Browsing by Subject "Commercial Law"
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- ItemOpen AccessA comparative analysis of shareholders' appraisal rights in Nigeria and South Africa(2019) Eniola, Abimbola; Yeats, JacquelineFirst, this study stems from the urge to bring clarity as to whether, in Nigeria, there is a statutory framework based on which shareholders can seek appraisal in relation to their shares at any point in time. This is significant in that the corporate statutes in both South Africa and Nigeria provide for similar mechanisms for the protection of minority shareholders in almost every respect including the prejudicial and oppression remedy, derivative actions, squeeze-outs and so on, excepting the appraisal rights. Whilst there is clarity as to the existence of the appraisal remedy provision in South Africa’s corporate statute, the same cannot be said of Nigeria’s corporate statute. Consequently, the primary goal of this study is to identify if there is a framework for the exercise of appraisal remedy in Nigeria’s corporate statute. In carrying out this study, this dissertation examines the various components of the appraisal right provision in South Africa in detail. This helps to provide an understanding around the structure and the rationale behind a standard appraisal right provision. It is based on this understanding that certain pre-identified provisions in Nigeria’s corporate statutes will be investigated with a view to identifying potential statutory framework bearing semblance to South Africa’s appraisal right provision.
- ItemOpen AccessA configuration of trade regimes in Eastern and Southern Africa region: Implication for deeper integration and WTO compatibility(2003) Busieka, Wycliffe M; Kalula, EvanceThis work has examined the implication the proliferation of identical econOITllC groupings portends for the east and southern Africa region. The thrust of the study here has been to interface and interrogate the incidence of the configuration of integration regimes in the east and southern Africa region. The work has investigated the question as to whether the proliferation of trade regimes has prepared a fertile ground for greater and deeper integration in the region. The thesis has also interrogated the proposition that such proliferation is the very antithesis of the desired goal to promote trade harmonization and reach out for deeper integration in the region. Importantly this work has ventured to query the confluence of identical trade regimes in view of the compatibility imperative as enshrined in the wro legal framework. We have examined the implication this configuration of integration regimes portends for the wro disciplines. This work conunenced with an extensive examination of current works on regional integration regimes in general and integration initiatives within the east and southern Africa region in particular. The interrogation exercise was premised on works, both economic surveys and legal treatises undertaken on the recently concluded EU-SA free trade agreement, the SADC Trade Protocol, the COMESA Treaty and the Cotonou Agreement. The actual texts of these instruments form the bulk of the sources. We note that without exceptlon, significant and to that extent costly restructuring programs will have to be undertaken by States in the east and southern Africa region in response to the disruptive EU-SA trade partnership. We have established that these integration regime scores well on the imperative of wro compatibility. We gather that the present wro structures are not malleable enough for the cash strapped sub-Saharan Africa trade regimes to reconfigure themselves in such a way as to deepen the integration agenda. We have urged for more flexibility in the wro framework on this score to augment integration processes currently crowding the regional landscape. Mataywa W Busieka - 10th July, 2003
- ItemOpen AccessA Critical and Comparative Analysis on the Effect of Business Rescue on Creditors’ Rights against Sureties(2018) Tsangarakis, Andreas; Hutchison, AndrewBusiness rescue proceedings have been introduced into South African company law under chapter 6 of the Companies Act 71 of 2008. The United States Chapter 11 bankruptcy model was closely consulted by the legislature when drafting chapter 6. Further to this and although business rescue has been generally well received, there have been legal issues which have arisen in the interpretation of chapter 6. In particular, the issue of creditors' rights against third party sureties of financially distressed companies continues to fall under the spotlight which, in tum, has caused a ripple of commercial uncertainty to filter through to creditors. This issue will be investigated with comparative reference to the position in the United States. In doing so, a critical analysis will be undertaken of the procedures and processes in both of these jurisdictions, whereafter a comparative analysis will be presented. It will be advocated that although the essential difference between the two jurisdictions is the United States' legislative regulation on this issue, South African courts have correctly decided on creditors' rights against third party sureties. Unlike in the United States where conflicting decisions have been delivered, commercial certainty on this issue does in fact exist in South Africa notwithstanding the lack of statutory regulation under the Companies Act. It will be further advocated that although there is potential for this issue to be development under the South African common law when having regard to the decisions in the United States, caution is to be exercised as such development may generate commercial uncertainty.
