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Contemplating an application for the sequestration of a debtor’s estate in terms of the Insolvency Act?

An application may be launched in the High Court to sequestrate the estate of the insolvent if the creditor has a claim of R 1000 or more against the debtor. This figure hasn’t been increased for some time since the enactment of the Insolvency Act in 1936. However we can imagine only those persons with…

Why Obstetricians and Gynaecologists Need Medical Malpractice Insurance

Heavy workloads and frivolous claims, has changed what was once a rewarding career of helping women and saving babies. Many obstetricians and gynaecologists say litigation and the profession’s unprofitability when it comes to premiums is what is deterring them from practising. The current claims climate has unfortunate consequences for the society,  poor maternal outcomes and a shortage…

What are Court Bonds & How to Get One

A court bond is a suretyship issued by an insurer in favour of the master of the high court for the due and proper performance of the appointee’s obligations and duties towards an estate which he/she is administering. The surety being the insurance company guarantees to pay the master, the obligee, a certain amount if the executor/curator/trustee (the…

What is Professional Liability Insurance and Who Needs It?

Professional liability insurance, also called professional indemnity insurance, also known as errors and omissions insurance, is a form of insurance which indemnifies professionals against claims arising out of actual or alleged negligence by the professional, instituted against them by third parties (the beneficiaries of the professional’s services). All professionals should have professional indemnity insurance. Provided the…

Celebrating our Shackleton Risk Ladies!

Shackleton Risk has more than 60 ladies who dedicate their work day to the provision of world class service to our clients. The 09th of August represents Women’s Day in South Africa, a day commemorating the day 20,000 women marched on the Union Buildings in Pretoria in 1956 to petition against legislation that required African persons…

Who Needs Business Rescue Insurance?

By now you would have heard the term “business rescue”.  Chapter 6 of the new Companies Act, 2008 introduced business rescue as a legal mechanism to turnaround South Africa companies in “financial distress” or trading in insolvent circumstances.   The Act sets out that this process should be opted for at the first sign of financial…

The appointment of a Tutor, when and how?

A tutor may be appointed over the estate of a minor where necessary. A child or minor is defined in the Children’s Act as meaning a person under the age of 18 years. The general rule is that minors are under disability in that the law does not regard them as capable of managing their…

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…

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…