(2) Any person is guilty of an offence if he or she- (a) without lawful cause fails to attend at the time and place determined in summons or notice as contemplated in section 21(6)(a), 56, 58, or 60 or having appeared, without lawful cause fails to remain in attendance until he or she is excused […]
(1) A debtor or the management of a debtor is guilty of an offence if he or she- (a) conceals or parts with or intentionally destroys any book or accounting record relating to the affairs of the debtor or intentionally erases the information contained therein or makes it illegible or permits any other person to […]
SUB-PART F-APPLICATION OF PART TO DEBTORS OTHER THAN COMPANIES ( 1 ) The provisions of this section apply to a debtor provided for in subsection (2) who carries on a business and employs 10 or more employees. (2) Part XXIII of this Act, with the exception of sections, 123(2), 130(1). (5) and (6), 133(3)(b), 136(3)(b), […]
(5) A proposal must conclude with a certificate by an authorised director or prescribed officer of the company stating that any – (a) factual information provided appears to be accurate, complete, and up to the date; (b) projections provided are estimates made in good faith on the basis of factual information and assumptions as set […]
SUB-PART E-COMPROMISE WITH CREDITORS (1) This section applies to a company, irrespective of whether or not it is financially distressed as defined in section 121 (1)(f), unless it is engaged in corporate rescue proceedings in terms of this Part. (2) The board of a company, or the liquidator of such a company if it is […]
(1) A corporate rescue plan may provide that, if it is implemented in accordance with its terms and conditions, a creditor who has acceded to the discharge of the whole or part of a debt owing to that creditor will lose the right to enforce the relevant debt or part of it. (2) If a […]
(5) If an affected person makes an offer contemplated in subsection (2)(a), the corporate rescue practitioner must -(a) adjourn the meeting for no more than five business days, as necessary to afford the practitioner an opportunity to make any necessary revisions to the corporate rescue plan to appropriately reflect the results of the offer; and […]
(1) If a corporate rescue plan has been rejected as contemplated in section 144(3)(a) or (c)(ii)(B) the corporate rescue practitioner may— (a) seek a vote of approval from the holders of voting interests to prepare and publish a revised plan; or (b) advise the meeting that the company will apply to a Court to set aside the […]
( 4) A corporate rescue plan that has been adopted is binding on the company, and on each of the creditors of the company and every holder of the company’s securities, whether or not such a person- (a) was present at the meeting; or (b) voted in favour of adoption of the plan; or (c) […]
(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 […]
