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

Companies Regulations, 2011

Chapter 6 : Business Rescue

Part A : Business Rescue Proceedings

125. Notices to be issued by practitioner concerning business rescue proceedings

 

 

See sections 132 (3)(b), 141 (2)(b), 144 (3), 145 (1)(a), 146 (a), 151 (2) and 152 (8)

 

(1) A business rescue practitioner who is required by section 132 (3)(b) to report to affected persons on the progress of business rescue proceedings, or required by section 141 (2)(b) to inform the court, the company and affected persons as to the prospects for rescue of the company, must prepare and file a Notice Concerning the Status of Business Rescue Proceedings in Form CoR 125.1, deliver a copy of that Notice to the court and to the company, and must either—
(a) deliver a copy of that notice to each affected person in accordance with regulation 7; or
(b) inform each affected person of the availability of a copy of that notice, in the manner contemplated in section 6 (11)(b)(ii) and regulation 6.

 

(2) A business rescue practitioner must give any notice to which a person is entitled in terms of section 144 (3), 145 (1)(a), 146 (a) or 151 (2), by—

(a)        serving any such notice to the head office of a relevant trade union, as required by section 144(3)(a);

(b)        either—

(i) delivering a copy of any such notice in accordance with regulation 7 to any affected person entitled to receive it, and who has not been served in terms of paragraph (a); or
(ii) 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; and

(c)        conspicuously displaying a copy of the notice—

(i) at the registered office of the company that is undergoing business rescue proceedings, the principal places of conducting the business activities of the company and 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 business practitioner must publish a proposed business rescue plan, as required by section 150 (5), by—
(a) informing each affected person of the availability of the plan, in the manner contemplated in section 6 (11)(b)(ii) and regulation 6;
(b) conspicuously displaying a notice of the availability of the plan—
(i) at the registered office of the company that is undergoing business rescue proceedings, 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; and
(c) providing a free copy of the plan to any affected person who requests such a copy.

 

(4) A Notice of Termination of Business Rescue Proceedings, as contemplated in section 141 (2)(b)(ii), must be in Form CoR 125.2.

 

(5) A Notice of Substantial Implementation of a Business Rescue Plan, as contemplated in section 152 (8), must be in Form CoR 125.3.

 

(6) A business rescue practitioner who has filed a Notice of Termination of Business Rescue Proceedings, or a Notice of Substantial Implementation of a Business rescue Plan, must—
(a) conspicuously display a copy of the notice—
(i) at the registered office of the company that is undergoing business rescue proceedings, 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; and
(b) either—
(i) deliver a copy of the notice to each affected person in accordance with regulation 7; or
(ii) inform each affected person of the availability of a copy of that notice, in the manner contemplated in section 6 (11)(b)(ii) and regulation 6.