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 to be reasonably likely that the company will become insolvent within the immediately ensuing six months;

(g) “independent creditor” means a person who-
(i) is a creditor of the company, including an employee of the company who is a creditor in terms of section 137(2); and
(ii) is not an associate of the company, a director, or the practitioner, subject to subsection (2):

(h) “rescuing the company” means achieving the goals set out in the definition of “corporate rescue” in paragraph (b);

(i) “supervision” means the oversight imposed on a company during its business rescue proceedings:

j) “voting interest” means an interest as recognised, appraised and valued in terms of section 138(4) to (6).

(2) For the purpose of subsection (1 )(g), an employee of a company is not an associate of that company solely as a result of being a member of a trade union that holds securities of that company.

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