- ItemOpen AccessA critical assessment of the conciliation hearing in Germany and South Africa from a comparative point of view(2022) Ilies, Ines; Rycroft, AlanThis work gives an overview of the resolution of individual labour disputes through conciliation in Germany and South Africa. In a rapidly evolving labour environment, parties have an increased interest in obtaining legal clarity on the outcome of a dispute. Neither employers nor employees can afford delays. Access to justice is essential. An amicable settlement serves this aim and is likely to bring the dispute to a swift end in a speedy and inexpensive proceeding. Thus Germany and South Africa both developed a mechanism of mandatory conciliation as the starting point of every individual rights dispute, which aims to grant easy and fast access to justice at a low cost. In South Africa the Commission for Conciliation, Mediation and Arbitration (CCMA) has been established to resolve individual labour disputes through conciliation. In Germany a preliminary conciliation hearing takes place before the chairperson in the Labour Court of first instance. This work aims to critically assess the conciliation procedure in both countries, illustrate similarities and differences and suggest improvements. The question that arises is: what are the significant elements in the conciliation procedure of both countries and how do these elements impact the process and success rate? This research attempts to answer this question.
- ItemOpen AccessA Discussion On The African Continental Free Trade Area And Competition(2019) Nkomo, Charity; Ismail, FazielAccording to Olasupo Owoeye, as the world is becoming increasingly globalized, it is difficult for some regions, for example, the African continent, to become competitive in the global market because of their overly protectionist measures1 . Former WTO Director, Pascal Lamy, also noted that Africa should no longer rely on external demand for its goods and services to support its growth but must take steps to accelerate regional integration, as it remains the least developed continent with the highest number of least developed countries in the world2 . This explains the formation of the African Continental Free Trade Area by the African Union members; whose main objective is to boost intra African trade and create a single continental market for goods and services. The African Continental Free Trade Area is expected to enhance competitiveness at both the industry and enterprise level through exploitation of opportunities for scale production, continental market access and better allocation of resources. 3 The AfCFTA is also expected to facilitate a better integration of the African economy into the global market, thus contributing to sustainable economic growth, poverty reduction, enhanced foreign direct investment and employment creation in Africa. It is also considered to be a steppingstone towards two of the deeper integration stages envisaged in the Abuja Treaty of 1991, namely the creation of a continental customs union by 2019 and an African Economic Community (AEC) by 20284 . The AfCFTA can however pose some challenges to the signatory countries as through trade liberalization, domestic markets will become open to foreign competition and susceptible to anti-competitive practices originating outside their national borders. These include crossborder competition concerns, international cartels, mergers and acquisitions that risk monopolizing or creating abuse of dominance in the internal market5 . Some firms may gain market power and abuse their dominance through taking advantage of the economies of scale. Hence the need for the member countries, not only to dismantle trade barriers but also to adopt complementary competition policy to ensure a smooth transition and to benefit from gaining access to new markets. As was stated by Ernst-Ulrich Petersmann, competition laws are important to the preservation of economic freedom and the free trade system as is with the Bill of Rights to the protection of fundamental freedoms6 . The competition and trade policies are both based on the conviction that free trade is a means of maximizing the economic welfare of trading nations through the efficient allocation of resources. The two policies therefore complement each other as without competition, the African Continental Free Trade Area lacks legitimacy because private restraints to trade will undermine its achievement. Hence the negotiations on competition which are supposed to take place beginning of 2019 by the African Union countries who have signed the African Continental Free Trade Area. The research will therefore discuss the formation of the African Continental Free Trade Area, discuss the relationship between trade and competition and will also scrutinize the likely positive and negative impacts of the African Continental Free Trade Area vis a vis competition. Reference will also be made to other regional agreements on competition linked with regional efforts to set up free trade zones, particularly, the European Union where regional integration has been used to enhance economic growth and the useful lessons that can be learnt from those.
