No. 7/2018 INSOLVEi'iCY (ii) Cap. 6:07 the Registrar of Co-operative Societies in the case of a Co-opcrati ve Society. (3) Within five business days after a company has adopted and filed a resolution, as contemplated in subsection (I). or such longer time as the Master, on application b) the company, may allow, the company must(a) give notice of the resolution, and its effective date, by standard notice to every affected person, including with the notice a sworn statement of the facts relevant to the grounds on which the board resolution \Vas founded; and (b) appoint a corporate rescue practitioner who satisfies the requirements of section 131, and who has consented in writing to accept the appointment. (4) After appointing a practitioner as required by subsection (3)(b). a company must(a) file a notice of the appointment of a practitioner \Vi thin two business clays after making the appointment with the Master of the High Court and(i) the Registrar of Companies in the case of a company; the Registrar of Co-operative Societies in the case of a Co-operative Society; publish a copy of the notice of appointment to each affected person within five business days after the notice was filed. (ii) (b) (5) If a company fails to comply with any provision of subsection (3) or (4)(a) its resolution to begin corporate rescue proceedings and place the company under supervision lapses and is a nullity; and (b) the company may not file a further resolution contemplated in subsection ( 1) for a period of three months after the date on which the lapsed resolution was adopted, unless a Court, on good cause shmvn on an urgent chamber application, approves the company filing a further resolution. (6) A company that has adopted a resolution contemplated in this section may not adopt a resolution to begin liquidation proceedings, unless the resolution has lapsed in terms of subsection (5), or until the corporate rescue proceedings have ended as determined in accordance with section 125(2). (7) If the board of a company has reasonable grounds to believe that the company is financially distressed, but the board has not adopted a resolution contemplated in this section, the board must deliver a \vritten notice to each affected person, setting out the criteria referred to in section 121(l)(f) that are applicable to the company, and its reasons for not adopting a resolution contemplated in this section. 123 Objections to company resolution (I) Subject to subsection (2), at any time after the adoption of a resolution in terms of section 122, until the adoption of a corporate rescue plan in terms of section 146, an affected person may apply to a Court for an order- (a) setting aside the resolution, on the grounds that(i) there is no reasonable basis for believing that the company 1s financially distressed; or (ii) there is no reasonable prospect for rescuing the company; or (iii) (b) the company has failed to satisfy the procedural requirements set out in section 122; setting aside the appointment of the practitioner, on the grounds that the practitioner- 28X