SUB-PART C: RIGHTS OF AFFECTED PERSONS DURING CORPORATE RESCUE PROCEEDINGS (1) During a company’s corporate rescue proceedings any employees of the company who are- (a) represented by a registered trade union may exercise any rights set out in this Part – (i) collectively through their trade union; and (ii) in accordance with applicable labour law; […]
(1) The corporate rescue practitioner is entitled to charge an amount to the company for the remuneration and expenses of the practitioner in accordance with the Second Schedule item 1 which may be amended by the Minister from time to time by way of notice in the Gazette. (2) The practitioner may propose an agreement […]
(3) Within five business days after corporate rescue proceedings begin, or such longer period as the corporate rescue practitioner allows, the persons who were directors of the company at the time the corporate rescue proceedings commenced must provide the practitioner with a statement of affairs containing. at a minimum, particulars of the following- […]
(1) As soon as practicable after corporate rescue proceedings begin, each person who was a director of the company at the time the corporate rescue proceedings commenced must deliver to the practitioner all books and records that relate to the affairs of the company and which are in that person’s possession. (2) Any person who […]
( 1) As soon as practicable after being appointed, a corporate rescue practitioner must investigate the company’s affairs, business, property, and financial situation, and after having done so, consider whether there is any reasonable prospect of the company being rescued. (2) If, at any time during corporate rescue proceedings, the practitioner concludes that (a) there […]
(3) Except with the approval of the Court on application by the corporate rescue practitioner, a practitioner may not appoint a person as part of the management of the company, or an advisor to the company or to the practitioner, if that person- (a) has any other relationship with the company such as would lead […]
(1) During a company’s corporate rescue proceedings, the corporate rescue practitioner, in addition to any other powers and duties set out in this Part- (a) has full management control of the company in substitution for its board and pre-existing management which is dissolved in terms of the provisions of section 130(2); […]
(1) A corporate rescue practitioner may be removed only – (a) by a Court order in terms of section 123; or (b) as provided for in this section; or (c) by the Master in terms of grounds set out in section 79. (2) Upon request of an affected person, or on its own motion, the […]
Sub-Part B-Corporate Rescue Practitioner’s Functions and Terms of Appointment. (1) A person may be appointed as the corporate rescue practitioner of a company only if the person – (a) is not disqualified to be appointed liquidator in terms of section 74; (b) has been registered and licensed as an insolvency practitioner in terms of the […]
(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 […]