- ItemOpen AccessA question on whether competition authorities are the appropriate place to consider public interest considerations in the assessment of mergers in competition law?(2021) Dlukulu, Babalwa Lumka; Davis, DennisThis Dissertation examines the question of whether competition authorities are the appropriate place to consider public interest considerations in the assessment of mergers in competition law. The Dissertation does this by looking at the South African merger review process in the Competition Act, 1998 in comparison to other more developed economic jurisdiction such as the United Kingdom and the United States of America in examining the tension and criticism around the incorporation and balancing of public interest considerations and core economic consideration under the same competition law merger review process and competition authority. The South African merger review provisions as well as watershed cases such as the Wal-Mart Stores Inc and Massmart Holdings Ltd case, are considered. The Dissertation establishes that the concerns are legitimate around the potential muddying of the competition analysis with public interest considerations. Some of the concerns which arise include that: a) public interest considerations can be broad thereby creating sense of uncertainty for both parties to a merger, as well as prospective investors; b) public interest traverses areas concerning other stakeholders such as government or organised groups such as labour or business, thereby creating opportunity for interference, whether political or otherwise in the work of competition authorities; c) can increase the time spent in merger review because of the challenges in the types of evidence required to prove public interest impact; d) and/ or that competition authority officials may lack capacity and expertise to consider the public interest consideration. The Dissertation concludes that notwithstanding, the South African approach in incorporating public interest into the merger review process is legitimated by the unique socio-economic history of South Africa, and that the concerns raised are sufficiently mitigated and a delicate balance struck between core economic considerations and public interest in merger review. Competition Authorities are capable of balancing core competition concerns and public interest considerations, provided that Competition Authorities are independent; steps are taken to clarify the scope of the public interest concerns; public interest considerations are looked at within a limited scope of merger specificity; and further clarity and transparency is provided through open and transparent hearings and guidelines, amongst other features.
- ItemOpen AccessA tentative proposal for mediation in the Zambian Family Court(2021) Chisompola, Lois; Barratt, AmandaThese changes have set stage for the development of family law in Zambia as well as the growth of alternative dispute resolution, particularly, mediation. They also bring to the forefront the opportunity and challenge of re-envisioning what a court system should look like. This study seeks to assess how each of these changes can fit together into one comprehensive system for a Family Court model.
- ItemOpen AccessAccess to work for disabled persons in South Africa : the intersections of social understandings of disability, substantive equality and access to social security(2015) Du Plessis, Meryl Candice; Rycroft, AlanThis thesis examines possible synergies and points of friction between understandings of disability that emphasise its social contingency and jurisprudential debates on substantive equality and access to social security in the context of the promotion of access to work for disabled persons in South Africa. In consequence of an analysis of theoretical debates in the field of disability studies and how these find application in the sphere of employment equity law, it is concluded that, while social understandings of disability mostly focus on structural changes that would see people with disabilities who can and want to work gain access to such work, the positive obligations imposed on employers and the state in terms of equality rights and employment equity legislation are of limited depth and breadth. It is proposed that one potential course of action to address the limited scope of equality law would be to emphasise the state's obligations in terms of socio-economic rights where these rights are relevant to work inequality. Particular emphasis is placed on how the interpretation and application of the right to access to social security could be used to activate government's duties in respect of unemployment protection and work creation. The conclusion reached is that while this strategy poses risks and has its limitations, it can be used to improve information gathering in respect of disabled work seekers that will aid planning and enforcement; to facilitate support for disabled work seekers who experience discrimination; to compel government to improve the implementation and enforcement of employment equity laws in respect of disabled work applicants; to catalyse a holistic approach to social security that considers the interrelationship between social assistance and promoting unemployment protection for disabled persons who are willing and able to work; and to provide different forms of support to disabled people who do not operate in the formal labour market, but who can and do perform work that falls outside the scope of traditional labour market regulation.
