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Companies Act, 2008 (Act No. 71 of 2008)

Companies Regulations, 2011

Chapter 6 : Business Rescue

Part A : Business Rescue Proceedings

123. Notices to be issued by a company concerning its business rescue proceedings

 

 

See section 129 (3), (4)(b) and (7), and section 131 (8)

 

(1) A Notice of Commencement of Business Rescue Proceedings, contemplated in section 129, must be in form CoR 123.1, and filed in accordance with section 129, together with a copy of the board resolution to commence business rescue proceedings.

 

 

(2) After filing its Notice of Commencement of Business Rescue Proceedings, the company must publish that Notice as required in section 129 (3)(a), by—
(a) delivering a copy of the Notice and resolution to every affected person in accordance with regulation 7; and
(b) conspicuously displaying a copy of the Notice—
(i) at the registered office of the company, the principal places of conducting the business activities of the company and at any workplace where employees of the company are employed;
(ii) on any website that is maintained by the company and intended to be accessible by affected persons; and
(iii) if it is a listed company, on any electronic system maintained by the relevant exchange for the communication and inter-change of information by and among companies listed on that exchange.

 

(3) A Notice of Appointment of a Business Rescue Practitioner by the company, as contemplated in section 129 (3), must be in form CoR 123.2, and filed in accordance with section 129 (4)(a).

 

(4) After filing its Notice of Appointment of a Business Rescue Practitioner, the company must publish a copy of that Notice as required in section 129(4)(b), by either—
(a) delivering a copy of the Notice to each affected person in accordance with regulation 7; or
(b) informing each affected person of the availability of a copy of the Notice, in the manner contemplated in section 6 (11)(b )(ii) and regulation 6.

 

(5) A company whose board is required in terms of section 129 (7) to deliver a notice to affected persons advising that it has not resolved to commence business rescue proceedings, must either—
(a) deliver a notice in Form CoR 123.3 to each affected person in accordance with regulation 7; or
(b) inform each affected person of the availability of a copy the Notice, in the manner contemplated in section 6(11)(b)(ii) and regulation 6.

 

(6) A company that is placed under business rescue proceedings by a court order in terms of section 131, must notify each affected person, as required by section 131 (8)(b), by—
(a) delivering a copy of the court order to every affected person in accordance with regulation 7; and
(b) conspicuously displaying a copy of the court order—
(i) at the registered office of the company, the principal places of conducting the business activities of the company and at any workplace where employees of the company are employed;
(ii) on any website that is maintained by the company and intended to be accessible by affected persons; and
(iii) if it is a listed company, on any electronic system maintained by the relevant exchange for the communication and inter-change of information by and among companies listed on that exchange.