Accounting
CIPC identifies and acts on COVID-19 consequences to companies - Webinar on demand
CPD Hours: 2
Price: R237.50
Title / Topic
CIPC identifies and acts on COVID-19 consequences to companies - Webinar on demand
Presenters : Lettie Janse van Vuuren CA(SA)
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.
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?
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