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Business, Contracts & Commercial Law
Commercial agreements are legally binding contracts between parties where one or both are either required to do something in terms of the contract or to refrain from doing something.
These agreements can either take the form of being verbal, in writing, or implied. In many instances, agreements contain warranties which should be reviewed by a lawyer beforehand in order to limit the damages between parties should one of them want to opt out.
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Compliance refers to a company obeying all of the legal laws and regulations regarding how they manage the business, their staff, and their treatment towards their consumers. The point of compliance is to make sure that corporations act responsibly.
The basic steps to register a company under the Companies Act of 2008 at the Companies and Intellectual Property Commission (CIPC) involves certain forms and supporting documentation that must be lodged and the accompanied fees paid.
Business Rescue is an approach that is governed by the Companies Act 71 of 2008 (“the new Companies Act”) with the aim of assisting companies which are experiencing financial strain and are unable to pay their creditors in the ordinary course of business.
Perhaps, you left your credit card lying around and your child thought it was a good idea to use it for online games. You’ve lost a lot of money as a result, so you’ve decided to cancel the online contracts. Are the contracts entered online by minors, using their parents’ credit cards, legally binding?
If a company/close corporation is in financial trouble and all possible avenues to save the business have been exhausted, there is one last option available to save the business: it can lodge an application for business rescue at the CIPC. In order to qualify for business rescue proceedings, the business must satisfy the requirements as set out in the next paragraph.
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