Cap. 6:07
INSOLVENCY
No. 7/2018
delay in the discharge of his or her duties or on account of any improper performance
of his or her duties.
Sus-PART
C- RIGHTS
OF AFFECTED PERSONS DuRING CoRPORATE REscuE PROCEEDINGS
137 Rights of employees
(I) During a company's corporate rescue proceedings any employees of the
company who are(a)
represented by a registered trade union may exercise any rights set out
in this Part(i) collectively through their trade union; and
(ii)
(b)
in accordance with applicable labour law;
or
not represented by a registered trade union may elect to exercise any
rights set out in this Part either directly, or by proxy through an employee
organisation or representative.
(2) To the extent that any remuneration, reimbursement for expenses or other
amount of money relating to employment became due and payable by a company
to an employee at any time before the beginning of the company's corporate rescue
proceedings, and had not been paid to that employee immediately before the beginning
of those proceedings, the employee is a preferent creditor of the company for the
purposes of this Part.
(3) During a company's corporate rescue process, every registered trade
union representing any employees of the company, and any employee who is not so
represented, is entitled to(a)
notice, which must be given by standard notice to employees at their
\vorkplace, and served at the head office of the relevant trade union, of each
Court proceeding, decision, meeting or other relevant event concerning
the corporate rescue proceedings;
(b)
participate in any Court proceedings arising during the corporate rescue
proceedings;
(c)
form a committee of employees' representatives;
(d)
be consulted by the practitioner during the development of the corporate
rescue plan, and afforded sufficient opportunity to review any such plan
and prepare a submission contemplated in section 144(l)(c);
(e)
be present and make a submission to the meeting of the holders of voting
interests before a vote is taken on any proposed corporate rescue plan, as
contemplated in section 144(l)(c);
(f)
vote with creditors on a motion to approve a proposed corporate plan, to
the extent that the employee is a creditor, as contemplated in subsection
(2);
(g)
if the proposed corporate rescue plan is rejected, to(i)
propose the development of an alternative plan, in the manner
contemplated in section 145; or
(ii)
present an offer to acquire the interests of one or more affected
persons, in the manner contemplated in section 145.
(4) A medical scheme, or a pension scheme including a provident scheme, for
the benefit of the past or present employees of a company is an unsecured creditor or
the company for the purposes of this Part to the extent of(a)
any amount that was due and payable by the company to the trustees of
the scheme at any time before the beginning of the company's corporate
299
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