( 4) After appointing a practitioner as required by subsection (3)(b), a company must-
(a) file a notice of the appointment of a practitioner within two business days after making the appointment with the Master of the High Court and-
(i) the Registrar of Companies in the case of a company;
(ii) the Registrar of Co-operative Societies in the case of a Co-operative Society;                                                                (b) publish a copy of the notice of appointment to each affected person within five business days after the notice was filed.

(5) If a company fails to comply with any provision of subsection (3) or (4)-                                                                        (a) its resolution to begin corporate rescue proceedings and place the company under supervision lapses and is a nullity; and                                                                                                                                                                                            (b) the company may not file a further resolution contemplated in subsection (1) for a period of three months after the date on which the lapsed resolution was adopted, unless a Court, on good cause shown on an urgent chamber application, approves the company filing a further resolution.

(6) A company that has adopted a resolution contemplated in this section may not adopt a resolution to begin liquidation proceedings, unless the resolution has lapsed in terms of subsection (5), or until the corporate rescue proceedings have ended as determined in accordance with section 125(2).

(7) If the board of a company has reasonable grounds to believe that the company is financially distressed, but the board has not adopted a resolution contemplated in this section, the board must deliver a written notice to each affected person, setting out the criteria referred to in section 121(1)(f) that are applicable to the company, and its reasons for not adopting a resolution contemplated in this section.