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Navigating a new beginning: Liquidation guidelines for insolvent companies
28 April 2020 Business Rescue, Restructuring & Insolvency

Navigating a new beginning: Liquidation guidelines for insolvent companies

The COVID-19 (Coronavirus) pandemic has forced society to reimagine how it operates. Amid efforts to mitigate the health effects of the Coronavirus, a further concern is the detrimental impact the pandemic has and will continue to have on businesses and the economy. It is therefore pertinent for directors and stakeholders to be aware of the commercial legal processes and consequences applicable to distressed business enterprises. In previous editions of this newsletter, we have addressed directors’ liability in financially distressed times as well as the business rescue mechanism that was introduced under the Companies Act 71 of 2008 (new Companies Act).

Business rescue proceedings during the lockdown period
28 April 2020 Dispute Resolution

Business rescue proceedings during the lockdown period

On 24 March 2020, the Companies and Intellectual Property Commission (CIPC) published a document titled “Notice to Customers – Company Close, Corporation and Co-operative Services during Government Lockdown in South Africa” (CIPC Notice), which was later amended by a further notice from the CIPC, dated 15 April 2020.

Additional COVID-19 tax relief: Skills development levy, carbon tax and employment tax incentive
24 April 2020 Tax & Exchange Control

Additional COVID-19 tax relief: Skills development levy, carbon tax and employment tax incentive

In addition to proposing an expansion of the scope of the provisional tax relief and employees’ tax relief that was originally announced, on 21 April the President announced, amongst other things, that there would be relief from skills development levy contributions and the payment of carbon tax. This was confirmed in the subsequent media statement issued by National Treasury on 23 April (Media Statement).

Further economic and social measures in response to COVID-19: More taxpayers set to benefit from tax measures
24 April 2020 Tax & Exchange Control

Further economic and social measures in response to COVID-19: More taxpayers set to benefit from tax measures

On Tuesday, 21 April 2020 President Cyril Ramaphosa announced further economic and social measures that would be introduced as a response to the COVID-19 pandemic. The measures announced by the President included tax relief, the release of disaster relief funds, emergency procurement, wage support through the Unemployment Insurance Fund (UIF) and funding to small businesses.

Increased relief for taxpayers aiding in the fight against COVID-19
24 April 2020 Tax & Exchange Control

Increased relief for taxpayers aiding in the fight against COVID-19

The advent of the COVID-19 pandemic has resulted in an influx of donations being made by taxpayers to associations involved in the fight against the adverse effects of the pandemic. To the extent that these associations are listed in section 18A(1) of the Income Tax Act 58 of 1962 (Act), taxpayers may be allowed to claim a deduction from their income in respect of the amount donated (subject to certain limitations).

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Cession in security: A cessionary’s obligations
23 April 2020 Finance & Banking

Cession in security: A cessionary’s obligations

In South African law, cession is a bilateral juristic act whereby by agreement, a cedent transfers its rights, because of an underlying causa, to a cessionary. There are two types of cession, namely, an out and out cession and a pledge and cession in securitatem debiti.

Amendments to the MPRDA Regulations published for implementation
23 April 2020 Corporate & Commercial

Amendments to the MPRDA Regulations published for implementation

On 27 March 2020, the Minister of Mineral Resources and Energy (Minister) published, for implementation, the Amendments to the Mineral and Petroleum Resources Development Regulations (Amended Regulations) in Government Notice R420 in Government Gazette 43172.

Domestic staff residing in Sectional Title Complexes and “working from home” during lockdown
23 April 2020 Employment

Domestic staff residing in Sectional Title Complexes and “working from home” during lockdown

On 14 April 2020, CDH published an alert on the Use of common property during lockdown. As a follow-on discussion from the aforementioned publication, this article deals with the permissibility of a “work from home” arrangement for domestic staff who ordinarily reside in staff living quarters which could either form part of a sectional title unit or be allocated to a sectional title unit as an exclusive use area for purposes of staff living quarters. We will accordingly address this from both a property and employment perspective and express a view that will be applicable until further amendments are made to the current lockdown regulations.

