n Without Prejudice - The Draft Companies Bill
Coming to the rescue : company law

Volume 7, Issue 6
  • ISSN : 1681-178X



Chapter 6 (Business Rescue) of the Companies' Bill, 2007 seeks to recognise changes that have taken place in South Africa's economy since the current Companies' Act 1973 came into force. The Bill is closely aligned with the USA's Chapter 11 procedure in that it allows a company to seek protection from creditors by choosing a plan of reorganisation, keeping the business alive and paying creditors over time.

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