INTRODUCTION Current economic conditions will likely lead to more property owners being in financial distress. This article will identify and explain the phases related to financially distressed sales. DISTRESSED SALES A distressed sale occurs where the seller must sell due to circumstances, such as impending repossession by the bank, a divorce, relocation,
By Lisa Schmidt, Associate and Lauren Squier, Associate Designate Introduction The period of lockdown presently being experienced by South Africans in response to the COVID-19 pandemic has resulted in much confusion and alarm, not least of which amongst members and occupants of sectional title schemes. Many members of society are unsure or unaware of what
This article narrowly addresses the power of a business rescue practitioner (“BRP”) to suspend contractual obligations on the part of a distressed company. Readers are advised to consult section 136 of the Companies Act 71 of 2008 (“the Act”) in its entirety before taking any related steps. Once business rescue proceedings commence, all contracts to
Introduction As the whole country self-isolates in the safety of their homes, landlords and tenants fear the economic backlash of the COVID-19 novel virus. Commercial tenants are advised by the State, and their landlords, to close-up shop and send employees home. These tenants and, in some cases, their landlords, will be hardest hit by the
Introduction The President of the Republic of South Africa has declared a national state of disaster, in response to the Covid-19 pandemic. Information relating to infected persons, in South Africa specifically, has become a vital resource in managing the spread of the disease caused by the novel coronavirus, and protecting vulnerable members of the community.