scholarly journals The goal(s) of corporate rescue in company law: A comparative analysis

2017 ◽  
Vol 13 (2) ◽  
pp. 20-31
Author(s):  
Anthony O. Nwafor
Keyword(s):  
United Kingdom ◽  
Comparative Analysis ◽  
South African ◽  
Corporate Sustainability ◽  
Company Law ◽  
The South ◽  
Industrial Companies ◽  
The United Kingdom ◽  
Bankruptcy Code ◽  
Corporate Rescue

The concept of corporate rescue lays emphasis on corporate sustainability than liquidation. This trend in corporate legislation which featured in the United Kingdom Insolvency Act of 1986, Australian Corporations Act 2001, Indian Sick Industrial Companies (Special Provisions) Act of 1985 (as replaced by Companies Act, 2013 and supplanted by the Insolvency and Bankruptcy Code, 2016) has been adopted in the South African Companies Act of 2008. The goal(s) of corporate rescue in some of these jurisdictions are not clearly defined. The paper examines, through a comparative analysis, the relevant statutory provisions in the United Kingdom, India, Australia and South Africa and the attendant judicial interpretations of those provisions with a view to discovering the goal(s) of corporate rescue in those jurisdictions. It is argued that while under the United Kingdom and Australian statutory provisions, the administrator could pursue alternative goals of either rescuing the company or achieving better results for the creditors; the South African and Indian statutory provisions do not provide such alternatives. The seeming ancillary purpose of crafting a fair deal for the stakeholders under the South African Companies Act’s provision is not sustainable if the company as an entity cannot be rescued.

scholarly journals A Comparative Analysis of Director Tenure in South Africa and Selected International Jurisdictions

2021 ◽  
Vol 54 (1) ◽  
Author(s):  
Rehana Cassim
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Hong Kong ◽  
United Kingdom ◽  
Comparative Analysis ◽  
South African ◽  
The South ◽  
Public Companies ◽  
The United Kingdom ◽  
Governance Practices

Director tenure attracts attention worldwide and is increasingly being recognised as a crucial element in assessing an external (independent non-executive) director’s independence. Director tenure has recently come under the spotlight in South Africa. Shareholder activists are expressing disapproval of lengthy tenures of directors serving on boards of listed public companies and exerting pressure on long-serving directors to resign from office. This article examines whether the South African corporate governance principles regulating director tenure are adequate or in need of revision. The article examines further the corporate governance practices in leading jurisdictions such as the United Kingdom, Malaysia, Singapore, Hong Kong, and India that have recently revised their corporate governance practices. It then makes recommendations for enhancing the South African corporate governance approach to director tenure. It also calls on directors to collaborate with shareholders and independent external experts to examine their approach to director tenure and, if circumstances allow, revise the company’s memorandum of incorporation to limit directors’ tenure or provide for a staggered rotation of directors on the board.

scholarly journals A Comparative Discussion of the Judicial Disqualification of Directors under the South African Companies Act

2020 ◽  
pp. 1-24
Author(s):  
Rehana Cassim
Keyword(s):  
United States ◽  
United Kingdom ◽  
South African ◽  
United States Of America ◽  
The United States ◽  
The South ◽  
The United Kingdom ◽  
Locus Standi

Abstract Section 162 of the South African Companies Act 71 of 2008 empowers courts to declare directors delinquent and hence to disqualify them from office. This article compares the judicial disqualification of directors under this section with the equivalent provisions in the United Kingdom, Australia and the United States of America, which have all influenced the South African act. The article compares the classes of persons who have locus standi to apply to court to disqualify a director from holding office, as well as the grounds for the judicial disqualification of a director, the duration of the disqualification, the application of a prescription period and the discretion conferred on courts to disqualify directors from office. It contends that, in empowering courts to disqualify directors from holding office, section 162 of the South African Companies Act goes too far in certain respects.

scholarly journals The Influence of the Consumer Protection Act 68 of 2008 on the Common Law Warranty Against Eviction: A Comparative Overview

2017 ◽  
Vol 15 (5) ◽  
pp. 347
Author(s):  
Jacolien Barnard
Keyword(s):  
United Kingdom ◽  
South African ◽  
Consumer Protection ◽  
Common Law ◽  
The South ◽  
Consumer Protection Act ◽  
The United Kingdom ◽  
Legal Position ◽  
The Common

The implementation of the Consumer Protection Act 68 of 2008 (CPA) has great implications for the South African common law of sale. In this contribution the influence of the CPA on the seller’s common law duty to warrant the buyer against eviction is investigated. Upon evaluation of the relevant provisions of the CPA, the legal position in the United Kingdom – specifically the provisions of the Sales of Goods Act of 1979 – is investigated.

The Actuary in South Africa (1973).

1974 ◽  
Vol 21 (01) ◽  
pp. 58-69
Author(s):  
P. W. Barke
Keyword(s):  
South Africa ◽  
United Kingdom ◽  
South African ◽  
The South ◽  
General Outline ◽  
The United Kingdom

1.1. It is over 17 years since the paper ‘The Actuary in South Africa’ (1) was discussed. In South Africa as elsewhere great changes have taken place and it was felt appropriate to bring the position up to date. Nevertheless those interested are recommended to refer to the 1957 paper and not least to Mr R. G. Mallett's introduction to the discussion. Since the decision was taken to write this paper, Mr Spedding's paper ‘The Actuary in Australia’ (2) has been presented and to facilitate comparison, I have followed the general outline of that paper.1.2. The South African currency is Rands and cents (100 cents equals one Rand). Since South Africa did not follow the United Kingdom devaluation of 1967 the parity was R. 12 equals £7 sterling but South Africa devalued at the end of 1971 and then R. 2 was almost the same as £1. At the time of writing the pound is roughly equivalent to 1·5 Rand.

