(5) If the Court makes an order in terms of subsection (4)(a), the Court may make a further order appointing as interim practitioner a person who satisfies the requirements of section 131, and who has been nominated by the affected person who applied in terms of subsection (1), subject to ratification by the holders of […]
(1) Unless a company has adopted a resolution contemplated in section 122, an affected person may apply to a Court at any time for an order placing the company under supervision and commencing corporate rescue proceedings. (2) An applicant in terms of subsection (1) must – (a) serve a copy of the application on the […]
(1) Unless a company has adopted a resolution contemplated in section 122, an affected person may apply to a Court at any time for an order placing the company under supervision and commencing corporate rescue proceedings. (2) An applicant in terms of subsection (1) must – (a) serve a copy of the application on the […]
(1) Subject to subsection (2), at any time after the adoption of a resolution in terms of section 122, until the adoption of a corporate rescue plan in terms of section 146, an affected person may apply to a Court for an order- ( a) setting aside the resolution, on the grounds that- (i) there […]
( 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 […]
( 1) Subject to subsection (2)(a), the board of a company may resolve that the company voluntarily begin corporate rescue proceedings and place the company under supervision, if the board has reasonable grounds to believe that- ( a) the company is financially distressed; and (b) there appears to be a reasonable prospect of rescuing the […]
SUB-PART A – CORPORATE RESCUE PROCEEDINGS 121 Application (f) “financially distressed”, in reference to a particular company at any particular time, means that- (i) it appears to be reasonably unlikely that the company will be able to pay all of its debts as they become due and payable within the immediately ensuing six months; or (ii) it appears […]
SUB-PART A – CORPORATE RESCUE PROCEEDINGS 121 Application (I) In this Part- (a) “affected person”, in relation to a company, means- (i) a shareholder or creditor of the company; and (ii) any registered trade union representing employees of the company; and (iii) if any of the employees of the company are not represented by a registered trade […]
Keep up to date with the changes that are due to take place with the Companies Bill. Please go to the link to get a copy of the bill: https://t3n9sm.c2.acecdn.net/wp-content/uploads/2019/02/HB-8-2018-COMPANIES-OTHER-BUSINESS-ENTITIES-BILL-Oct-2018.pdf.
Corporate Governance “Codes are effective tools for helping companies improve their governance practices; provide clear guidance for financial and non-financial disclosure; foster better engagement of minority shareholders; and, clarify the respective roles of managers and directors”, observes the Global Corporate Governance Forum, February 2008 Newsletter. It was with this in mind and more that this […]
