(1) A corporate rescue practitioner may be removed only – (a) by a Court order in terms of section 123; or (b) as provided for in this section; or (c) by the Master in terms of grounds set out in section 79. (2) Upon request of an affected person, or on its own motion, the […]
Sub-Part B-Corporate Rescue Practitioner’s Functions and Terms of Appointment. (1) A person may be appointed as the corporate rescue practitioner of a company only if the person – (a) is not disqualified to be appointed liquidator in terms of section 74; (b) has been registered and licensed as an insolvency practitioner in terms of the […]
(3) During a company’s corporate rescue proceedings, each director of the company at the time the corporate rescue proceedings commenced must attend to the requests of the corporate rescue practitioner at all times, and provide the corporate rescue practitioner with any information about the company’s affairs as may reasonably be required. (4) If, during a […]
(3) During a company’s corporate rescue proceedings, each director of the company at the time the corporate rescue proceedings commenced must attend to the requests of the corporate rescue practitioner at all times, and provide the corporate rescue practitioner with any information about the company’s affairs as may reasonably be required. (4) If, during a […]
(1) During corporate rescue proceedings an alteration in the classification or status of any issued securities of a company, other than by way of a transfer of securities in the ordinary course of business, is invalid except to the extent – (a) that the Court otherwise directs; or (b) contemplated in an approved corporate rescue […]
(3) When acting in terms of subsection (2)- (a) a corporate rescue practitioner must not suspend any provision of – (i) an employment contract; or (ii) a financial contract to which the provisions of section 35 or 36 would have applied had the company been liquidated; and (b) a court may not cancel any provision […]
(1) Despite any provision of an agreement to the contrary- […]
(3) After payment of the practitioner’s remuneration and expenses referred to in section 135, and other claims arising out of the costs of the corporate rescue proceedings, all claims contemplated – (a) in subsection (1) will be treated equally, but will have preference over – (i) all claims contemplated in subsection (2), irrespective of whether […]
(1) To the extent that any remuneration, reimbursement for expenses or other amount of money relating to employment becomes due and payable by a company to an employee during the company’s corporate rescue proceedings, but is not paid to the employee – (a) the money is regarded to be post-commencement financing; and (b) will be paid […]
(2) The practitioner may not unreasonably withhold consent in terms of subsection (1)(c), having regard to- (a) the purposes of this Part; and (b) the circumstances of the company; and (c) the nature of the property, and the rights claimed in respect of it. (3) If, during a company’s corporate rescue proceedings, the company wishes […]
