| 1) |
Any return day fixed under section 428(1) shall not be later than sixty days after the date of the provisional judicial management order but may be extended by the Court on good cause shown. |
| 2) |
On such return day the Court may after consideration of- |
| a) |
the opinion and wishes of creditors and members of the company; |
| b) |
the report of the provisional judicial manager under section 430; |
| c) |
the number of creditors who did not prove claims at the first meeting of creditors and the amounts and nature of their claims; |
| d) |
the report of the Master; and |
grant a final management order if it appears to the Court that the company will, if placed under judicial management, be enabled to become a successful concern and that it is just and equitable that it be placed under judicial management, or may discharge the provisional order or make any other order it may deem just.
| 3) |
A final judicial management order shall contain- |
| a) |
directions for the vesting of the management of the company, subject to the supervision of the Court, in the final judicial manager, the handing over of all matters and the accounting by the provisional judicial manager to the final judicial manager and the discharge of the provisional judicial manager, where necessary; |
| b) |
[Paragraph (b) deleted by section 13 of Act No. 84 of 1980] |
| c) |
such other directions as to the management of the company, or any matter incidental thereto, including directions conferring upon the final judicial manager the power, subject to the rights of the creditors of the company, to raise money in any way without the authority of shareholders, as the Court may consider necessary. |
| 4) |
The Court which has granted a final judicial management order, may at any time and in any manner vary the terms of such order on the application of the Master, the final judicial manager or a representative acting on behalf of the general body of creditors of the company concerned by virtue of a resolution passed by a majority in value and number of such creditors at a meeting of those creditors. |
Implementation of Geneva Conventions Act, 2012
