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 union, each of those employees or their respective representatives;

(b) “corporate rescue” means proceedings to facilitate the rehabilitation of a company that is financially distressed by providing for-
(i) the temporary supervision of the company, and of the management of its affairs, business and property; and
(ii) a temporary moratorium on the rights of claimants against the company or in respect of property in its possession: and
(iii) the development and implementation, if approved, of a plan to rescue the company by restructuring its affairs, business, property, debt and other liabilities, and equity in a manner that maximises the likelihood of the company continuing in existence on a solvent basis or, if it is not possible for the company to so continue in existence, results in a better return for the company’s creditors or shareholders than would result from the immediate liquidation of the company;

(c) “corporate rescue plan” means a plan contemplated in section 142;

(d) “corporate rescue practitioner” means a person appointed, or two or more persons appointed jointly, in terms of this Part to oversee a company during business rescue proceedings and “practitioner” has a corresponding meaning;

(e) “Court” means the High Court of Zimbabwe;

• According to the Insolvency Act [Chapter 6:07]. PART XXIII: Corporate Rescue