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

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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.

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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?