The law relating to executory contracts in South Africa during business-rescue proceedings

by | Oct 7, 2019 | JCCL, JCCL V3 I2

The law relating to executory contracts in South Africa during business-rescue proceedings

Authors Clement Marumoagae

ISSN: 2521-2575
Affiliations: Senior Lecturer, University of the Witwatersrand, School of Law Johannesburg
Source: Journal of Corporate and Commercial Law & Practice, The, Volume 3 Issue 2, 2017, p. 31 – 51

Abstract

This paper discusses section 136(2)(a) of the Companies Act 71 of 2008 in relation to executory contracts that a company, placed under business rescue, is party to. It evaluates the business—rescue practitioner’s authority to cancel or suspend obligations arising from these executory contracts after the commencement of these proceedings. This paper highlights the dangers related to the Business Rescue Practitioner’s broad discretion afforded by this section. It is argued that there was no need to differentiate between the common—law powers of the trustees and liquidators and the statutory powers of the business—rescue practitioner regarding executory contracts. It further illustrates that there are no useful guidelines on how the business—rescue practitioner ought to exercise his or her discretion when deciding to either suspend or cancel certain obligations arising from executory contracts that companies under business rescue are party to.

Law Commission’s report on the Bills of Sale Acts: A missed opportunity to stimulate the UK art-secured lending market?

by | Oct 7, 2019 | JCCL, JCCL V3 I2

Law Commission’s report on the Bills of Sale Acts: A missed opportunity to stimulate the UK art-secured lending market?

Authors Nigel Boardman, Emily Raftos

ISSN: 2521-2575
Affiliations: Partner, Slaughter and May, London; Associate, Slaughter and May, London
Source: Journal of Corporate and Commercial Law & Practice, The, Volume 3 Issue 2, 2017, p. 15 – 30

Abstract

Notwithstanding the fact that the UK art market accounted for 21 per cent of the global art market in 2015 (with US$13.5 billion out of US$63.8 billion) and employed more than 40 000 people (as well as supporting 100 000 jobs through ancillary services, such as art fairs and auction sales), recent research suggests that the UK art—secured lending market is lagging behind similar lending markets of other countries, particularly that of the US. This paper investigates whether the England and Wales Law Reform Commission’s Report on the Bills of Sale Acts was a missed opportunity to stimulate the UK art—secured lending market.

Lost in translation: The need for the judicious use of comparative law

by | Oct 7, 2019 | JCCL, JCCL V3 I2

Lost in translation: The need for the judicious use of comparative law

Authors Judge AG Binns-Ward

ISSN: 2521-2575
Affiliations: None
Source: Journal of Corporate and Commercial Law & Practice, The, Volume 3 Issue 2, 2017, p. 1 – 14

Abstract

Comparative application of law, for its own sake, does not help much in the quest for legal development. Legal scholars and jurists should guard against importing concepts of law merely because they sound interesting or worthy of acceptance. The quickest way to lose credibility in the application of the law is by importing legal concepts that have no relevance to the context within which they are applied. This article cautions against liberal and unrestrained use of comparative law and argues for the need for its judicious use.

Maryland legislature approves changes to Maryland general corporation law and Maryland Reit Law – 2017

by | Oct 7, 2019 | JCCL, JCCL V3 I1

Maryland legislature approves changes to Maryland general corporation law and Maryland Reit Law – 2017

Authors James J. Hanks Jr., Patsy McGowan, Michael Leber

ISSN: 2521-2575
Affiliations: Partner, Venable LLP, Baltimore, MD; Partner, Venable LLP, Baltimore, MD; Partner, Venable LLP, Baltimore, MD
Source: Journal of Corporate and Commercial Law & Practice, The, Volume 3 Issue 1, 2017, p. 90 – 93

Abstract

None

The meaning of ‘binding offer’ in the Kariba case: Did creditors need to be protected from an alien cramdown?

by | Oct 7, 2019 | JCCL V3 I1

The meaning of ‘binding offer’ in the Kariba case: Did creditors need to be protected from an alien cramdown?

Authors Richard S Bradstreet

ISSN: 2521-2575
Affiliations: Senior Lecturer, Department of Commercial Law, University of Cape Town
Source: Journal of Corporate and Commercial Law & Practice, The, Volume 3 Issue 1, 2017, p. 72 – 89

Abstract

None