Section 3(1)(a) of the Institution of Legal Proceedings against Certain Organs of State Act of 2002 stipulates that anyone who wishes to institute legal proceedings for the recovery of a debt against an organ of state must give notice of
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Grounds on which foreign judgments can be enforced in South Africa – Jones v Krok still applies?
In February 2024, the Supreme Court of Appeal, in Lindsey v Conteh, considered the enforceability of foreign judgments in South Africa. The appellants sought to enforce two writs, one for possession of shares and one for execution of the monetary…
Submission of annual financial statements and returns by Financial Services Providers
In case you as an FSP missed it, FSCA Communication 13 of 2024 (FAIS) updates FSPs on the manner and process for future submissions of annual financial statements and other statutory returns required under section 19 of the FAIS Act and other…
“Bump-up” exclusion defeats $90 million securities insurance claim (US)
A merger between two major international brokers led to two shareholder suits that were settled for an amount totaling $90 million. The attempt to recover the settlement amount from the insurer’s under the securities claim policy was excluded by the court…
Tribunal decides whether significant owner of life insurer is financially fit and proper
The Financial Services Tribunal reconsidered the dismissal of an application for a life insurance business licence and found that one of the significant owners was not fit and proper in the sense of having the necessary financial standing required to…
Abscondment dismissal requires proof of no intention to return to work
During the height of the 2020 Covid-19 pandemic, the employer, Concrete Lining Products, decided to close down operations from 25 March to 16 April 2020 whilst continuing to pay its employees in full for that period, with the amount paid…
The word “due” may mean “owing” or “payable” (UK)
The UK Court of Appeal was asked to interpret the phrase in a statute providing that no arrears of interest could be recovered after the expiration of six years from the date on which “the interest became due”. The question…
Standardising insurance policy common terms in Australia
The Australian government is considering the standardisation of the definitions in insurance policies sold to the public particularly of natural hazards such as ‘fire’, ‘storm’, and ‘stormwater and rainwater run-off’. The criteria for standardisation is whether the terms used are…
Retirement Fund Trustees must take note of the redeveloped Trustee Training Toolkit and deadlines
On 28 March 2024, the Financial Sector Conduct Authority (FSCA) launched the second phase of the Trustee Training Toolkit (TTK) which comprises of the last eleven modules of the e-learning platform. Conduct Standard 4 of 2020 (CS4) compels all trustees…
Protection of confidential information in litigation
As a general rule, court proceedings and the related documents are open to the public. There is an important reason for that: justice must not only be done, it must be seen to be done. But what if that would…