n Without Prejudice - Beware drowning on sinking ship : company law
|Article Title||Beware drowning on sinking ship : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Jason Dorning and Marilize Jerling|
|Publication Date||Feb 2015|
|Pages||18 - 19|
Section 129(1) of the Companies Act (71 of 2008) provides that the board of directors of a company may voluntarily begin business rescue proceedings and place a company under supervision if the board has justifiable grounds to believe that the company is financially distressed and there appears to be a reasonable prospect of rescuing the company.
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