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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XV: Judicial Management

429. Custody of property and appointment of provisional judicial manager on the granting of judicial management order

 

 

Upon the granting of a provisional judicial management order-

a) all the property of the company concerned shall be deemed to be in the custody of the Master until a provisional judicial manager has been appointed and has assumed office;
b) the Master shall without delay-
i) appoint, in accordance with policy determined by the Minister, a provisional judicial manager (who shall not be the auditor of the company or any person disqualified under this Act from being appointed as liquidator in a winding-up) who shall give such security for the proper performance of his or her duties in his or her capacity as such, as the Master may direct, and who shall hold office until discharged by the Court as provided in section 432(3)(a);
ii) convene separate meetings of the creditors, the members and debenture holders (if any) of the company for the purposes referred to in section 431.