“Care, diligence and skill required of trustee 9 (1) A trustee shall in the performance of his duties and the exercise of his powers act with the care, diligence and skill which can reasonably be expected of a person who manages the affairs of another. (2) Any provision contained in a trust instrument shall be […]
Duties of trustees Read More »
“Now is the winter of our discontent” (Shakespeare) The first thing to rise would be interest rates. If you have a mortgage bond or have financed a car, your monthly payments will rise. As a rough example, a bond of R500,000 would cost R837 more a month if interest rates increased by 2.5%. The next
Junk status I – How will it affect me? Read More »
Since “Nenegate”, the country has been fixated on avoiding being reduced to junk status by ratings agencies. Three agencies control 95% of the market and with Moody’s we are two notches above junk but with Fitch and with Standard and Poor’s, South Africa is just one notch above junk status. Being downgraded to junk will
Junk status II – Avoiding it is more than getting economics right Read More »
It is estimated that nearly 80% of income for the poorer communities services debt. In a bid to curb abuses in the debt collecting industry, legislation was introduced in 2015 that made trading in prescribed debt and collecting prescribed debt illegal. Typically, what happened was unscrupulous agencies would buy prescribed debt for several cents in
Warn your employees about this new twist in debt collection Read More »
If you are a credit provider and required to register as such in terms of the NCA (National Credit Act), not doing so can have drastic consequences for you. For a start, your agreements will likely be declared void and unenforceable. Apart from some specific exclusions from the NCA’s provisions (take advice if you aren’t
NCA registration threshold reduced to nil Read More »
South Africa does not have a general retirement age. Section 187 of the Labour Relations Act renders dismissal based on age as automatically unfair. What to do when employees reach retirement age? Keep in mind that the Labour Relations Act makes an important exception which indicates that it would be fair to end the employment
Employees and retirement Read More »
“It’s Now or Never … Tomorrow will be Too Late” (Elvis Presley) The recent revelations of the Panama Papers confirm a growing trend – it’s getting mighty difficult to hide money from the taxman or Reserve Bank. In the current Social Media and Information age, embarrassing data just keeps slipping out. Aligned to this the
Special Voluntary Disclosure Programme Read More »
There are two reasons why you would value a business: • Either you want to sell your business or you are thinking of acquiring another business • Business owners should have an exit strategy. Valuing your business on a regular basis tells you how much value you are creating. It also indicates what needs to
Valuing your business: Why do it, and how? Read More »
What is estate planning? Meyerowitz (Authority on this subject) defines estate planning as the management, protection and arrangement of a person’s estate assets in such a way that he himself and his beneficiaries, during his lifetime, and his beneficiaries after his death, are assured of the optimum and continued utilisation thereof. What he means by
From the estate hub: The importance of estate planning. Read More »
