n Acta Juridica - A critical analysis of the business rescue regime in the Companies Act 71 of 2008 : business rescue : part III
|Article Title||A critical analysis of the business rescue regime in the Companies Act 71 of 2008 : business rescue : part III|
|© Publisher:||Juta Law Publishing|
|Publication Date||Jan 2010|
|Pages||375 - 408|
The Companies Act introduces a new business rescue regime into South African law. The purpose is to facilitate the rescue and rehabilitation of a company in financial difficulty, and in certain other circumstances. The proceedings commence by resolution of the directors of the company or by application to court by a shareholder, a creditor or employees (or their representatives). The grounds for commencement are based on an insolvency test and there must be a reasonable prospect of the rescue proceedings succeeding. The court procedure may also be commenced on alternative grounds.
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