“The terms
‘win’ or ‘lose’ can only be used when the game is over. Before the
final whistle blows, you can at best only be leading or trailing”
Werner Rautenbach |
You can register a CC for as little as R285
and a family trust for R1468. These structures
can save you millions.
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Commission due or not?
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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.
Barnard
Labuschagne Inc Registration No. 1999/015298/21 t/a  |
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publishers accept no liability for damages, errors or omissions. For professional advice or to properly protect your
rights, please consult a qualified legal practitioner.
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