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100% TRUSTED workings LML4806 Assignment 2 Semester 2 2024
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100% TRUSTED workings LML4806 Assignment 2 Semester 2 2024
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LML4806 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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LML4806 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 1 review Course Company Law (LML4806) Institution University Of South Africa (Unisa) Book The Law of Business Structures
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LML4806 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE
August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
Question: 1 Barbara is a business rescue practitioner of Thirsty
Elephants (Pty) Ltd, a company that is under business rescue. She
convenes a meeting of the creditors of Thirsty Elephants (Pty) Ltd to
discuss and vote on the business rescue plan. The business rescue plan
contains ample provisions that protect the interests of the secured
creditors of Thirsty Elephants (Pty) Ltd. Winelands Packers (Pty) Ltd, a
secured creditor of Thirsty Elephants (Pty) Ltd holding 27% of the
creditors’ voting interests that are voted at the meeting, votes against
the adoption of the business rescue plan. All the other secured and
unsecured creditors in attendance at the meeting vote for the adoption
of the business rescue plan as the plan presents certain advantages to
them. Barbara is concerned that Winelands Packers (Pty) Ltd’s vote
against the adoption of the 4 business rescue plan is detrimental to the
successful rescue of Thirsty Elephants (Pty) Ltd, the interests of its
employees and the interests of the other affected creditors. With
reference to the Companies Act 71 of 2008 and the relevant case law,
advise Barbara on whether she may successfully apply to a court to set
aside the vote of Winelands Packers (Pty) Ltd. In your advice, you
should discuss the grounds on which such an application may be made,
the factors that the court should take into account when considering
such an application and the effect of a court setting aside Winelands
Packers (Pty) Ltd’s vote. (10)
Barbara's Options to Contest Winelands Packers' Vote
Barbara may well apply to court to set aside Winelands Packers' vote against
the business rescue plan, but success depends on particular factors. Here is a
breakdown:
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