioeconomic and political context in which the WRCS was developed and outlines the seven-step procedure.

scholarly journals To report or not to report

2013 ◽  
Vol 16 (1) ◽  
pp. 13-25 ◽  
Author(s):  
Warren Maroun ◽  
Harvey Wainer
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
South African ◽  
Regulatory Reform ◽  
External Audit ◽  
Whistle Blowing ◽  
Definition Of ◽  
Governance Processes

Whistle-blowing can play an important role in enhancing the effectiveness of corporate governance processes. In particular, legislation mandating that auditors blow the whistle on their clients’ transgressions can assist in overcoming agency-related costs and improve confidence in external audit. This is, however, only the case if regulatory reform enjoys cohesion. The Companies Act No. 71 of 2008, by introducing a definition of ‘reportable irregularities’ different from that in the Auditing Profession Act No. 26 of 2005 (APA); excluding ‘independent reviews’ from the scope of APA; and effectively exempting the majority of South African companies from the requirement either to be audited or reviewed, may materially undermine whistle-blowing by auditors in South Africa. In turn, this begs the question: for how long will South Africa rank first globally for the quality of its auditing practices? 

Does Widespread Lack Undermine the Socially Perceived Necessities Approach to Defining Poverty? Evidence from South Africa

2012 ◽  
Vol 42 (1) ◽  
pp. 147-165 ◽  
Author(s):  
GEMMA WRIGHT ◽  
MICHAEL NOBLE
Keyword(s):  
South Africa ◽  
South African ◽  
Standard Of Living ◽  
Access To Services ◽  
Adaptive Preferences ◽  
Acceptable Standard ◽  
Nationally Representative ◽  
Definition Of ◽  
Consensual Approach

AbstractThe socially perceived necessities or ‘consensual’ approach to defining and measuring poverty is based on an assumption that it is possible to obtain a collective view from society on the necessities for an acceptable standard of living. The enforced lack of the necessities due – typically – to lack of resources can be regarded as poverty. The validity of the approach has been questioned on a number of grounds including the argument that people's socio-economic circumstances may influence what they define as a necessity. Widespread lack of material possessions and access to services could result in these items being regarded as ‘less necessary’, which in turn could artificially deflate the definition of poverty using this approach. Informed by the adaptive preferences literature and drawing on a nationally representative South African Socially Attitudes Survey this paper explores whether there is evidence in South Africa of an association between people's patterns of possession and their definition of items as essential. Notwithstanding the fact that possession of an item is strongly associated with people's preferences, the evidence on balance suggests that widespread lack does not undermine the validity of the approach.

An Opportunity Missed for Male Rape Survivors in South Africa: Masiya v Director of Public Prosecutions and Another

2008 ◽  
Vol 52 (2) ◽  
pp. 284-301 ◽  
Author(s):  
Ntombizozuko Dyani
Keyword(s):  
South Africa ◽  
South African ◽  
Constitutional Court ◽  
Vulnerable Group ◽  
Rape Survivors ◽  
Form Part ◽  
Lower Courts ◽  
The Common ◽  
Definition Of ◽  
Anal Penetration

AbstractThe Constitutional Court of South Africa recently handed down a judgment on the extension of the common law definition of rape to include anal penetration of women, but not of men. The court argued that women form part of the most vulnerable group in society. This article analyses the court's judgment and argues that the court should have included anal penetration of men in the light of South African lower courts' decisions, international law and the fact that there is currently a law before parliament which pertains to the anal penetration of men. The article also argues that the court should have taken into consideration that this case involved a child, who is also from the most vulnerable group in society.

scholarly journals Business rescue practices in South Africa: An explorative view

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Talira Naidoo ◽  
Adnan Patel ◽  
Nirupa Padia
Keyword(s):  
South Africa ◽  
Success Rate ◽  
Financial Distress ◽  
Qualitative Interviews ◽  
Research Findings ◽  
Definition Of Success ◽  
Definition Of ◽  
Rate Of Success ◽  
The Impact ◽  
Low Rate

