1. Purpose of this Act. Labour Relations Act (No. 66 of 1995). as amended by the. Amendment-Afrikaans Labour Relations Act 1998, Amendment-Labour Relations Act 1996, Amendment-Labour Relations Act 1998, Amendment-Labour Relations Act 2000, and Amendment-Labour Relations Act 2002.abour Relations Act (No. 66 of 1995). as amended by the. Amendment-Afrikaans Labour Relations Act 1998, Amendment-Labour Relations Act 1996, Amendment-Labour Relations Act 1998, Amendment-Labour Relations Act 2000, and Amendment-Labour Relations Act 2002.
An unsecured debt is an obligation or debt that does not have specific property (like your house or car) serving as collateral for payment of the debt. If you fail to make payment on an unsecured debt, the creditor cannot take any of your property without first suing you and getting a court judgment. (There are a few exceptions to this rule.). A secured debt, on the other hand, has a piece of property serving as collateral for the debt.
Because the investment is backed only by the reliability and credit of the issuing entity, unsecured debt carries a higher level of risk than its asset-backed counterpart. Because the risk to the lender is increased relative to that of secured debt, interest rates on unsecured debt tend to be correspondingly higher.