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Holding a director liable for the debts of a company needs proof of fraud or recklessness

06 October 2015 | General

Default judgment, without any evidence being led, was granted against a director under section 424(1) of the Companies Act 1973 on the basis that the business of the company was carried on recklessly or with intent to defraud creditors or for some other fraudulent purpose. No evidence was led to establish these allegations.

“Widow’s penalty” prohibited in US state

06 October 2015 | General

Pennsylvania motor insurers included in their policies a so-called “widow’s penalty” under which a widow or widower is charged a higher rate after the death of the spouse solely based on the change of her or his marital status.

10 things to know about South African non-profit companies

29 September 2015 | General

1.A non-profit company is a company incorporated for one or more objects, either a public benefit or an object relating to cultural or social activities, or communal or group interests.