The High Court decision in what is known as the “Steinhoff Case” was based on the view that, save in special instances (one of which could be family-run and owned businesses), directors fiduciary duties are owed to the Company and not to Shareholders and are therefore only actionable at the instance of the Company and not the Shareholders. Taking into account the language used in the South African Companies Act 2008 as amended, this view is yet to be tested in the SCA and Constitutional Court.
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See AllIn South Africa, security over financial instruments is typically established through a pledge, cession in security, or a combination of...
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In South Africa, banking and finance transactions often involve suretyships and guarantees. A guarantor's obligation depends on what the...
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