Cap. 6:07 iNSOLVENCY No. 7/2018 (ii) a temporary moratorium on the rights of claimants against the company or in respect of property in its possession: and (iii) the development and implementation, if approved, of a plan to rescue the company by restructuring its affairs, business, property, debt and other liabilities, and equity in a manner that maximises the likelihood of the company continuing in existence on a solvent basis or, if it is not possible for the company to so continue in existence, results in a better return for the company's creditors or shareholders than would result from the immediate liquidation of the company; (c) "corporate rescue plan" means a plan contemplated in section 142; (d) "corporate rescue practitioner" means a person appointed, or two or more persons appointed jointly, in terms of this Part to oversee a company during business rescue proceedings and "practitioner" has a corresponding meaning; (e) "Court" means the High Court of Zimbabwe; (f) "financially distressed", in reference to a particular company at any particular time, means that- (g) (i) it appears to be reasonabl:y unlikely that the company will be able to pay all of its debts as they become due and payable within the immediately ensuing six months; or (ii) it appears to be reasonably likely that the company \viii become insolvent within the immediately ensuing six months; "independent creditor" means a person who(i) is a creditor ofthe company, including an employee of the company who is a creditor in terms of section 137(2); and (ii) is not an associate of the company, a director, or the practitioner, subject to subsection (2): (h) "rescuing the company" means achieving the goals set out in the definition of "corporate rescue" in paragraph (b); (i) "supervision" means the oversight imposed on a company during its business rescue proceedings: U) "voting interest" means an interest as recognised, appraised and valued in terms of section 138(4) to (6). (2) For the purpose of subsection (1 )(g), an employee of a company is not an associate of that company solely as a result of being a member of a trade union that holds securities of that company. 122 Company resolution to commence corporate rescue proceedings ( 1) Subject to subsection (2)(a), the board of a company may resolve that the company voluntarily begin corporate rescue proceedings and place the company under supervision, if the board has reasonable grounds to believe that( a) the company is financially distressed; and (b) there appears to be a reasonable prospect of rescuing the company. (2) A resolution contemplated in subsection (I)(a) may not be adopted if liquidation proceedings have been initiated by or against the company; and (b) has no force or effect until it has been filed with the Master of the High Court and(i) the Registrar of Companies in the case of a company; 287