DO MY DEBTS LAST FOREVER?

Prescription was introduced as means of protecting South African consumers from dishonest credit providers, who are responsible for recklessly lending credit and have contributed to the detrimental debt crisis many South Africans face today. What does prescription mean? The Prescription Act 68 of 1969 (PA) says that a debt (payment of money) is extinguished/expired after […]

COMMENCEMENT OF BUSINESS RESCUE PROCEEDINGS

Is your company experiencing financial strain? Are creditors breathing down your neck? Business Rescue proceedings may be a solution to your problems. Business Rescue is a new approach that is governed by the Companies Act 71 of 2008 (“the new Companies Act”) with the aim of assisting companies which are experiencing financial strain and are […]

WHAT IS MEANT BY REAL SECURITY?

Real security means that, on the basis of a creditor’s right against the debtor (principal debt), a creditor acquires a limited real right in the property of the debtor as security for the payment of the creditor’s right (principal debt) by the debtor. Real security differs from personal security in that a creditor does not […]