- ItemOpen AccessThe acquisition of a business - is a statutory merger in terms of section 113 of the Companies Act 71 of 2008 preferable to a common law sale?(2015) Weyers, Marius; Yeats, JacquelineTwo or more companies may decide that their businesses should be combined for a number of reasons. This may, for example, be done in order for the companies to have access to new markets, to increase their market share, to increase their profitability by reducing the inefficiencies involved in the running of two or more companies in the same business area or to acquire technology, infrastructure, expertise and/or skill in new practice areas. Before the advent of the Companies Act 71 of 2008 South African law did not make provision for 'mergers' as that term is understood in many other jurisdictions. South African law did not recognise any mechanism by which one entity could be combined with another in terms of a statutory process, also referred to as a 'consolidation' in certain jurisdictions. One of the most significant changes proposed for the Companies Act was to make provision for a legal process by which companies could be combined. The concept of the amalgamation or merger of companies was accordingly introduced into our law, so as to enhance the efficiency of business combinations and to promote flexibility in this regard. It is significant that the statutory process of amalgamating or merging companies was adopted in addition to the existing forms of business combinations and/or acquisitions, such as the sale of a business as a going concern, the common law scheme of arrangement and offers to acquire the shares and/or other securities in a company. Companies therefore now have at their disposal an additional mechanism by which to engage in business combinations and/or acquisitions, and are required to consider in each proposed transaction the relevant circumstances to determine which mechanism will be most effective in giving effect to that transaction. This is in line with the move in the Companies Act towards self-regulation and the object of the Companies Act to encourage entrepreneurship. The main purpose of this work is to compare the requirements for, manner of implementation and consequences of an amalgamation or merger as contemplated in the Companies Act, referred to herein as a 'statutory merger', with that of the common law sale of a business.
- ItemOpen AccessThe adequacy of the Tanzanian law on e-commerce and e-contracting : possible solutions to be found in international models and South African legislation(2011) Nangela, Deo John; Bennett, Thomas WThis dissertation examines Tanzania’s legal framework in the light of the modern information and communication technologies, especially the Internet and e-commerce. The main goal is to assess the adequacy of the existing law and to provide recommendations for reforms that will reflect the borderless nature of e-contracts. These reforms must ensure the certainty and predictability needed for successful cross-border commerce. Achievement of these aims will build confidence and trust on the part of business entities and consumers, and, in addition, will enhance free trade, strengthen the growing market-based economy, and integrate Tanzania into the global economy.
- ItemOpen AccessAdvancing and protecting the interests of creditors and employees under the Companies Act 71 of 2008(2012) Chokuda, Batanai Tirivamwe; Wiese, TobiasThis dissertation seeks to assess the impact the new Companies Act will have on the socio-economic transformation of the South African society and point out areas where corporate law can do more to help bring about this transformation. It focuses on creditors and employees as key corporate constituencies whose interests the board of directors have to constantly consider in making decisions. It argues that an expansive approach to corporate governance that includes other corporate constituencies, not only the shareholders, is the best way to harness the impressive wealth generating capacity of the corporate form to bring about socio-economic transformation in South Africa.
- ItemOpen AccessAfCFTA and Digitalisation: The Role of Trade Facilitation Measures through the Electronic Single Window (ESW) in improving Intra-Africa Trade(2022) Omari, Marilyn Yoha; Ordor, Ada; Amadi, VictorInternational trade has increased significantly over the years and to enable this trend of increased volume of trade, there is a core focus on trade facilitation. Furthermore, customs play a key role in the movement of goods and have come to the spotlight as key role players in trade facilitation efforts. However, the problem that exists in modern international trends, specifically in Africa, is that the present customs administrations are inefficient to combat the increase in trade volumes and ensuring trade facilitation efforts are sufficiently implemented. With the current development of the African Continental Free Trade Area (AfCFTA) there is a potential for increased inter and intra-Africa trade and to strengthen regional integration. With such developments, African states must create an appropriate environment to advance and realise the trade objectives of AfCFTA. This thesis therefore aims to argue for an improved trading environment in Africa through a digitalised customs reformative tool, such as the Electronic Single Window (ESW), to ensure some beneficiation under the AfCFTA. The ESW is a trade facilitation tool aimed at easing and improving trade, and as this thesis argues, it can be a significant tool to realise the objectives of the AfCFTA. This thesis carried out desktop research based on literature to assess and provide the usefulness of the ESW in improving inter and intra-Africa trade. This was done by providing for key regional theories and approaches to integration efforts, assessing international trade facilitation regulatory frameworks, providing for the conditions of customs in Africa, the analysis of the ESW, and the implementation of the ESW in two African countries. Conclusively, this paper found that African states have several international and regional commitments to reform their customs and facilitate trade, and importantly, with the current era of digitalisation and a sound trade regulatory environment, the implementation of the ESW is achievable. Highlighting that digitalisation and a sound legal environment maximise the benefits of the ESW, which help improve inter and intra-Africa trade.
