Results 1 to 6 of 6

Thread: How to sell a registered CC

  1. #1
    New Member
    Join Date
    Jan 2015
    Location
    Cape Town
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts

    How to sell a registered CC

    Hi

    Second day now, please tell me how one would go about selling a registered CC?
    Thank you in advance.

  2. #2
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    By changing members

  3. #3
    Diamond Member Justloadit's Avatar
    Join Date
    Nov 2010
    Location
    Johannesburg
    Posts
    2,671
    Thanks
    88
    Thanked 544 Times in 460 Posts
    Blog Entries
    1
    The danger here is that the original members may have signed sureties in the name of the company, and by changing the members does not exonerate the surety, and can be called in to take the CC out of trouble at the original members expense.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

  4. #4
    New Member
    Join Date
    Jan 2014
    Location
    Roodepoort
    Posts
    4
    Thanks
    0
    Thanked 0 Times in 0 Posts
    If the business is sold as a going concern instead of "Sale of Members Interest and a NewCo is registered, normally a Art 34 is published.

    What if the business has already been taken over by the new entrepreneur?

  5. #5
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    What if the business has already been taken over by the new entrepreneur?
    I presume you are asking what if they did not make the publications required in Sec 34?
    If that is the case then the sale, as regards creditors of the seller, did not take place. The consequence is that the assets purchased by the purchaser can still be attached by creditors of the seller, for a period of 6 months.

  6. #6
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    Quote Originally Posted by Justloadit View Post
    The danger here is that the original members may have signed sureties in the name of the company, and by changing the members does not exonerate the surety, and can be called in to take the CC out of trouble at the original members expense.
    I am assuming it's dormant.

Similar Threads

  1. Sell or Rent
    By Cream in forum General Chat Forum
    Replies: 3
    Last Post: 25-Mar-11, 11:17 AM
  2. [Question] Best way to sell fleet vehicles
    By Dave A in forum General Business Forum
    Replies: 6
    Last Post: 12-Nov-08, 08:12 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •