{"id":2053,"date":"2020-05-26T12:09:44","date_gmt":"2020-05-26T10:09:44","guid":{"rendered":"https:\/\/dotnewsconnect.co.za\/law\/?p=2053"},"modified":"2020-05-26T12:09:45","modified_gmt":"2020-05-26T10:09:45","slug":"directors-reckless-trading-and-personal-liability-in-the-time-of-coronavirus","status":"publish","type":"post","link":"https:\/\/dotnewsconnect.co.za\/law\/2020\/directors-reckless-trading-and-personal-liability-in-the-time-of-coronavirus\/","title":{"rendered":"Directors: Reckless Trading and Personal Liability in the Time of Coronavirus"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cBetter safe than sorry\u201d (wise old proverb)<\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">The COVID-19 pandemic and its ongoing economic fallout have left many businesses struggling with cash flow and even viability challenges.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The result is that an increasing number of companies are either trading in insolvent circumstances, or in grave danger of doing so.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">Reckless trading and your risk of personal liability<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">To quote from the Companies Act (section 22(1)): \u201cA company must not carry on its business recklessly, with gross negligence, with intent to defraud any person or for any fraudulent purpose.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And per section 77(3) any director \u201cis liable for any loss, damages or costs sustained by the company as a direct or indirect consequence of the director having \u2026 acquiesced in the carrying on of the company&#8217;s business despite knowing that it was being conducted in a manner prohibited by section 22(1)\u201d.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s a lot of potential for liability and it demands very careful management at any time \u2013 but perhaps even more so in these times of uncertainty and heightened economic risk.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">What is \u201creckless trading\u201d?<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">As the Supreme Court of Appeal has put it: \u201cIf a company continues to carry on business and to incur debts when, in the opinion of reasonable businessmen, standing in the shoes of the directors, there would be no reasonable prospect of the creditors receiving payment when due, it will in general be a proper inference that the business is being carried on recklessly.&#8221; A lot of companies must currently be in danger of falling into that net.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">Who is at risk? Not just directors\u2026\u00a0<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">The Companies Act defines a \u201cdirector&#8221; for the purposes of personal liability as including an \u201calternate director\u201d, a \u201cprescribed officer\u201d (which brings many senior managers into the net), a \u201cperson who is a member of a committee of a board of a company, or of the audit committee of a company\u201d, \u201cirrespective of whether or not the person is also a member of the company&#8217;s board\u201d.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">Does the CIPC Notice protect you?<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">On 24 March 2020 the Companies and Intellectual Property Commission (CIPC) issued a formal Notice to the effect that it will not exercise its power to issue a compliance notice to a company \u201cwhich is temporarily insolvent and still carrying on business or trading\u201d but only where \u201cit has reason to believe that the insolvency is due to business conditions, which were caused by the COVID-19 pandemic.\u201d That practice, said the CIPC, will lapse 60 days after the declaration of a national disaster has been lifted.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That announcement has been interpreted by some commentators as \u201callowing\u201d reckless trading by companies, and indeed it may well be that at least some directors under attack will give that defence a try.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But that is not what the CIPC Notice actually says, and the more cautious view is that the Companies Act\u2019s prohibition against reckless trading remains intact and that all that has changed is a temporary waiver by CIPC of its power to enforce statutory compliance.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">So what should you do if your company is struggling?<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">We are in uncharted territory here with the pandemic, and on the principle of \u201cbetter safe than sorry\u201d, this is no time to take chances. If your company is financially distressed or the prospect of trading in insolvent circumstances looms,&nbsp;<strong>take professional advice immediately<\/strong>&nbsp;on how best to proceed. Business rescue or even liquidation may be unavoidable or you may be advised to pursue another route after full good-faith discussion with all role-players, but whatever the outcome quick and decisive action is critical.<\/p>\n\n\n\n<p style=\"font-size:12px;margin-top:40px\"><strong>Disclaimer:<\/strong> The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.<\/p><p style=\"font-size: 12px;color: #ccc;text-align: right\">\u00a9 LawDotNews<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cBetter safe than sorry\u201d (wise old proverb) The COVID-19 pandemic and its ongoing economic fallout have left many businesses struggling with cash flow and even viability challenges.&nbsp; The result is that an increasing number of companies are either trading in insolvent circumstances, or in grave danger of doing so. Reckless trading and your risk of [&hellip;]<\/p>\n","protected":false},"author":101014,"featured_media":2054,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[21],"tags":[],"class_list":["post-2053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-corporate-compliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Directors: Reckless Trading and Personal Liability in the Time of Coronavirus &#8226; LawDotNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dotnewsconnect.co.za\/law\/2020\/directors-reckless-trading-and-personal-liability-in-the-time-of-coronavirus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Directors: Reckless Trading and Personal Liability in the Time of Coronavirus &#8226; LawDotNews\" \/>\n<meta property=\"og:description\" content=\"\u201cBetter safe than sorry\u201d (wise old proverb) The COVID-19 pandemic and its ongoing economic fallout have left many businesses struggling with cash flow and even viability challenges.&nbsp; The result is that an increasing number of companies are either trading in insolvent circumstances, or in grave danger of doing so. 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