The long awaited Companies Act Amendment Bill of 2018 which aims to amend the Companies Act 2008 and is expected to clear up some of the unintended consequences that followed the 2011 Amendment, has been released for comment. The Draft Amendment Bill was released by Dr Rob Davies, Minister of Trade and Industry on 21 September 2018 and is open for comment until 16 November 2018.
PJ Veldhuizen, Managing Director at Gillan and Veldhuizen says, “It would be wise of the public, companies and those involved in business to read the amendments and comment accordingly.” Veldhuizen suggests that if members of a company or those affected do not wish to comment individually but are part of organised business such as a chamber, a union or association, get hold of a suitably qualified commercial attorney to consult with who can inform them of the ramifications of the changes and perhaps suggest additional amendments that might impact the way in which they do business. “Not commenting is a bit like not voting and then you are sitting with a problem after the horse has bolted,” warns Veldhuizen.
By PJ Veldhuizen