Image
Icon

Directory

IconAlternative Investments
IconAsset Managers
IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconInvestment Consulting
IconLinked Investment Service Providers
IconListed Equities
IconOmbud
IconOnline Share Trading
IconParticipation Bond Managers
IconProperty Unit Trusts
IconPublications
IconRegulatory Authorities
IconStock Exchange
IconUnit Trust Fund Managers
IconWellness Programs
Advertise Here
  Subscribe To »

Deregistered corporation comes back to life retrospectively on reinstatement

Published

2017

Wed

29

Mar

 

 

 

 

 

Patrick Bracher, Director
Norton Rose Fulbright South Africa Inc.

 

 

A corporation which is deregistered under the Companies Act 2008 is automatically and retrospectively re-vested with its rights when it is reinstated (under section 82(4)).

In ZNK Investments CC v Luckytso Transport and Construction CC, a sale in execution of a deregistered close corporation had taken place whilst it was deregistered. It was held that the re-registration of the corporation re-vested the property in the corporation and validated its corporate activities during the period of deregistration.

Although on deregistration a corporation’s assets become ownerless property (bona vacantia) that notionally passes to the state, the legal effect of reinstatement is to restore the situation unless some other party shows prejudice and reasons to ameliorate the position under section 83(4).

The Companies Act 2008 is not clear in this regard and this judgment is helpful in creating certainty.

 
Source: Norton Rose Fulbright South Africa Inc.
 
« Back to previous page Print this page » |
 

Breaking News »

FSB provisionally suspends JVN Asset Management (Pty) Limited (“JVN”)

The Registrar of Financial Services Providers (“the Registrar”) has provisionally suspended the authorisation of JVN Asset Management (Pty) Limited (“JVN”) to act as a financial services ...
Read More »

  

BASA response to FSR Bill

By Cas Coovadia, MD of The Banking Association South Africa   We welcome today’s passing of the Financial Sector Regulation Bill by the National Assembly and its forwarding to the President for ...
Read More »

  

Managing risk in credit portfolios

Avoiding undue concentration risk helps mitigate the possibility of underperformance   By Melville du Plessis, Portfolio Manager at Sanlam Investment Management   Cape Town: In the aftermath ...
Read More »

  

Interventions to mitigate effects of technical recession

Cape Town: President Jacob Zuma says government will forge ahead and implement pro-growth intervention measures to reignite growth after South Africa’s economy recently slipped into a technical recession. ...
Read More »

 

More News »

Image

Healthcare »

Image

Life »

Image

Retirement »

Image

Short-term »

Advertise Here
Image
Advertise Here

From The Glossary »

Icon

Creditor insurance:

This is a class of insurance taken out by an insured to repay loans when the insured (borrower) is incapacitated through illness or injury.
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2017.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds