n Without Prejudice - The problem of compelling shareholders to approve business rescue plans
|Article Title||The problem of compelling shareholders to approve business rescue plans|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||May 2014|
|Pages||12 - 13|
With the recent conflicting decisions handed down in African Bank Corporation of Botswana Limited v Kariba Furniturers (Pty) Ltd & Others 2013 (6) SA 471 and DH Brothers Industries (Pty) Ltd v Gribnitz NO & Others 2014 (1) SA 103, the courts have adopted a varied approach regarding whether or not, in pursuing a business rescue plan, the creditors and/or shareholders who vote against prospective business plans can be compelled to accept the plan on the basis that the creditors' voting interests are acquired through a binding offer.
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