Dtic Welcomes Companies Amendment Acts Of 2024

The Department of Trade, Industry and Competition has welcomed the two Companies Amendment Acts of 2024, which were assented into law on July 26.

According to a statement by the department, the two Acts were published in the Government Gazette on December 27, 2024, and have become operational.

However, there are some sections of the Acts that are not yet operational. This is because these sections require certain regulations to be finalized first.

The Companies Amendment Act aims to enhance the ease of doing business by clarifying, simplifying and strengthening certain sections of the Act. The department says the Companies Second Amendment Act is operational in its entirety.

This Act addresses recommendations from the Commission of Inquiry into Allegations of State Capture to extend the time bar of when an application can be brought to court to make an order to declare a director delinquent or under probation, in terms of section 162 of the Act.