(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 company, the Master and the Registrar of Companies; and
(b) notify each affected person of the application by standard notice.

(3) Each affected person has a right to participate in the hearing of an application in terms of this section.

(4) After considering an application in terms of subsection (1), the Court may –

(a) make an order placing the company under supervision and commencing corporate rescue proceedings, if the Court is satisfied that –

(i) the company is financially distressed; or
(ii) the company has failed to pay over any amount in terms of an obligation under or in terms of a public regulation, or contract, with respect to employment-related matters; or
(iii) it is otherwise just and equitable to do so for financial reasons; and there is a reasonable prospect for rescuing the company; or

(b) dismissing the application, together with any further necessary and appropriate order, including an order placing the company under liquidation.

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