No. 7/2018
INSOLVENCY
Cap. 6:07
rescue practitioner, to be a fair and reasonable estimate of the return to
that person, or those persons, if the company were to be liquidated.
(3) If the corporate rescue practitioner, acting in terms of subsection (l)(b),
or an affected person, acting in terms of subsection (2)(b), informs the meeting that
an application will be made to the Court as contemplated in those provisions, the
practitioner must adjourn the meeting(a)
for five business days, unless the contemplated application is made to the
Court during that time; or
(b)
until the Court has disposed of the contemplated application.
(4) If, on the request of the corporate rescue practitioner in terms of subsection
(I )(a), or a call by an affected person in terms of subsection (2)(a), the meeting directs
the practitioner to prepare and publish a revised corporate rescue plan(a)
the corporate rescue practitioner must(i) conclude the meeting after that vote; and
(b)
(ii) prepare and publish a new or revised corporate rescue plan within
I 0 business days;
and
the provisions of this Part apply afresh to the publishing and consideration
of that new or revised plan.
(5) If an affected person makes an offer contemplated in subsection (2)(a), the
corporate rescue practitioner must(a) adjourn the meeting for no more than five business days, as necessary to
afford the practitioner an opportunity to make any necessary revisions to
the corporate rescue plan to appropriately reflect the results of the offer;
and
(b) set a date for resumption of the meeting, without further notice, at which
the provisions of section 144 and this section will apply afresh.
(6) If no person takes any action contemplated in subsection (I), the corporate
rescue practitioner must promptly file a notice of the termination of the corporate rescue
proceedings.
(7) A holder of a voting interest, or a person acquiring that interest in terms of a
binding offer, may apply to a Court to review, re-appraise and re-value a determination
by an independent expert in terms of subsection (2)(c).
(8) On an application contemplated in subsection (I), or (2), a Court may order
that the vote on a corporate rescue plan be set aside if the Court is satisfied that it is
reasonable and just to do so, having regard to(a) the interests represented by the person or persons who voted against the
proposed corporate rescue plan; and
(b) the provision, if any, made in the proposed corporate rescue plan with
respect to the interests of that person or those persons; and
(c) a fair and reasonable estimate of the return to that person, or those persons,
if the company were to be liquidated.
146 Discharge of debts and claims
( l) A corporate rescue plan may provide that, if it is implemented in accordance
with its terms and conditions, a creditor who has acceded to the discharge of the whole
or part of a debt owing to that creditor will lose the right to enforce the relevant debt
or part of it.
(2) If a corporate rescue plan has been approved and implemented in accordance
with this Part, a creditor is not entitled to enforce any debt owed by the company
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