(1) Business rescue proceedings begin when—
(a) the company—
(i) files a resolution to place itself under supervision in terms of section 129(3); or
(ii) applies to the court for consent to file a resolution in terms of section 129(5)(b);
(c) a court makes an order placing a company under supervision during the course of liquidation proceedings, or proceedings to enforce a security interest, as contemplated in section 131 (7).
(2) Business rescue proceedings end when—
(a) the court—
(i) sets aside the resolution or order that began those proceedings; or
(ii) has converted the proceedings to liquidation proceedings;
(b) the practitioner has filed with the Commission a notice of the termination of business rescue proceedings; or
(c) a business rescue plan has been—
(ii) adopted in terms of Part D of this Chapter, and the practitioner has subsequently filed a notice of substantial implementation of that plan.
(3) If a company’s business rescue proceedings have not ended within three months after the start of those proceedings, or such longer time as the court, on application by the practitioner, may allow, the practitioner must—
(a) prepare a report on the progress of the business rescue proceedings, and update it at the end of each subsequent month until the end of those proceedings; and
(i) court, if the proceedings have been the subject of a court order; or
(ii) Commission, in any other case.
Part A: Business rescue proceedings
Part B: Practitioner’s functions and terms of appointment
Part C: Rights of affected persons during business rescue proceedings
Part D: Development and approval of business rescue plan
Part E: Compromise with creditors
Business rescue provisions in Chapter 6 of the Companies Act No. 71 of 2008 (323k).
Ondernemingreddingbepalings in Hoofstuk 6 van die Maatskappywet No. 71 of 2008 (333k).
Business rescue provisions in Chapter 6 of the Companies Amendment Act No. 3 of 2011 (279k).
Business rescue provisions in Chapter 6 of the Companies Amendment Act No. 3 of 2011 (English/Afrikaans version) (792k).
Business rescue provisions in Chapter 6 of the unofficial LexisNexis Consolidated Companies Act (105k).
Business rescue provisions in Chapter 6 of the Companies Regulations, 2011 (62k).
Companies Act No. 71 of 2008 (829k).
Mastskappywet No. 71 of 2008 (545k).
Companies Amendment Act No. 3 of 2011 (2 000k).
Companies Regulations, 2011 (951k).