CIPC identifies and acts on COVID-19 consequences to companies - Webinar on demand


CPD hours: 2 Hours

Price: R237.50

Video Type: Single

Presenter: Lettie Janse van Vuuren CA(SA)
CA (SA), Registered Auditor

Accounting

Accounting
...

CIPC identifies and acts on COVID-19 consequences to companies - Webinar on demand

CPD Hours: 2

Price: R237.50


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Title / Topic

CIPC identifies and acts on COVID-19 consequences to companies - Webinar on demand


Learning objectives 

 By the end of this event the participant should:

  • Be aware of the possible consequences of COVID-19 on the continued trading of businesses;
  • Be aware of the CIPC publications relating to COVID-19;
  • Know the contents of CIPC’s Practice Note and media releases as a result of COVID-19:
    • What CIPC’s monitoring responsibilities are.
    • Which steps CIPC will take at this stage.
    • Which steps CIPC will not take at this stage.
    • How to rectify incorrect information submitted.
  • Be aware of the legal references, i.e. Companies Act, Companies Regulations, etc; and
  • Be aware of the potential present and future legal consequences arising with insolvencies.

Content

 The webinar will cover the following topics:

  • Consequences of the national lockdown on businesses and their ability to trade.
  • Legal Requirements:
    • Paragraph 4(1)(b) of the Companies Regulations (GNR 351 of 26 April 2011).
    • Section 22 of the Companies Act.
    • Lockdown Regulations.
  • Practice Note 1 of 2020:
    • Impact of CIPC’s actions on companies and businesses unable to trade.
  • CIPC’s process of cancelling the certificates of companies not designated as essential services.
  • Insolvency considerations:
    • Commercial vs Factual insolvency.
    • The potential legal consequences arising with insolvencies.
    • Consideration of the solvency and liquidity test in Section 4 of the Companies Act (and making the connection to the evaluation thereof on the new CIPC Compliance Checklist).
    • Application of Section 22 of the Companies Act on Close Corporations.
    • Consideration of Section 129 “financially distressed companies”.
    • Responses to factual insolvency by companies and your consideration thereof, i.e. subordination agreements, letters of support, guarantees, etc.
    • Reporting on insolvencies – how, when and to whom?

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