Business Rescue proceedings entail the process of attempting to rehabilitate financially distressed companies, and find their legislative authority in Chapter 6 of the Companies Act No. 71 of 2008 (“the Act”). Business Rescue is therefore an alternative legal route for a financially distressed company, as opposed to liquidation proceedings in which the company is liquidated […]
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Below is a copy of the article with originally appeared in the April 2019 edition of the official South African attorneys’ journal De Rebus. NCA s 129(1)(a) notice – A Practical Perspective on the Interpretative Challenge The National Credit Act 34 of 2005 (NCA) in modern South Africa, has been the focus of many legal
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During Business Rescue proceedings in terms of the Companies Act 71 of 2008 (“the Companies Act”), a business rescue practitioner enjoys first preference in terms of his remuneration and expenses (Section 135(1) to (3)) read with Section 143. However the question that had caused a degree of contention was whether that “super preference” would be