CAN YOUR EMPLOYER FIRE YOU BECAUSE YOU HAVE BEEN DECLARED INSOLVENT?

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There are certain positions which you are excluded from holding once you have been declared insolvent. You are for example unable to be a Director of a company, the Managing Member of a Close Corporation or an Actuary.

With regards to your employment, you can only be dismissed if there is a condition in your Letter of Appointment in terms of which you are not allowed to be an insolvent whilst in the employ of your employer.

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