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How to recover property in business rescue

Whether being leased premises, machinery, or equipment necessary to conduct business, it is trite that companies in business rescue may have in their possession property belonging to another. The effect of this is that if such property is lawfully in the possession of...

Suspension of obligations during business rescue

Once a company commenced with business rescue proceedings the practitioner may in terms of Section 136(2)(a) of the Companies Act suspend the obligations of the company. In the matter of BP Southern Africa (Pty) Ltd v Intertrans Earl SA (Pty) Ltd & Others [2016],...

SCA finds racial quotas for liquidators unlawful

Bloemfontein – The Supreme Court of Appeal this week found that a racial quota policy implemented for the appointment of liquidators was unlawful and invalid. The SCA ruled on Friday that an appeal against a finding of its unconstitutionality be “dismissed with...

Business Rescue as an Alternative for Creditors

As previously indicated Creditors of a company are important role players in any Business and therefore seen as affected persons when it comes to Business Rescue. As soon as a company fails to pay its debt to a Creditor, he may, in terms of Section 131 of the...