(b ) manage the company, subject to any order of the court, in such manner as he may consider most ec onomic and most likely to promote the interests of the members and creditors of the company; and
(c) comply with any direction of the court made in the final judicial management order or any variation
thereof; and
(d ) lodge with the Registrar —
(i) a copy of the final judicial management order and of the Master’s letter of appointment under
cover of the prescribed form; and
(ii) in the event of the final judicial management order being cancelled, a copy of the order cancelling it;
within seven days of his appointment or of the cancellation of the final judicial management order, as
the case may be; and
(e) comply with any of the requirements of section one hundred and twenty-three with which the company
would have been obliged to comply if it had not been placed under judicial management; and
(f) keep such accounting records and prepare such annual financial statements as the company or its directors would have been obliged to keep or prepare if it had not been placed under judicial management;
and
(g ) convene the annual general meeting and other meetings of members of the company provided for by this
Act and, in that regard, comply with all the requirements with which the directors of the company would
in terms of this Act have been obliged to comply with if the company had not been placed under judicial
management; and
(h ) convene meetings of the creditors of the company by notices issued separately on the dates on which the
notices convening annual general meetings of the company are issued or on which any interim r eport is
sent out to members and, in the case of a private company, not later than six months after the end of its
financial year; and
(i) submit to meetings of creditors convened under paragraph (h) reports showing the assets and liabilities
of the company and its debts and obligations as verified by the auditor of the company, and all such i nformation as may be necessary to enable the creditors to become fully acquainted with the company’s
position as at the end of the financial year or the end of the period covered by any such interim report or,
in the case of a private company, as at a date six months after the end of its financial year; and
(j) lodge with the Master copies of all the documents submitted to the meetings as provided in paragraphs
(g) and (i); and
(k) examine the affairs and transactions of the company before the commencement of judicial management
in order to ascertain whether any officer or past officer of the company has contravened or appears to
have contravened any provision of this Act or has committed any other offence, and, within six months
from the date of his appointment, shall submit to the Master a report on any such contravention or offence; and
(l) examine the affairs and transactions of the company before the commencement of judicial management
in order to ascertain whether any officer or past officer of the company is or appears to be personally liable to pay damages or compensation to the company or is personally liable for any liabilities of the
company, and, within six months from the date of his appointment, shall submit to the Master and to the
next succeeding meeting of members and of creditors of the company, a report containing full particulars of any such liability; and
(m) if at any time he is of the opinion that the continuation of judicial management will not enable the
company to become a successful concern, apply to the court, after not less than fourteen days’ notice by
registered post to all members and creditors of the company, for the cancellation of the relevant judicial
management order and the issue of an order for the winding up of the company.
307 Application of assets during judicial management
(1 ) A provisional judicial manager or final judicial manager shall not, without the leave of the court, sell or
otherwise dispose of any of the company’s assets except in the ordinary course of the company’s business.
(2 ) Any moneys of the company which become available to a provisional judicial manager or a final judicial
manager shall be applied by him towards —
(a ) paying the costs of judicial management; and
(b ) conducting the company’s business in accordance with the judicial management order; and
(c) so far as circumstances permit, paying the claims of creditors which arose before the date of the order.
(3 ) The costs of judicial management and the claims of creditors of the company shall be paid, mutatis mutandis, in accordance with the law relating to insolvency as if those costs were costs of the sequestration of an
estate and those claims were claims against an insolvent estate.
308 Remuneration of judicial managers
(1 ) A provisional judicial manager and a final judicial manager shall be entitled to such reasonable remuneration for their services as may be fixed by the Master from time to time.
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