oa De Rebus - Lending a helping hand - the role of creditors in business rescues? : feature
|Article Title||Lending a helping hand - the role of creditors in business rescues? : feature|
|© Publisher:||Law Society of South Africa|
|Affiliations||1 University of Cape Town|
|Publication Date||Dec 2013|
|Pages||22 - 23|
In May 2013 the Supreme Court of Appeal (SCA) handed down its first judgment on business rescue in the case of Oakdene Square Properties (Pty) Ltd v Farm Bothasfontein (Kyalami) (Pty) Ltd and Others  3 All SA 303 (SCA). This case is of significance in that it has confirmed an interpretation of the meaning of 'business rescue' that embraces the protection of creditors. In the light of the new business rescue regime being viewed as a shift away from more traditional creditor-oriented insolvency procedures that may be traced back to South Africa's English law roots, this case gives reassurance to creditors that their interests, although no longer of paramount importance, are afforded protection by the very definition of what business rescue seeks to achieve.
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