(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 […]

(1) Subject to subsections (2) and (3), during a company’s corporate rescue proceedings – (a) the company may dispose, or agree to dispose, of property only- (i) in the ordinary course of its business; or (ii) in a bona fide transaction at arm’s length for fair value approved in advance and in writing by the […]

(1) During corporate rescue proceedings, no legal proceeding, including enforcement action, against the company. or in relation to any property belonging to the company, or lawfully in its possession, may be commenced or proceeded with in any forum. except – (a) with the written consent of the practitioner; or (b) with the leave of the […]

(1) Corporate rescue proceedings begin when                                                                                                    […]