n Comparative and International Law Journal of Southern Africa - Business rescue in South Africa : a procedure in search of a home?
|Article Title||Business rescue in South Africa : a procedure in search of a home?|
|© Publisher:||Institute of Foreign and Comparative Law|
|Journal||Comparative and International Law Journal of Southern Africa|
|Publication Date||Mar 2007|
|Pages||152 - 171|
There is general consensus that judicial management, South Africa's statutory corporate rescue procedure, must either be reformed or replaced because it is not functioning properly. However, there is no consensus on the specific statute in which a revamped rescue procedure should be contained - within an Insolvency Act, a Companies Act, or an entirely separate Act. This article examines the various possibilities and the consequences that the choice of legislation in which to house a rescue procedure, may have. A number of other legal systems are compared to establish where their business rescue procedures are located and whether one of these jurisdictions offers a solution to the dilemma facing South Africa.
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