The intersection between taxation and insolvency — The South African Revenue Service’s preference

2021 ◽  
Vol 138 (4) ◽  
pp. 799-817
Author(s):  
Carika Fritz ◽  
Thabo Legwaila
Keyword(s):  
South Africa ◽  
United Kingdom ◽  
South African ◽  
Tax Administration ◽  
The South ◽  
Tax Legislation ◽  
The United Kingdom

When a debtor’s estate is sequestrated or an insolvent company is wound up, insolvency and taxation intersect whenever the debtor or company has an outstanding tax debt. This article considers whether the South African Revenue Service should, or could, be provided with a better standing in cases of insolvency. From a comparison of the situations in South Africa, Mauritius, Australia and the United Kingdom, it is clear that South Africa’s approach of determining the order of distribution in relation to tax claims based on the type of tax is in line with the approaches of Mauritius and the United Kingdom. However, s 179 of the Tax Administration Act and ss 114 and 147(1) of the Customs and Excise Act may have an impact on a claim by the South African Revenue Service in the event of insolvency. In this respect, we argue that, in instances where a taxpayer is sequestrated or wound up due to insolvency, the Insolvency Act and the Companies Act should take precedence. Since the Insolvency Act provides for a clear order of distribution both in respect of the insolvent estates of natural persons and when an insolvent company is wound up, tax legislation in South Africa should not be used to deviate from this order of distribution.

scholarly journals Candida auris Isolates of the Southern Asian and South African Lineages Exhibit Different Phenotypic and Antifungal Susceptibility Profiles In Vitro

2019 ◽  
Vol 57 (5) ◽  
Author(s):  
Adrien Szekely ◽  
Andrew M. Borman ◽  
Elizabeth M. Johnson
Keyword(s):  
United Kingdom ◽  
South African ◽  
Antifungal Susceptibility ◽  
The South ◽  
Candida Auris ◽  
Content Type ◽  
African Lineage ◽  
The United Kingdom ◽  
Asian Lineage

ABSTRACT Candida auris is a serious nosocomial health risk, with widespread outbreaks occurring in hospitals worldwide. Sequence analyses of outbreak isolates revealed that C. auris has simultaneously emerged as four distinct continentally restricted clonal lineages. We previously reported multiple independent introductions of C. auris isolates from at least three of these lineages (the Southern Asia, South African, and Japanese/Korean lineages) into hospitals across the United Kingdom and that isolates circulating in the United Kingdom displayed two different cell phenotypes which correlated with differences in virulence in Galleria mellonella wax moths. Here, we compared the phenotypic characteristics and antifungal susceptibilities of isolates representative of the three geographic clades circulating in the United Kingdom. Isolates of the South African and Japanese/Korean lineages, but not those of the Southern Asian lineage, grew well on media containing actidione. However, unlike Southern Asian lineage isolates, they were unable to produce even rudimentary pseudohyphae in culture. Importantly, although all isolates were fluconazole resistant in vitro, fluconazole and voriconazole exhibited significantly higher MICs against isolates of the South African lineage than against isolates of the Southern Asian lineage. A similar trend was seen with minimum fungicidal concentrations (MFCs), with higher MFCs of the triazole antifungal agents being seen for the South African lineage isolates. Finally, the formation of large cellular aggregates was seen only with isolates of the South African and Japanese/Korean lineages, which correlates with the reduced virulence observed previously in Galleria wax moths inoculated with such isolates. Intriguingly, aggregation could be reversibly induced in isolates of the Southern Asian lineage by exposure to triazole and echinocandin antifungals but not by exposure to amphotericin B or flucytosine.

More about Diamonds

2019 ◽  
pp. 115-119
Author(s):  
Vladimir Shubin
Keyword(s):  
United Kingdom ◽  
South African ◽  
Personal Experience ◽  
African Studies ◽  
Short Term ◽  
Soviet State ◽  
The United Kingdom ◽  
De Beers

The article is a rejoinder to the work of Yury S. Skubko, previously published in the Journal of the Institute for African Studies, on Moscow’s relations with De Beers. It is based not only on the available literature but also on the author’s personal experience. The author shows that under the monopoly of this South African company in the field of diamond sales, Soviet organizations, even in the conditions of a South African boycott, were forced to deal with its subordinate structures and the attempts to sideline them were in vain. In particular the article analyses the attitude to a controversial agreement signed by the Soviet state-owned “Glavalmalmazzoloto” and De Beers Centenary in 1990, when, like in many other cases in the “Gorbachev’s era” Moscow’s principle stand was eroded for short-term results even personal gains. The author comes to the conclusion that the responsibility for Moscow’s dealings with De Beers must be borne not by our country, but above all by the United Kingdom, which allowed De Beers have the headquarters of its Central Selling Organisation (CСO) in London.

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