What is business rescue and what happens to employees during such proceedings?
Business Rescue in very basic terms, is a process that a company voluntarily enters when experiencing financial difficulty with the eye on saving the business from demise.
“My name is Sandra. My husband and I recently instituted divorce proceedings and are still awaiting the endorsement of our Settlement Agreement with regards to the care of our minor children by the Family Advocate. This means that during the lockdown period, we do not have a court order in place governing the arrangement of our minor children, nor do we have a Parenting Place in place that is registered with the Family Advocate to allow us to move the minor children between him and I. What do the regulations in your latest article mean for us? My ex-husband and I would both love to see our children during this lockdown and cannot continue this way. Please advise and thank you for your help!
t this stage, a lot of employers find themselves at an impasse not being able to generate a monthly income, but still being liable for monthly remuneration of employees. The lockdown in essence is affecting the economy of South Africa tremendously. For this reason, employers are faced with no other option but either to have the employees take unpaid leave, if the employees are able to afford it. The alternative, which is the most nuclear option, is to start the Retrenchment process.
If an employee is retrenched, the burning question any employer or employee may have is whether the matter can be referred to the CCMA during the lockdown period.
President Ramaphosa announced the country wide lockdown from the 26th of March 2020 until the 16th of April 2020. How do we continue to share contact with our child during this time? What does this lockdown mean for the arrangement we have in place? Should we rather just stay put in our homes and have the one parent exercise physical contact after the lockdown?
Our President has on 23 March 2020 announced that South Africa will as of Friday 27 March 2020, be entering a 21(twenty-one) day lockdown. This will result in most businesses closing their doors for this time period, as our freedom of movement will be restricted to only essential travel for food and medical care.
Amidst the concern, we wish to assure all our clients that Vermeulen Attorneys will remain open for business to safeguard our clients’ interests, albeit without physical attendance at our offices.
Times are tough and we put together some advice from a debt collector.
Our economy has taken a serious knock in recent times. It was frail, to begin with, and Eskom with its constant load-shedding was not making that any easier, but along came the oil war and Coronavirus which caused the entire apple cart to tumble.
In this case study, we help you get a clearer view of debt prevention and how an attorney can help you minimize your exposure to bad debtors.
I have very recently helped a company that had way too many bad debtors bring the bad debt under control using Vermeulen Attorneys’ innovative and novel methods that we have termed “Debt Prevention”
The company that I assisted was an attorney’s firm, which is quite ironic since attorneys have the skill and know-how to sue their own debtors. Why would bad debts spiral out of control? Simply because, as business owners, we are focussing on doing work for paying clients, not chasing delinquent debtors. Chasing these outstanding debtors not only takes time but for most business owners also means a financial output in attorney fees.
Some time ago we wrote an article about uplifting the “debt review” record on credit bureaus and how one would go about doing so. To recap, once a consumer has applied for debt review and such application is accepted by the debt counsellor and a finding of...
Debt Review Help! I am flagged as being under debt review on the Credit Bureaus. Since the promulgation of the National Credit Act. 34 of 2005 (herein after referred to as the “act”), most South Africans have heard of debt review and have a faint idea of what it...
