by VDT Attorneys | May 5, 2025 | Business Rescue, Business Rescue Practitioner, Legal Effects
Section 129(1) of the Companies Act 71 of 2008 sets out that voluntary Business Rescue proceedings can be instituted when it is apparent that: the company is reasonably unlikely to stay solvent or pay its debts within the coming six months: that the company is capable...
by VDT Attorneys | Mar 31, 2025 | Business Rescue, Business rescue plan, Post-commencement creditor
In the Mashwayi case, Arnot Opco (Pty) Ltd (“Arnot”) entered business rescue at the instance of one of its creditors Wescoal Mining (Pty) Ltd (“Wescoal Mining”). A meeting of creditors was held to adopt a business rescue plan which afforded pre- and post- commencement...
by VDT Attorneys | Jun 6, 2024 | Business Rescue, Dismissal, Labour law, Unfair Dismissal
The Companies Act 71 of 2008 places a moratorium on legal proceedings against companies undergoing business rescue. In terms thereof, no legal proceeding may be commenced or proceeded within any forum against a company which has entered into business rescue...
by VDT Attorneys | Aug 8, 2018 | Business, Business Rescue, Commercial, Company, Director, Insolvency, Shares
The short answer to this question is no. Your company creditors should not be able to come after you personally. But, this is a qualified no. At the core of our company law is the concept of limited liability which implies that the shareholders and directors of the...
by VDT Attorneys | Aug 9, 2017 | Business, Business Rescue
In difficult economic times, many companies are having to come to terms with making tough financial decisions. Filing for liquidation, has in the past been a route considered by many companies. The Companies Act 71 of 2008 (“Companies Act”), introduced another...
by VDT Attorneys | Jan 12, 2015 | Business Rescue
Business rescue was introduced by the Companies Act 71 of 2008 (“the Act”) which came into operation in May 2011. It is a relatively new concept with many of the nuances of the process still being developed and refined by our courts. In this article we will look at...
