n Annual Survey of South African Law - Insolvency law




In 2008 (4) SA 209 (D), after the bank had obtained a provisional liquidation order against Chance Bros in 1998, the parties' reorganization agreement to restructure the company's debt to the bank and remove the company from winding-up recorded that the company owed the bank more than R10 million and that the defendants stood surety for its obligations to the bank under suretyships executed in 1993. Of the company's debt, R3,5 million would be repaid by issuing the bank with 3,5 million cumulative redeemable preference shares, priced at one rand, with a cost of one cent and a premium of 99 cents a share. The rest of the company's debt was dealt with under a loan that the parties had entered into in 1996.


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