LML4806 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (818236) - DUE 25 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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.
ADMIN
[COMPANY NAME]
, 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)
Under the Companies Act 71 of 2008, Barbara may apply to a court
to set aside the vote of Winelands Packers (Pty) Ltd. Below, I
provide an analysis based on the relevant provisions of the Act and
applicable case law:
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