Business rescue regulations
Business rescue regulations are contained in Regulations 129 to 135 of the draft Company Regulations, 2010.
The purpose of this section is to:
- List each section of the draft regulations.
- Provide information on the interpretation of each section - to be populated soon..
- Provide an interactive forum, per section, for discussion and debate to enable a wider understanding of legal and practical aspects of business rescue.
Follow the links to each regulation in the column on the left.
Impact of the Companies Amendment Act
Amendment 83 of the Companies Amendment Act replaces the Business Rescue Practice Regulatory Board with the Commission, suggesting that Regulations 129 to 132 will be scrapped.
Publication dates
The draft Company Regulations, 2010 were published on 22 December 2009 and comments closed on 1 March 2010. Final regulations were supposed to have been published on 25 June 2010, but the latest is that new draft regulations will be published for comment - date unknown.
Purpose of the business rescue regulations
“The Companies Act, 2008 - Development of Regulations - Issues for Discussion” (2009) (this is the initial consultation memo regarding development of regulations of the dti of 27 July 2009) states the following:
"The function of regulations is to amplify certain aspects of the policy and law as enunciated in the Act, addressing matters of procedure, detail or technicality to the extent that Parliament has, through the Act, delegated authority to the Minister to do so. It follows that any proposed regulation must be consistent with the overall policy of the Act, as well as with its specific provisions, and must rest on a foundation of clearly delegated authority."
Media articles
New Companies Act 2008 Regulations Finally Published! (2010, January 20). Deneys Reitz Attorneys.
Acts, bills, codes and lawmaking documents
Chapter 6 of the Draft Companies Regulations. (2009, December 22). Government Gazette.
Companies Regulations Pursuant to the Companies Act, 2008 (Act No. 71 of 2008). (2009, December 22). Government Gazette.
The Companies Act, 2008 - Development of Regulations - Issues for Discussion. (2009, July 27). Department of Trade and Industry.
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