Amendments to the Companies Act make it easier to prosecute delinquent board members

The mail& Guardian

The Companies Second Amendment Act 17 of 2024, effective from December 27, 2024, amends director and officer liability provisions, extending the period for delinquency claims. The changes aim to address issues highlighted by the Zondo commission and enhance accountability among directors. Businesses are advised to conduct due diligence on directors and implement measures to prevent delinquency. Legal experts recommend gathering evidence, removing delinquent directors, and seeking legal advice when pursuing delinquency applications.

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