Business rescue proceedings attempt to rehabilitate businesses that are in financial distress. In spite of its importance, there is a seemingly low rate of success of the current business rescue regime (at just 15% as at June 2016). This article seeks to understand the issues that may be hindering the current rate of success of business rescue proceedings and provides practising accountants (in their capacity as business rescue practitioners) with a better understanding of the issues surrounding business rescue attempts. This will allow them to better perform their duties and give corporates in need of rescue a fighting chance. Through the use of qualitative interviews, the research findings show that there is a lack of clarity of the definition of success, which may be cause for concern. However, in the view of practitioners, the success rate is expected to improve with time. This study provides details on a few key insights into business rescue practices in South Africa, namely, the practitioners’ perceptions of success, their perceptions of the trust of stakeholders during the course of business rescue, their perceptions of the impact of the qualifications and experience of the business rescue practitioner, and their perceptions on the preparation of the business rescue plan.

Update to the South African Stratigraphic Code and Guidelines for Standardised Lithostratigraphic/Lithodemic Descriptions

2019 ◽  
Vol 122 (2) ◽  
pp. 257-266
Author(s):  
C.H. de Beer
Keyword(s):  
South Africa ◽  
South African ◽  
High Grade ◽  
The South ◽  
Consensus Opinion ◽  
Definition Of ◽  
Robust Framework

Summary The South African Committee for Stratigraphy (SACS) is the official body in South Africa which regulates the nomenclature and definition of lithostratigraphic and lithodemic rock units, unconsolidated deposits and soils. The robust framework set in the existing stratigraphic code and guide for publication by the Council for Geoscience (CGS) have for many years provided leadership in this field, but there are a number of aspects in need of reconsideration. One example is the non-compliance of our nomenclature for high-grade supracrustal rocks with international (and South African) stratigraphic codes and another is manuscript format changes necessitated by publishing SACS descriptions in the SAJG. Any stratigraphic code is a living document that should be able to accommodate changing views and circumstances. This review provides a consensus opinion from experts on how to deal with changing needs.

Modified Road Traffic Signs in the South African Linguistic Landscape

2020 ◽  
Vol 4 (1) ◽  
pp. 1-18
Author(s):  
Lorato Mokwena
Keyword(s):  
South Africa ◽  
South African ◽  
Road Traffic ◽  
Linguistic Landscape ◽  
The South ◽  
Traffic Signs ◽  
Road Signs ◽  
Definition Of ◽  
Fluid Interpretation

Drawing on the linguistic landscape material of modified road traffic signs in different areas of South Africa, the article illustrates how modified traffic road signs continue to have situated contextual meanings regardless of altered physical placement or content. Drawing on semiotic repurposing this article argues for an extended definition of situated semiotics that takes into account repurposed signs. A fluid interpretation of ‘situatedness' will broaden the scope of what is perceived as situated semiotics and discourage the use of delinquent categories such as ‘transgressive' semiotics for ‘out of place' semiotics.

Mobilising and organising in precarious times

2016 ◽  
Vol 36 (9/10) ◽  
pp. 613-628 ◽  
Author(s):  
Carin Runciman
Keyword(s):  
South Africa ◽  
Social Movements ◽  
Collective Action ◽  
South African ◽  
Quantitative Research ◽  
South African Context ◽  
Content Type ◽  
African Context ◽  
Heuristic Device ◽  
Definition Of

Purpose The paper argues that the field of social movement studies has been dominated by a movement organisation-centric approach. This organisational bias has constrained the analysis of collective action, especially in the Global South. The purpose of this paper is to contribute towards a reconceptualization of social movements which links them not to organisations but understanding social movements as a praxis linked to the material experiences of everyday life. Furthermore, the paper uses this expanded definition of social movements to revisit debates about mobilising and organising through reference to the contemporary South African context. Design/methodology/approach The empirical findings of the paper are based on ethnographic, qualitative and quantitative research on collective action in South Africa that has been carried out by the author since 2009. Findings The paper presents three case studies of collective action which demonstrate the variability, strengths and weaknesses of different forms organising and mobilising in contemporary South Africa. Originality/value The paper contributes to re-conceptualising social movements in a way in which the concept is better able to travel across the Global North and South as a heuristic device. Furthermore, the paper situates debates about the strengths of mobilising with and without organisations within the South African context.

