(1) At a meeting convened in terms of section 143, the corporate rescue practitioner must – (a) introduce the proposed corporate rescue plan for consideration by the creditors and, if applicable, by the shareholders; and (b) inform the meeting whether the corporate rescue practitioner continues to believe that there is a reasonable prospect of the […]

(1) Within 10 business days after publishing a corporate rescue plan in terms of section 142, the corporate rescue practitioner must convene and preside over a meeting of creditors and any other holders of a voting interest, called for the purpose of considering the plan. (2) At least five business days before the meeting contemplated […]

(3) The projected balance sheet and statement required by subsection (2)(c)(iv) – (a) must include a notice of any material assumptions on which the projections are based; and (b) may include alternative projections based on varying assumptions and contingencies. (4) A proposed corporate rescue plan must conclude with a certificate by the corporate rescue practitioner […]

SUB-PART D – DEVELOPMENT AND APPROVAL OF CORPORATE RESCUE PLAN (1) The corporate rescue practitioner, after consulting the creditors. other affected persons, and the management of the company, must prepare a corporate rescue plan for consideration and possible adoption at a meeting held in terms of section 143. (2) The corporate rescue plan must contain all […]

(1) A committee of creditors, appointed in terms of section 140 – (a) may consult with the corporate rescue practitioner about any matter relating to the corporate rescue proceedings, but may not direct or instruct the practitioner; and (b) may. on behalf of the general body of creditors receive and consider reports relating to the […]

(l) Within 15 business days after being appointed, the Master must convene, and preside over, a first meeting of creditors, at which – (a) the Master – (i) must inform the creditors whether he believes that there is a reasonable prospect of rescuing the company; and (ii) may receive proof of claims by creditors: and […]

During a company’s corporate rescue proceedings, each holder of any issued security of the company is entitled to – (a) notice of each Court proceeding, decision, meeting or other relevant event concerning the corporate rescue proceedings: and (b) participate in any Court proceedings arising during the corporate rescue proceedings; and (c) formally participate in a […]

(4) In respect of any decision contemplated in this Part that requires the support of the holders of creditors’ voting interests – (a) a secured or unsecured creditor has a voting interest equal to the value of the amount owed to that creditor by the company; and (b) an unsecured creditor who would be subordinated […]

(1) Each creditor is entitled to – (a) notice of each Court proceeding, decision, meeting or other relevant event concerning the corporate rescue proceedings; and (b) participate in any Court proceedings arising during the corporate rescue proceedings; and (c) formally participate in a company’s corporate rescue proceedings to the extent provided for in this Part; […]

(3) During a company’s corporate rescue process, every registered trade union representing any employees of the company, and any employee who is not so represented, is entitled to – (a) notice, which must be given by standard notice to employees at their workplace, and served at the head office of the relevant trade union, of […]