(1) Despite any provision of an agreement to the contrary-                                                                                                       (a) during a company’s corporate rescue proceedings, employees of the company immediately before the beginning of those proceedings continue to be so employed on the same terms and conditions, except to the extent that-
(i) changes occur in the ordinary course of attrition; or
(ii) the employees and the company, in accordance with applicable labour laws, agree different terms and conditions; and                                                                                                                                                                                                          (b) any retrenchment of any such employees contemplated in the company’s corporate rescue plan is subject to the Labour Act [Chapter 28:01l, and any other applicable employment related legislation.
(2) Subject to subsection (3), and despite any provision of an agreement to the contrary, during corporate rescue proceedings, the practitioner may-                                                                                                                                                  (a) entirely, partially or conditionally suspend, for the duration of the corporate rescue proceedings, any obligation of the company that-                                                                                                                                                                                (i) arises under an agreement to which the company was a party at the commencement of the corporate rescue proceedings; and
(ii) would otherwise become due during those proceedings;
or                                                                                                                                                                                                             (b) apply urgently to a court to entirely, partially or conditionally cancel, on any terms that are just and reasonable in the circumstances, any obligation of the company contemplated in paragraph (a).