Bridget King discusses recent OTC derivative regulatory reform

The significant impact of our Pro Bono & Human Rights practice in 2023

Kenya ushers in a new era: Income tax exemptions on charitable organisations and donations

The Income Tax Act (Charitable Organisations and Donations Exemptions) Rules 2024 (Rules) were gazetted on 18 June 2024. The Rules revoke the Income Tax (Charitable Donations) Regulations, 2007. The Rules serve two primary purposes: (i) they outline the requirements to be met by a charitable organisation to qualify for a tax exemption on its income; and (ii) prescribe the procedure for determining the allowability of donations made to a charitable organisation for income tax purposes.

National Treasury provides update on South Africa's progress in getting off the FATF grey list

National Treasury released a statement providing feedback on South Africa's participation in the October 2024 Financial Action Task Force (FATF) Plenary, where FATF recognised the improvements made in South Africa's structures to monitor and prevent anti-money laundering/combatting the financing of terrorism (AML/CFT).

To institute or not to institute liquidation proceedings (that is the question)

It is a well-established principle in our law that insolvency/liquidation proceedings are not meant to be used for the recovery of a debt – the courts regard this as an abuse of (legal) process. Rather, the purpose of insolvency proceedings, as per Trengove AJ in Investec Bank Ltd and Another v Mutemeri and Another (O9/22247) ZAGPJHC 64 is “ to bring about a convergence of the claims in an insolvent estate to ensure that it is wound up in an orderly fashion and that creditors are treated equally ”.

Insolvents worldwide beware

In the matter of Raoul Gregor Wagner N.O v Johan Christian Gijsbers N.O and Three Others (20876/19) ZAWCHC 82 (5 June 2024), Mr Wagner (the applicant), in his capacity as the official receiver of Mr Jurgen Scheer’s insolvent estate in Austria, sought relief from the Western Cape High Court for recognition of his appointment as the trustee of Scheer’s Austrian insolvent estate in South Africa in order for him to remove any surplus funds after final distribution of Scheer’s South African insolvent estate from South Africa to Austria, for the benefit of Scheer’s Austrian creditors.

Exclusive use areas: What are they, how are they created and are they all equal?

In terms of the Sectional Titles Act 95 of 1986 (Act), exclusive use areas are defined as parts of the common property for the exclusive use by the owner or owners of one or more sections in a sectional title scheme. An exclusive use area is therefore a portion of the common property which is reserved for the exclusive use of an owner of a section in the scheme. Examples of exclusive use areas can include gardens, parking bays, garages, patios, storerooms and courtyards. Section 27 of the Act regulates the rights of exclusive use of parts of commonproperty