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KRG 200 Summary - Companies Act of 2008 - Business rescue & winding-up Summary New Entrepreneurial Law, ISBN: 9780409122268 Commerical law (KRG200)$5.66
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This is a comprehensive summary of business rescue and winding-up of solvent companies as dealt with in the Companies Act of 2008 and Piet Delport's New Entrepreneurial Law. The document is neat and visually appealing.
, What is business rescue
‣ Proceedings to facilitate the rehabilitation of a
company that is financially distressed by providing
When can a bu
for ( Sec 128 (1)(b) ) : apply for re
a. The temporary supervision of the company, and of the ‣ Sec 128 (1) (f) states any bus
management of its affairs, business and property financially distressed can a
b. A temporary moratorium on the rights of claimants against the rescue
company or in respect of property in its possession (basically stops ‣ This means that it:
any obligations the company has to pay debts for a period of time); a. appears to be
and unlikely that
c. the development and implementation, if approved, of a plan to be able to pa
rescue the company by restructuring its affairs, business, property, as they becom
debt and other liabilities, and equity payable withi
‣ This business rescue plan MUST: immediately
1. Maximise the likelihood of the company continuing months OR
in existence on a solvent basis b. it appears to
OR likely that the
2. Result in a better return for the company's become inso
creditors or shareholders than would result from the immediately
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