Alert Level 4 – Lockdown Regulations

In a far-reaching recent judgement handed down in the South Gauteng High Court the Wescoal Mining (Pty) Ltd Another v Mkhombo NO and Other (2023-079991) [2023] ZAGPJHC 1097 (2 October 2023) the meaning of the term “creditor” was interpreted for purposes of the business rescue provisions of the 2008 Companies Act (“the Act”).

The case of The Butcher Shop and Grill CC (“Butcher Shop”) v The Trustees for the time being of the Bymyam Trust (“the Trust”) was first heard in Western Cape High Court. The Butcher Shop was unsuccessful and therefore, appealed to the Supreme Court of Appeal (“SCA”). The SCA handed down judgment in the appeal on 21 April 2023.

The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 (“Act”) comes into force on 1 April 2023 and amends the Trust Property Control Act, Nonprofit Organisations Act, Financial Intelligence Centre Act, Companies Act 71 of 2008 and Financial Sector Regulation Act.