Phillips Law

Section 142: Proposal of corporate rescue plan

(3) The projected balance sheet and statement required by subsection (2)(c)(iv) –
(a) must include a notice of any material assumptions on which the projections are based; and
(b) may include alternative projections based on varying assumptions and contingencies.

(4) A proposed corporate rescue plan must conclude with a certificate by the corporate rescue practitioner stating that any –
(a) actual information provided appears to be accurate, complete, and up to date; and
(b) projections provided arc estimates made in good faith on the basis of factual information and assumptions as set out in the statement.

(5) The corporate rescue plan must be published by the company within 45 business days after the date on which the corporate rescue practitioner was appointed, or such longer time as may be allowed by –
(a) the Court, on application by the company; or
(b) the holders of a majority of the creditors’ voting interests.

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