n Tydskrif vir die Suid-Afrikaanse Reg - The business rescue proceedings in the Companies Act of 2008 : concerns and questions (part 1)

Volume 2010, Issue 3
  • ISSN : 0257-7747
  • E-ISSN: 1996-2207



In the policy paper on its corporate law reform project published by the department of trade and industry in May 2004, insolvency and corporate rescue were specifically mentioned as areas that needed to be reviewed and improved in a new company law. The policy paper expressed the department's intention "to create a system of corporate rescue appropriate to the needs of a modern South African economy" because judicial management was rarely used and even more rarely led to a successful rescue. As a result, the Companies Act 71 of 2008 now provides for new business rescue proceedings to give effect to one of the stipulated purposes of the act, namely to "provide for the efficient rescue and recovery of financially distressed companies, in a manner that balances the rights and interests of all relevant stakeholders".

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