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1 WHAT IS SECTIONAL TITLE?
A Sectional Title Development Scheme (usually referred to as a Scheme) provides for separate ownership of sections of a property by individuals. These schemes fall under the control of the Sectional Titles Act, No 95 of 1986, which came into force on 1 June 1988. It is the Act under which an individual can hold Title to a Section of a building. This Act replaced an earlier Act (No. 66 of 1971).
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The identities of the parties must be ascertainable.
- The seller need not be the owner; he may not yet have taken transfer of the property, but may be allowed to resell it. This must however be disclosed in the contract, as well as who the owner is, and that transfer of the property cannot be passed to the purchaser before the seller has obtained transfer himself.
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Written by Administrator
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Wednesday, 23 September 2009 21:29 |
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Liquidation is a legal process in which a liquidator is appointed to 'wind up' the affairs of a
company. At the end of the process, the company ceases to exist. Liquidation does
not mean that the creditors of the company will get paid. The purpose of liquidation is to
ensure that all the company's affairs have been dealt with properly. This involves:
- ensuring all company contracts (including employee contracts) are completed, transferred or otherwise brought to an end;
- ceasing the company's business;
- settling any legal disputes;
- selling any assets;
- collecting in money owed to the company; and
- distributing any funds to creditors and returning share capital to the shareholders (any surplus after repayment of all debts and share capital can be distributed to shareholders).
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Last Updated on Wednesday, 30 September 2009 19:26 |
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This is a question more and more people and businesses in the South-Africa are asking themselves. And it is a good one.
Historically, people just like you have tried to avoid bankruptcy due to the perceived stigma of bankruptcy in the SOUTH-AFRICA. Bankruptcy was thought to be something irresponsible people did. But that is just not true.
Bankruptcy today has become a logical, legal and beneficial tool for many people to use to remedy a difficult and problematic bad debt situation.
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