May 7, 2020 | Business Act, Business Rescue
It is trite in the business world that directors, or any other person normally conclude a suretyship agreement with a creditor on behalf of a company. A question then arises as to what is the position of a surety for a company in business rescue (BR)? Does the surety...
Feb 7, 2020 | Business Act, Business Rescue, Legal
In this week’s article, we will deal with the procedure as well as the appropriate forum (Labour Court or High Court) to approach when employees seek an order compelling their employer, who’s under business rescue, to pay all the unpaid remuneration during business...
Feb 6, 2020 | Business Act, Business Rescue, Legal
A couple of months after South African Airways (SAA) was placed into business, another state-owned airline, SA express, was also ordered to begin business rescue by the Johannesburg High Court on 6 February 2020. This comes after one of its creditors filed an...
Sep 23, 2017 | Business Act, Business Rescue, Legal
The all important case of Diener NO was set down for hearing in Bloemfontein on 23 August 2017. On the said date the full bench of the Supreme Court of Appeal tasked with this matter indicated that, due to the complexity of the matter and the interest of liquidators,...
Jul 17, 2017 | Business Act, Business Rescue, Legal
Once a company commenced with business rescue, the creditors must vote on the adoption of the proposed business rescue plan. In order for a plan to be adopted, the Act requires 75% of the creditors in attendance at the meeting, to vote as such. The vote is calculated...
Jul 7, 2017 | Business Act, Business Rescue, Legal
Since the inception of business rescue proceedings, there is uncertainty in respect of the rights of creditors they previously enjoyed. One of these rights is ownership in movable assets. Often creditors reserve ownership in moveable assets in case the debtor is...
