Human Sciences Research Council Act, 2008
R 385
Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 13 : Resolution of Financial ProblemsPart 3 : Debt relief and restructuring154. Suspension of financial obligations |
Before issuing an order in terms of section 153(1)(b) for the suspension of a municipality's financial obligations to creditors, the court must be satisfied that—
| (a) | the municipality cannot currently meet its financial obligations to creditors; and |
| (b) | all assets not reasonably necessary to sustain effective administration or to provide the minimum Ievel of basic municipal services have been or are to be liquidated in accordance with the approved financial recovery plan for the benefit of meeting creditors' claims. |
