Many new Family Business Trusts ignore independent trustee requirements at own risk: Why trusts need an independent trustee

In March 2017 the Master’s Office issued a directive stating that all new so-called “family business trusts” must appoint an independent trustee. Since the directive was issued it is reported that many new family business trusts have still not appointed an independent trustee. Morné Janse van Rensburg, Managing Director at Bannister Trust (Pty) Ltd warns…

How Business Rescue affects employer and employee

Business rescue has gained momentum as an alternative to liquidation since its introduction in 2011 through section 6 of The Companies Act. A principal difference between the two is that, while under the supervision of the business rescue practitioner, the company continues to trade, so that employees don’t automatically loss their jobs as they would…

Landlords Need to Prepare for Business Rescue

“Landlords should make certain that they are prepared for and consider the consequences of a business rescue before being advised that their tenant has entered the process”. That’s according to Justin Gordon, business rescue practitioner at Hobbs Sinclair. Business rescue was introduced as an alternative to liquidation via Section 6 of The Companies Act in…

Disrupting the accounting firm stereotype

Nobody likes to be pigeonholed, categorised, and over-simplified, not even accountants. We are all familiar with the ‘accountant’ generalisation: grey men in grey suits crunching numbers. Sadly, the practice of accounting has not always been given its fair due, but fortunately, thanks to a few disruptors in this industry, things are shaking up. Neill Hobbs…

Anuva Proves 12J a Winner

Anuva Investments, one of South Africa’s first Section 12J Venture Capital Companies has announced its maiden results for the February 2016 financial year. The VCC has reported earnings of R13.7million and paid a dividend of 28% to the initial investors. These impressive results are due to the company’s acquisition of Mastercare Appliances, which was under…

Auditing today

“An audit, or independent review, engagement no longer needs to just be an annual grudge purchase” says Wendy Simmons, Audit Manager at Hobbs Sinclair Incorporated, a Cape Town-based accounting and auditing firm. “When we engage with a client for an audit, or independent review, [depending on your “Public Interest Score”, as defined in the Companies…