August 15, 2023
Are you feeling the financial pinch? You’re not alone. Many South Africans are finding it increasingly difficult to meet their credit obligations. The cost of living is on the rise, disposable incomes are shrinking, and servicing debt has become a significant challenge. Homeowners are feeling the strain too, with financial institutions noting a surge in foreclosures. As the economic outlook appears to be in a state of flux, more consumers are struggling to honour their bond repayments and servicing their debt. In such times of financial stress, the thought of defaulting on a bond payment may sneak into the minds […]
June 13, 2023
The Trust Property Control Act, a key piece of legislation governing South Africa’s trusts, recently underwent a substantial transformation with the passage of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act. This regulatory overhaul was aimed at strengthening the country’s trust governance, a direct response to its greylisting status, and has significant implications for trustees, especially those managing family trusts. Expansion of the term “beneficial owner” One of the primary alterations to the act is the expansion of the term “beneficial owner”. This term now encapsulates individuals with either direct or indirect ownership of the trust property, […]