(1) Corporate rescue proceedings begin when                                                                                                                               (a) the company-
(i) files a resolution to place itself under supervision in terms of section 122(3); or
(ii) applies to the Court for consent to file a resolution in terms of section 122(5)(b);
or
(b) an affected person applies to the Court for an order placing the company under supervision in terms of section 124( l ); or
(c) a Court makes an order placing a company under supervision during the course of liquidation proceedings, or proceedings to enforce a security interest, as contemplated in section 124(7).
(2) Corporate rescue proceedings end when-
(a) the Court-
(i) sets aside the resolution or order that began those proceedings; or
(ii) has converted the proceedings to liquidation proceedings;
or
(b) the practitioner has filed with the Master a notice of the termination of corporate rescue proceedings; or
(c) a corporate rescue plan has been-
(i) proposed and rejected in terms of Sub-Part D of this Part, and no affected person has acted to extend the proceedings in any manner contemplated in section 145; or
(ii) adopted in terms of Sub-Part D of this Part, and the practitioner has subsequently filed a notice of substantial implementation of that plan.
(3) If a company’s corporate rescue proceedings have not ended within three months after the start of those proceedings, or such longer time as the Court, on application by the practitioner, may allow, the practitioner must-
(a) prepare a report on the progress of the corporate rescue proceedings, and update it at the end of each subsequent month until the end of those proceedings; and
(b) deliver the report and each update by standard notice to each affected person, and to the-
(i) Court, if the proceedings have been the subject of a Court order; or
(ii) Master, in any other case.