The Companie Act 71 of 2008 repealed the Companies Act of 1973. The Act of 1973 was very messy academically. If something is messy academically you bound to have problems and grey areas with it in practice. In stark contrast the Companies Act of 2008 is not messy academically and is fairy straight forward. This manifests in an easily implemented Act in practice.
One of the attractions of forming the now defunct CC(Existing ccs will continue to exist, but new ccs may not be formed) or a company was the benefit of having your personal assests such as your house, cars, bank accounts be seen as completely separate from the business. The business has its own identity just like a person. This still holds true but with the new Act, the abuse of legal personality is not tolerated by the courts. The courts will life legal personality and hold you personally liable for debts incurred if one has used legal personality to hide crime, fraud, tax evasion and gross dishonesty