Commercial Law

Brookes Attorneys advises and represents business owners, entrepreneurs and senior managers on a wide range of legal and business issues. We work with start-ups in selecting and forming business structures and provide advice to established entities on day to day challenges. We also assist clients who are looking to buy or sell a particular business.

We aim to give business owners clear and honest advice facilitating a holistic business plan necessary for growth in the South African economy. Any successful business requires quick and reliable access to advice on the various legal aspects that impact their business every day.

Our Clients, whether large or small, have varying legal requirements dependent on the nature of the business and understanding these requirements enables us to assist them in avoiding problems in the future.

Some of the areas which we help new businesses focus on

Business Structures
Terms Of Business
Credit Agreement For Goods & Services
Property Leases
Employment Contracts
Privacy & Information Protection
Intellectual Property

Once established, we assist business owners in reviewing, drafting & negotiating contracts related to various business activities

Buy & Sell Agreements
Service Level Agreement (SLA’s)
Supplier Agreements
Agency Agreements & Mandates
Indemnities & Waivers
Confidentiality & Non-disclosure Agreements (NDA’s)
Joint Ventures
Shareholder Agreements & Memorandum Of Incorporation (MOI’s)
Lease Agreements

We are also experienced in guiding business owners through the entire process of buying or selling a business

Advising On The Structure Of The Transaction
Drafting Agreements & Negotiation Terms
Advising Strategies To Address Issues Raised During Due Diligence
Advising Buyers On Conducting Legal Due Diligence
Drafting, Reviewing, And Negotiating The Extensive Documentation Involved In A Business Transaction, Including:
- Asset Purchase Agreements
- Stock Purchase Agreements
- Restraints Of Trade
- Confidentiality Agreements

FAQs

WHAT IS LIQUIDTION?

It is a legal process that applies to a company or a close corporation. It does not apply to a person. The company or close corporation’s affairs are placed under the control of an appointed liquidator. The liquidator must realise all the assets in the company/close corporation in a manner that is beneficial to the creditors. The yield from the assets which have been sold will then be evenly distributed amongst the creditors.

WHAT IS SEQUESTRATION? AND WHO DOES IT APPLY TO?

It is a legal process that applies to a natural person who has become insolvent.
It applies to a person that is bankrupt and/or whose liabilities out-weigh their assets. It is done by way of an Application to the High Court. Thereafter, a trustee will be appointed to control the assets and liabilities. The trustee may realise the assets and distribute the funds to creditors accordingly.

CAN I STILL TRADE IF I AM IN LIQUIDATION?

No. Once the Liquidation has been filed with the Master of the High Court, the company/close corporation will need stop all work.

WILL MY CREDITORS BE PAID IF I LIQUIDATE MY COMPANY/CLOSE CORPORATION?

Creditors will be paid if there is enough money for the Liquidator to realise and distribute.

CAN I CHOOSE WHICH CREDITORS ARE PAID FIRST?

Creditors have a hierarchy that is determined by the basis of their claim. Creditors are paid in the following order: –

SECURED
PREFERANT
CONCURRENT

WHO IS A SECURED CREDITOR?

A creditor that holds security for the credit. Examples: The bank that holds bond with the company/close corporation, a bank/company that has advanced motor vehicle finance or asset finance.

WHO IS A PREFERANT CREDITOR?

A creditor that holds security for a loan, or who is appointed by the law. EG: SARS and employees. The list is rather long and we will advise you on this.

WHO IS A CONCURRENT CREDITOR?

A creditor that holds no security for the money that is owed to them. It is very seldom that these creditors receive any substantial refund.
EG: Suppliers that the Company has not signed a Credit Agreement with or suppliers that are COD.

CAN ANY OF MANY CREDITORS PURSUE ME PERSONALLY?

Creditors can only pursue you in your personally capacity if you signed surety or you signed an agreement in your own name.

Are you looking for someone to help?

Let us help you! Call us : +27 31 035 1055

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