- ItemOpen AccessAffected persons in business rescue proceedings : has a balance been struck?(2015) Zwane, Muziwakhe Simphiwe; Yeats, JacquelineThe Companies Act of 2008 (the Act) has revolutionised the corporate law landscape in South Africa. The Act has been drafted with the specific intention of promoting access to the economy and of ensuring that cumbersome and costly procedures are (to a large extent) a thing of the past. These objects are a necessity when striving to ensure that South Africa's alarming inequality is abated. One of the central features of the 2008 Act is the introduction of business rescue, a procedure which represents a blatant attempt at striving to preserve ailing companies. The Act states that one of the main objects with regards to business rescue is ensuring that the procedure balances the competing interests involved. The purpose of this thesis therefore is to consider to what extent the 2008 Act has been able to achieve this. This will be done by analysing the rights given to employees, shareholders and creditors. This thesis will argue that though the procedure is a step in the right direction, it has failed to strike a proper balance by overly empowering employees and conversely leaving shareholders somewhat impotent. This thesis will also argue that some of the mechanisms employed, though they may be admirable in what they strive to achieve, leave far too much doubt as to their practicality. The overall conclusion reached is that a major overhaul is not required in order to rid this much needed procedure of its flaws.
- ItemOpen AccessAn analysis and critique of secured lending in South African law, including cession in securitatem debiti as a means to secure the repayment of loans for consumption(2022) Kariem, Adnaan; Gutuza, Tracy; Hutchison, DaleThe thesis critiques South African secured lending laws by examining the contractual basis on which money is loaned and its repayment is secured, focusing on syndicated loans. The loan of money constitutes a loan for consumption in terms whereof the lender passes legal title to its money to the borrower, who must return the same number of units in the same currency, with or without interest. The law on loans for consumption is based on Roman law and Roman-Dutch law. The thesis analyses the principles whereby senior and mezzanine lenders, acting in a syndicate, lend money to a borrower in a loan for consumption where the repayments and security rights are ranked. The internationalisation of standard-form loan agreements is discussed, and some English law lessons are analysed. The principles that govern the legal nature, purpose and function of security rights in rem and in personam, and specifically security rights in syndicated loans, are analysed. In law, a security right is created when an asset is appropriated to a debt as contemplated by the common law and the Insolvency Act 24 of 1936. Security rights must be accessory to a valid principal debt. Insolvency law treats cessionaries as secured creditors and holders of guarantees as concurrent creditors. The principles of the law of cession, and the pledge and cession in securitatem debiti of rights in personam, including the theories that underly it, namely, the pactum fiduciae theory and the pledge theory, found security in personal rights and are measured against the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Secured Transactions, Vienna, 2019, the English law on charges and Article 9 of the American Uniform Commercial Code. A number of deficiencies and inconsistencies in our security rights laws are identified, including incongruency, the absence of a coherent and uniform security rights system, and adverse insolvency law consequences for the cedent on the cessionary's insolvency arise from applying the pactum fiduciae theory. I conclude that the time is opportune to codify and reform South African law on secured lending to remedy the identified deficiencies and inconsistencies.
- ItemOpen AccessAn inquiry into 'The nature of capital': with special reference to C.I.R. versus Middelman(1990) Niland, Christopher BarlowOur Courts have, in many decisions stretching over decades, been faced with the problem of deciding whether the proceeds of the disposal of certain assets are revenue, or are of a capital nature. The assets which have given rise to the problem are those which one would normally consider to be capital in the hands of the taxpayer, but which may be held to have to have altered in character due to some action of the taxpayer, either by way of a change in the intention of the taxpayer regarding the asset in question, or by virtue of the method adopted by him in the disposal of the asset. The reported cases t dealing with this question arise mainly from the disposal of either shares or immovable property, although this has not always been the case. The principles involved in the inquiry remain the same, no matter what the nature of the asset is, but the application of those principles depends on a number of factors, including the nature of the asset, and of course, the circumstances of the taxpayer.
