as amended by section 90 of the Companies Amendment Act No. 3 of 2011
(b) may delegate any power or function of the practitioner to a person who was part of the board or pre-existing management of the company;
(i) remove from office any person who forms part of the pre-existing management of the company; or
(ii) appoint a person as part of the management of a company, whether to fill a vacancy or not, subject to subsection (2); and
(d) is responsible to—
(1A) The practitioner must, as soon as practicable after appointment, inform all relevant regulatory authorities having authority in respect of the activities of the company, of the fact that the company has been placed under business rescue proceedings and of his or her appointment.
(2) Except with the approval of the court on application by the practitioner, a practitioner may not appoint a person as part of the management of the company, or an advisor to the company or to the practitioner, if that person—
(a) has any other relationship with the company such as would lead a reasonable and informed third party to conclude that the integrity, impartiality or objectivity of that person is compromised by that relationship; or
(b) is related to a person who has a relationship contemplated in paragraph (a).
(a) is an officer of the court, and must report to the court in accordance with any applicable rules of, or orders made by, the court;
(c) other than as contemplated in paragraph (b)—
(i) is not liable for any act or omission in good faith in the course of the exercise of the powers and performance of the functions of practitioner; but
(ii) may be held liable in accordance with any relevant law for the consequences of any act or omission amounting to gross negligence in the exercise of the powers and performance of the functions of practitioner.
(4) If the business rescue process concludes with an order placing the company in liquidation, any person who has acted as practitioner during the business rescue process may not be appointed as liquidator of the company.
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).