Cap. 6:07
INSOLVENCY
No. 7/2018
(vi) the benefits of adopting the corporate rescue plan as opposed to the
benefits that \Vould be received by creditors if the company were
to be placed in liquidation;
(vii) the effect that the corporate rescue plan \viii ha\e on the holders of
each class of the company's issued securities;
(c)
part C-assumptions and conditions, which must include at least(i) a statement of the conditions that must be satisfied, if any, for the
corporate rescue plan toA.
come into operation; and
B.
be fully implemented;
(ii) the effect, if any, that the corporate rescue plan contemplates
on the number of employees, and their terms and conditions of
employment;
(iii) the circumstances in which the corporate rescue plan will end;
(iv) a projectedA.
balance sheet for the company; and
B.
statement of income and expenses for the ensuing three years,
prepared on the assumption that the proposed corporate plan
is adopted.
(3) The projected balance sheet and statement required by subsection (2)(c)
(iv)(a)
must include a notice of any material assumptions on \Vhich the projections
are based; and
(b)
may include alternative projections based on varying assumptions and
contingencies.
(4) A proposed corporate rescue plan must conclude with a certificate by the
corporate rescue practitioner stating that any(a)
actual information provided appears to be accurate, complete, and up to
date; and
(b)
projections provided arc estimates made in good faith on the basis of
factual information and assumptions as set out in the statement.
(5) The corporate rescue plan must be published by the company within 45
business days after the date on which the corporate rescue practitioner was appointed,
or such longer time as may be allowed by(a)
the Court, on application by the company; or
(b)
the holders of a majority of the creditors' voting interests.
143 Meeting to determine future of company
(I) Within 10 business days after publishing a corporate rescue plan in terms
of section 142, the corporate rescue practitioner must convene and preside over a
meeting of creditors and any other holders of a voting interest, called for the purpose
of considering the plan.
(2) At least five business days before the meeting contemplated in subsection
(I), the practitioner must deliver a notice of the meeting to all affected persons, setting
out(a) the date, time and place of the meeting; and
(b)
the agenda of the meeting; and
(c)
a summary of the rights of affected persons to participate in and vote at
the meeting.
303
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