COVID-19: Key considerations for private equity funds
22 April 2020 Corporate & Commercial

COVID-19: Key considerations for private equity funds

We have outlined some of the key investor expectations and considerations relating to fund terms that both investors and managers of private equity funds should bear in mind in responding to the COVID-19 outbreak. Finally we have briefly summarised the key regulatory considerations that managers should also take into account in the current environment.

Private equity funds – Mitigation strategies for valuations during crisis
22 April 2020 Corporate & Commercial

Private equity funds – Mitigation strategies for valuations during crisis

The spread of the COVID-19 disease has had a very rapid and deeply disruptive effect on the global economy. It is highly uncertain what the full effect of the spread of the disease will be in the medium-term and in the long-term, especially given that the immediate effects are still rippling through markets. However, everyone can reasonably expect that those effects will be significant and long-lasting.

Is this a good time to consider delisting from the JSE?
22 April 2020 Corporate & Commercial

Is this a good time to consider delisting from the JSE?

The COVID-19 pandemic has had a profound effect on the international and local financial markets. In addition to this, prior to the pandemic and extended lockdown, South Africa’s economy had been in a recession and the equity market faced limited growth. While the current conditions have created massive challenges for businesses, could these uncertain times present an opportunity for listed companies to consider going private?

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Harmonising law crucial for economic growth in East Africa
31 January 2018 Mergers & Acquisitions

Harmonising law crucial for economic growth in East Africa

Over more than decade, a combination of globalisation, foreign investment and an increase in multinational co-corporations in Africa has resulted in the rise of cross border transactions taking place on the continent and the much needed foreign investment to fuel growth in Africa.

Cross-border mergers and acquisitions – Charting the regulatory landscape
31 January 2018 Mergers & Acquisitions

Cross-border mergers and acquisitions – Charting the regulatory landscape

Africa is poised for massive urbanisation which will contribute to the continent's economic development. Currently, the continent is experiencing a growth of the middle class and the private sector, which in turn have influenced Africa's economic growth and the implementation of structural and economic regulatory reforms. This article deals with the challenges of investing in Africa and what is required in order to establish an effective regulatory landscape that would facilitate unlocking the continents growth potential.

Cross-border mergers and acquisitions – Charting the regulatory landscape
14 July 2017 Corporate & Commercial

Cross-border mergers and acquisitions – Charting the regulatory landscape

In the latest issue of Into Africa, Corporate & Commercial Director and Head of CDH's Africa practice, Deepa Vallabh, and Corporate & Commercial Associate Motheo Mfikoe point out that the growth of African markets in the recent years has occurred through cross-border M&A activity, and has become an important source of FDI.

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CDH recognised as leading firm by DealMakers in 2017
25 April 2018 Corporate & Commercial

CDH recognised as leading firm by DealMakers in 2017

Cliffe Dekker Hofmeyr (CDH) has been recognised by DealMakers as the local law firm that has consistently advised on the most number of M&A deals in South Africa. The firm clinched the prestigious M&A Deal Flow award for the ninth consecutive year – with deals totalling R119,576 billion in value – at the annual DealMakers Awards. CDH was awarded second place in the M&A Deal Value category. The firm also achieved notable M&A Deal Flow and Deal Value rankings in the BEE and Africa categories. Watch our latest TV advert.

The future of BEE in South Africa
4 April 2018 Corporate & Commercial

The future of BEE in South Africa

Corporate & Commercial Directors Verushca Pillay and Allan Hannie share their thoughts on the pitfalls and the future of BEE in South Africa.

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National Minimum Wage Act
25 January 2019 Employment

National Minimum Wage Act

Anli Bezuidenhout, a Senioir Associate in our Employment practice, joined Rise FM Business, to talk about the National Minimum Wage Act. She discusses what this entails for both employer and employee.