Directors and business rescue in the time of COVID-19
The COVID-19 pandemic and the resultant lockdown have opened up new avenues of profit for some businesses, but they have also subjected many others to the spectre of business failure. Unfortunately we can expect the level of bankruptcies to surge for some time to come, and the domino effect will multiply the numbers until our […]
Directors: Reckless Trading and Personal Liability in the Time of Coronavirus
The COVID-19 pandemic and its ongoing economic fallout have left many businesses struggling with cash flow and even viability challenges. The result is that an increasing number of companies are either trading in insolvent circumstances, or in grave danger of doing so. Reckless trading and your risk of personal liability To quote from the Companies […]
DIRECTORS AND PERSONAL LIABILITY: THE LITTLE-KNOWN SECTION WAITING IN AMBUSH
Since the “new” 2008 Companies Act came into effect in 2011, directors and other company officers have had to shoulder a raft of additional responsibilities and risks, amongst them a significantly increased risk of personal liability. Consider for example the little-known section 218(2) which waits in ambush for the unwary in the “Miscellaneous Matters” section […]
DIRECTORS, MANAGERS – YOUR NEW RISK OF “CARTEL CONDUCT” CRIMINAL LIABILITY IS EVEN WIDER THAN REPORTED
“A cartel involves an agreement or concerted practice between two or more competitors to engage in fixing prices and/or trading conditions, dividing markets and/or collusive tendering. By artificially limiting competition that would normally prevail between them, firms avoid exactly the kind of pressures that lead them to innovate, both in terms of product development and […]