Allocation discourses: South African water rights reform

Water Policy ◽  
2010 ◽  
Vol 13 (2) ◽  
pp. 161-177 ◽  
Author(s):  
Synne Movik
Keyword(s):  
South Africa ◽  
South African ◽  
Water Use ◽  
Reform Process ◽  
Political Issue ◽  
Water Legislation ◽  
Continued Use ◽  
High Degree ◽  
Past Injustices ◽  
South African Water

Perceptions of increasing water scarcity have caused many countries to reform their water legislation. South Africa, in the vanguard of reform efforts, passed the National Water Act in 1998. The Act was lauded as a progressive piece of policy as it posited the redress of past injustices as one of its overarching aims. But there has been little progress in terms of redistribution of water use rights. This paper argues that bringing water under the ambit of the state, in combination with the particular political conjunctures in post-apartheid South Africa, opened up space for the emergence of narratives around water use rights that framed the continued use of existing users as pivotal for sustainability and that redistribution is associated with a high degree of risk. Although water allocation reform is essentially a deeply political issue, the increasing technocratisation and bureaucratisation of the reform process served to mask contested understandings through, for example, the use of innocuous-sounding terms such as “existing lawful use”. This, in combination with a highly under-resourced water management sector tasked with the responsibility of shouldering a heavy and complex system of licensing, resulted in reform efforts ending in a temporary impasse.

scholarly journals The Paleogeographic Evolution of the Orthophragminids of the Paleogene

2017 ◽  
Vol 47 (4) ◽  
pp. 337-357 ◽  
Author(s):  
Marcelle K. BouDagher-Fadel ◽  
G. David Price
Keyword(s):  
South Africa ◽  
South African ◽  
Planktonic Foraminifera ◽  
Late Eocene ◽  
Larger Benthic Foraminifera ◽  
The Pacific ◽  
West African Coast ◽  
New Material ◽  
Global Sea Level ◽  
Definition Of

Abstract Orthophragminids are larger benthic foraminifera (LBF) and, together with the nummulitids, were the major rock-forming foraminifera from the middle Paleocene to the late Eocene. Today, porous, LBF-bearing, Paleogene limestones, which occur globally from the Pacific and Atlantic margins of the Americas to the Indo-Pacific, form potentially valuable oil reservoirs, and their biota have formed the basis of the definition of three paleobiogeographic provinces, namely those of the Americas, Tethys, and the Indo-Pacific. The orthophragminids of the western part of the Tethyan Province have been studied extensively, however, the other provinces are less well characterized, and until now the origin and paleogeographic development of this group have not been fully articulated. New material described here allows the clear definition of a fourth, South African paleobiogeographic province, and, when combined with refined biostratigraphic dating based on new material from the Americas, Europe, South Asia and SE Asia, enables their paleogeographic and biostratigraphic evolution to be determined. Critically, the occurrence of cosmopolitan planktonic foraminifera (PF) within LBF assemblages enables the first occurrences of various LBF forms within each province to be dated relative to well-calibrated planktonic zones (PZ). From this, we infer that, like the previously studied lepidocyclinids and nummulitids, the orthophragminids originated in the Americas during the Paleocene, probably between the late Danian (PZ P1c, 63.5 Ma) and the early Selandian (PZ P3a, 61.6 Ma). By the middle Paleocene, the orthophragminids had migrated across the Atlantic to the previously isolated West African coast at the extreme of Tethys, probably during global sea-level low stands at 60.3 Ma and again at 56.4 Ma. Subsequently, the American Province again became isolated. In the Tethys, the orthophragminid migrations followed two paths: northeastward through the Tethyan corridor in the late Paleo-cene (Thanetian), and south in the earliest Eocene (Ypresian) to South Africa. The Tethyan forms evolved during the Eocene into many lineages, which in turn migrated, after a few million years of their first appearances into the Indo-Pacific, where they again became isolated and diversified further. Meanwhile the South African forms remained similar to their American ancestors in both small size and external ornamentation, while their internal evolution closely followed that of Tethys forms, as exhibited by three species of Nemkovella and Discocyclina described here from South Africa (Nemkovella mcmilliana n. sp., Discocyclina davyi n. sp. and D. africana n. sp.).

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