n Without Prejudice - Frustrating the vultures' lunch : company law
|Article Title||Frustrating the vultures' lunch : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Dec 2013|
|Pages||20 - 21|
FirstRand Bank Ltd v Imperial Crown Trading 143 (Pty) Ltd
Chapter 6 of the Companies Act (No 71 of 2008) contains the provisions governing business rescue proceedings. In short, business rescue proceedings are intended to assist a company in financial distress to restructure its operations with a view to making it financially viable for the benefit of creditors and shareholders, as an alternative to liquidation.
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