Protection of Businesses Act, 1978
R 385
Companies Act, 1973 (Act No. 61 of 1973)Chapter XV: Judicial Management434. Application of assets during judicial management |
| 1) | A judicial manager shall not without the leave of the Court sell or otherwise dispose of any of the company's assets save in the ordinary course of the company's business. |
| 2) | Any moneys of the company becoming available to the judicial manager shall be applied by him in paying the costs of the judicial management and in the conduct of the company's business in accordance with the judicial management order and so far as the circumstances permit in the payment of the claims of creditors which arose before the date of the order. |
| 3) | The costs of the judicial management and the claims of creditors of the company shall be paid mutatis mutandis in accordance with the law relating to insolvency as if those costs were costs of the sequestration of an estate and those claims were claims against an insolvent estate. |
