No. 7/2018 INSOLVENCY (e) (f) Cap.6:07 proceedings concerning any property or right over which the company exercises the powers of a trustee; or proceedings by a regulatory authority in the execution of its duties after written notification to the corporate rescue practitioner. (2) During corporate rescue proceedings, a guarantee or surety by a company in favour of any other person may not be enforced by any person against the company except with leave of the Court and in accordance with any terms the Court considers just and equitable in the circumstances. (3) If any right to commence proceedings or otherwise assert a claim against a company is subject to a time limit, the measurement of that time must be suspended during the company's corporate rescue proceedings. 127 Protection of property interests (l) Subject to subsections (2) and (3), during a company's corporate rescue proceedings- (a) the company may dispose, or agree to dispose, of property only(i) in the ordinary course of its business; or (ii) in a bonafide transaction at arm's length for fair value approved in advance and in writing by the practitioner; or (iii) in a transaction contemplated within, and undertaken as part of the implementation of, a corporate rescue plan that has been approved in terms of section 145; and (b) any person who, as a result of an agreement made in the ordinary course of the company's business before the corporate rescue proceedings began, is in lawful possession of any property owned by the company may continue to exercise any right in respect of that property as contemplated in that agreement, subject to section 129; and (c) despite any provision of an agreement to the contrary, no person may exercise any right in respect of any property in the lawful possession of the company, irrespective of whether the property is owned by the company, except to the extent that the practitioner consents in writing. (2) The practitioner may not unreasonably withhold consent in terms of subsection (l)(c), having regard to- (a) (b) (c) the purposes of this Part; and the circumstances of the company; and the nature of the property, and the rights claimed in respect of it. (3) If, during a company's corporate rescue proceedings, the company wishes to dispose of any property over which another person has any security or title interest, the company must(a) obtain the prior consent of that other person, unless the proceeds of the disposal would be sufficient to fully discharge the indebtedness protected by that person's security or title interest; and (b) promptly(i) pay to that other person the sale proceeds attributable to that property up to the amount of the company's indebtedness to that other person; or (ii) provide security for the amount of those proceeds, to the reasonable satisfaction of that other person. 292

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