Articles

Business Rescue: How do I apply for a license as a Business Rescue Practitioner?

A person may be appointed as a business rescue practitioner of a company only if he or she is a member in good standing of a legal, accounting or business management profession. A conditional license as a practioner  may be issued to a person who has been nominated by a company that is financially distressed.…

Curator Bonds of Security | Document Guide

A guide on what documents I need to lodge bonds of security with the Master of the High Court in Curator matters CURATOR BONIS IN RESPECT OF PERSONS INCAPABLE OF MANAGING THEIR OWN AFFAIRS: 1) Notice of Motion, affidavit and annexures 2) Consent to act as curator-ad-litem (if applicable) 3) Certified copy of Court Order…

Trustee Bonds of Security | FAQS

Do all trustees require trustee bonds of security? No, if trustees are exempt from furnishing security in the trust deed, they will not be required to source a bond through a bond provider. What happens if a trustee named in the Letters of Authority resigns or dies – does this affect the security bond? On…

Employees of Trustee’s not entitled to fees from of an insolvent estate

Employees of Trustees and Insolvent Estates: No employee of a trustee is entitled to remuneration out of an insolvent estate for services rendered by him to the estate. Nor shall a partner of a trustee be entitled to any remuneration out of the estate for services he may have rendered to the estate.  Only the…

What is Business Rescue?

Business rescue, as defined by the Companies Act 2008, aims to facilitate the rehabilitation of a company that is “financially distressed” by providing for 1. the temporary supervision of the company and management of its affairs, business and property by a business rescue practitioner, and 2. a temporary moratorium (“stay”) on activities carried out by…

Avoiding a professional negligence claim

It is important for attorneys providing legal advice and services to be aware of which actions can give rise to a claim for professional negligence. Here are some tips to minimise a professional negligence claim being brought against you… Obtain all the facts  The number one complaints against attorneys are neglect and delay. Consulting timeously…

How an Executor applies to be discharged by the Master and what the discharge means

How to .. In terms of section 56(1) of the Administration of Estates Act 66 of 1965 (“The Act”) an Executor may make application to the Master to be discharged from his duties as appointed Executor upon the completion of the liquidation and distribution of the deceased estate to the satisfaction of the Master subject…

Drawing a distinction between liability as a surety and liability as surety and co–principal debtor

A Person binding himself as surety may in addition bind himself as co-principal debtor. But in the absence of an express undertaking to bind himself as the latter, one would need to look at the language of the suretyship and the circumstances surrounding same to ascertain whether he binds himself as both. However what is…

“The rights of the surety“

Rights of the surety are as follows: Did you know that in terms of Section 70(5) of the Insolvency Act , 24 of 1936 (“the Act”) the Master and the surety for the trustee, or any person authorised by such surety, shall have the same right to information in regard to an estate account opened…

Benefits of dealing with Shackleton Risk

Some benefits you can expect when dealing with Shackleton Risk Management: There is no excess payable for attorneys in respect of the Professional Indemnity Insurance product. This excess is usually anything between R25 000 and R150 000 so in the event of a claim, this is a HUGE upfront saving for the firm. We employ…

What is Professional Indemnity Insurance?

What is Professional Indemnity Insurance and how does it work? Professional Indemnity Insurance covers our clients for a 3rd party claim made against them, as a direct result of their own negligence. The PI cover that we offer to our attorney clients is a Top-up cover, over and above the cover that they receive from…

The importance of misappropriation of Trust Fund and Professional Indemnity Insurance for attorneys in South Africa

There has been an increasing prevalence of misappropriation (theft) of funds from attorneys’ trust accounts in these difficult economic times. Stories of attorneys who cannot account for trust funds abound; and the Law Societies are inundated with complaints.  This highlights the importance of Misappropriation of Trust Fund coverand Professional Indemnity Insurance for attorneys. Many attorneys erroneously believe that…