Corporate Law and Governance
Parties that conclude any sort of commercial agreement must consider the mechanism by which any dispute arising under the agreement will be resolved.
Unsurprisingly, Brexit remains the immediate priority for the FCA in its recently published Business Plan 2019/20.
As from 30 April 2019, following an amendment to the Fifth Schedule of the Companies Act, 2001, a notice convening a shareholders’ meeting must now be sent no less than 21 days prior to the meeting, as opposed to no less than 14 days as previously stipulated.
Replacement of the current LIBOR regime, in light of various rate setting controversies, has been well-publicised. But what progress has been made in relation to those changes, what is a ‘SONIA-based’ alternative and are borrowers sleep-walking into the unknown when it comes to documentation? We explain the current state of play.
Regulation and Ethics
Having gone through a number of substitutions and amendments, the debt reduction rules contained in section 19 of the South African Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act now provide for the implications arising for a debtor where a debt owed to a creditor is waived, cancelled or capitalised by way of the issue of shares etc.