n Without Prejudice - A "new port" of call? : company law
|Article Title||A "new port" of call? : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Eric Levenstein and Liam Heinzelmann|
|Publication Date||May 2015|
|Pages||10 - 11|
The business rescue provisions contained in Chapter 6 of the Companies Act (71 of 2008) do not address the effect that the adoption of a business rescue plan has on creditors' rights against sureties. The crisp but important question is whether a creditor loses its claim against a surety who provided security for the debts of a principal debtor that subsequently went into business rescue and after a business rescue plan was adopted.
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