n Without Prejudice - Section 136(2) of the Companies Act, 2008 - potentially drastic consequences : company law
|Article Title||Section 136(2) of the Companies Act, 2008 - potentially drastic consequences : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Peter Solomon and Julia Boltar|
|Publication Date||Sep 2009|
|Pages||26 - 29|
The Companies Act, 2008, contemplates that a company may be placed under supervision and begin "business rescue proceedings" where there is "a reasonable prospect of rescuing the company". In these circumstances, a "practitioner" will be appointed who, in terms of s136(2) of the Companies Act, has the power to "cancel or suspend entirely, partially or conditionally any provision of an agreement to which the company is a party at the commencement of the business rescue period ... ".
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