Section 151: Meeting to determine future of company

(1) The practitioner must convene and preside over a meeting of creditors and any other holders of a voting interest, called for the purpose of considering the proposed rescue plan within 10 business days after the publication of that plan in terms of section 150.

(2) At least five business days before the meeting contemplated in subsection (1), the practitioner must deliver a notice of the meeting to all affected persons, setting out—

(a) the date, time and place of the meeting;

(b) the agenda of the meeting; and

(c) a summary of the rights of affected persons to participate in and vote at the meeting.

(3) The meeting contemplated in this section may be adjourned from time to time, as necessary or expedient, until a decision regarding the company’s future has been taken in accordance with sections 152 and 153.

88. Amendment of section 151 of Act 71 of 2008

Section 151 of the principal Act is hereby amended by the substitution, for subsection (1), of the following:

“(1) Within 10 business days after publishing a business rescue plan in terms of section 150, [T]the practitioner must convene and preside over a meeting of creditors and any other holders of a voting interest, called for the purpose of considering the [proposed rescue] plan [within10 business days after the publication of that plan in terms of section 150].”

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Business rescue legislation

Legal references cited by Chapter 6

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