Added Legal Value Newsletter Volume 1 Number 6

17 June 2008

Commission due or not?

For years sellers of houses or land were able to defend claims for commission from estate agents if the estate agents did not have valid fidelity fund certificates.

This however only seems to protect the sellers who have not yet paid the commission.

In the 2008 case, Taljaard versus Botha Properties, the court found that a client, who had already paid commission to such an estate agent, was not entitled to reclaim the commission.

Liquidations Increase

According to STATSSA, an official statistics organization for South Africa, the increase in the number of liquidations recorded during the first three months of this year (of 12.8%) was the first increase in 4 years. (The 2004 increase was 3.9 %.)
While some are shouting doom others are calling it the way the economy is correcting itself. Whatever the reason or ones perception might be, there are various legal remedies for both creditors and debtors in financial trouble. Some of the options are more commercial than legal whereas others need court process. We have detail pages discussing debt remedies on our website and you can view it by clicking here.
Estate Planning-what is a safe company structure?

With news about liquidations on the increase, one should refocus on a proper asset protection structure.

If your business is in a company or close corporation, the business assets are protected against your personal creditors. Your shares in the company or member’s interest in the corporation is however not safe and can be attached and sold in execution.

That is why many entrepreneurs place their shares or members interest in a trust. Then the shares cannot be attached for personal debt.

All the best.

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