- ItemOpen AccessAn analysis of section 86(10) of the National Credit Act no. 32 of 2005(2015) Mwape, Bibiana Mwansa; Hutchison, AndrewThe financial sector in general is a difficult industry to regulate, as there is a need to balance the competing interests of the various stakeholders. Tampering with the cornerstone of the capitalist system naturally arouses diverging views and is often the subject of many debates as is evidenced by the debates surrounding the National Credit Act ('NCA'). Nonetheless, its regulation can be a weapon to fight against poverty and inequality as evidenced by the purposes of the NCA. The object of this research is to analyse the law on debt review, focusing on the credit provider's right contained in s 86(10) of the NCA to terminate the debt review process.
- ItemOpen AccessAn analysis of the methods used in the South African domestic legislation and in double taxation treaties entered into by South Africa for the elimination of international double taxation(2013) Gutuza, Tracy; Jooste, Richard; Horak, WallyThis thesis adds to the body of literature exploring the policy principles of equity and neutrality, as applied in the context of methods relieving international double taxation and in the context of a recently opened and developing economy.
- ItemOpen AccessAnalyzing the Effect of Causation in Covid-19 Business Interruption Insurance Claims: A Black-Letter Law Analysis of Causation within Business Interruption Insurance Cases(2023) Naidoo, Jared; Hutchison, AndrewThe unprecedented Covid-19 lockdown response by governments around the world triggered a bevy of business interruption insurance claims. One of the key issues considered by the courts in adjudicating refuted claims was the question of causation. The question in its simplest form was this: did the virus or the government response cause the losses suffered by the insured? This paper analyzes the effect causation played in the adjudication of these business interruption insurance cases in South Africa, as well as the test case in the United Kingdom. Given the novelty of the issue, this paper narrows down on the causative link between the virus, the government response and the insurance claim, at the time of writing the paper, a topic not thoroughly focused on by other academics. This paper analyzes the case law to see how the courts dealt with the issue, but also proposes an alternative causation theory to consider and what the result of the courts' decision could have been had they followed that consideration. The main finding is that despite a reasonable alternative consideration of causations effect on the insurance claim, the courts' made the more appropriate decision, especially taking into account the overarching considerations of fairness. The result shows the major effect causation plays in business interruption insurance cases and the depth of the causative analysis goes much deeper than anticipated, however given the unanimous judgments from South Africa and the UK, the question of causation in Covid-19 business interruption claims seems to now be largely settled law.
- ItemOpen AccessAnti -dumping or protection: an analysis of competition issues in dumping investigations(2016) Mastara, Shupikile; Kelly, Luke'J. Michael Finger once portrayed the anti-dumping regime as a "witches' brew of the worst of policy making: power politics, bad economics, and shameful public administration.'' The thesis looks at the role of competition in anti-dumping investigations. With the growth in the initiation of anti-dumping investigations, there is concern that the limitations in the anti-dumping regulation open the system up to abuse. Article VI of the General Agreement on Tariffs and Trade (GATT) 1994 describes dumping as the act of selling goods in an export market at a lower price than the country of origin. This act is comparable to that of price discrimination or predation in competition law. However, the imprecise definition of key terms in anti-dumping law such as 'normal value', and 'material injury' permits industries to take advantage of these loopholes to gain protection from foreign competitors. This challenge has been reflected in the South African poultry industry where anti-dumping measures have been used as a way of protecting the market. This is reflected in the comment from ITAC who stated that it was important to 'give consideration to a country being able to produce a strategic protein source but at affordable prices… [And] A balance between the viability of domestic producers of a strategic industry with the affordability of food for the lower income group is critical for food security.' Recommendations have been put forward to deal with the limitations in the anti-dumping regulation with some calling for the removal of the anti-dumping legislation to be replaced with an international competition network. However the political nature of anti-dumping suggests that the best way to safeguard competition in dumping investigations is to incorporate competition principles in anti-dumping regulation. These include redefining key terms which are ambiguous, as well as increased cooperation between the trade and competition regulators to ensure the promotion of trade and competition.
- ItemOpen AccessThe application of the single economic entity doctrine in South Africa and Europe(2013) Maillet-Contoz, Pierre-Arthur; Kelly, LukeAs will be discussed in the course of this paper, there are similarities between the South African and the European notions of the SEE. It seems that the European notion of 'undertakings' and the South-African one of 'firm' do not have the same role when these entities form part of a single economic entity; the South African notion of the single economic entity seems to be an exception to the application of the Act whereas the European one seems to enlarge the application of the regulation.