(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 out in the statement.

(6) A proposal contemplated in this section will have been adopted by the creditors of the company, or the members of a relevant class of creditors, if it is supported by a majority in number, representing at least 75 percent in value of the creditors or class, as the case may be, present and voting in person or by proxy, at a meeting called for that purpose.

(7) If a proposal is adopted as contemplated in subsection (6) –

(a) the company may apply to the Court for an order approving the proposal; and

(b) the Court, on an application in terms of paragraph (a) may sanction the compromise as set out in the adopted proposal, if it considers it just and equitable to do so, having regard to –
(i) the number of creditors of any affected class of creditors, who were present or represented at the meeting, and who voted in favour of the proposal; and
(ii) in the case of a compromise in respect of a company being liquidated, the report of the Master.

(8) A copy of an order of the Court sanctioning a compromise –
( a) must be filed by the company within five business days; and

(b) must be attached to each copy of the company’s Memorandum of Incorporation that is kept at the company’s registered office, or elsewhere, if applicable; and

(c) is final and binding on all of the company’s creditors or all of members of the relevant class of creditors, as the case may be, as of the date on which it is filed.

(9) An arrangement or a compromise contemplated in this section does not affect the liability of any person who is a surety of the company.

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