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COMPANY LAW AND DECEASED ESTATES: [an Article by listed attorney: Fawzia Khan]
One of the anomalies in law is the concept of a ‘person’. All human beings are regarded as natural persons. Entities such as a company, trust or close corporation are also considered to be ‘persons’, albeit “juristic or legal persons”. A legal person can sue or be sued in its own name. Even if there is only one shareholder or director in the company, a company is seen to being distinct from its shareholder/s.
The Companies Act 2008 governs all matters pertaining to companies. What happens if a person dies without a will and the person (deceased) was the sole shareholder and director of the company? Who would be considered to be temporarily in charge of the running the affairs of such a company and make decisions around the operation of the business?
If this article is of interest to You, You can view the Original, Full article here: → Company Law & Deceased Estates in South Africa (findanattorney.co.za)