BUSINESS RESCUE, RESTRUCTURING AND INSOLVENCY: THE COURT’S POWER TO SET ASIDE THE DISSENTING VOTE OF A CREDITOR IN BUSINESS RESCUE PROCEEDINGS If satisfied that it is reasonable and just to do so, a court may set aside a dissenting vote on a business rescue plan. In Collard v Jatara Connect (Pty) Ltd & Others [2017] ZAWCHC 45, the court did exactly that. Explaining his decision, Judge Dlodlo stated that there should be no reason to prefer a winding up application over a business rescue plan that will pay the employees of the company in full and result in a better return for creditors.
Section 133 of the Companies Act 71 of 2008 provides for a general moratorium on legal proceedings against a company in business rescue.
I wrote an article published in the June issue of Without Prejudice in which this question was considered. I criticised the then binding judgment of Chetty t/a Nationwide Electrical v Hart NO and Another (12559/2012) [20141 ZAKZDHC 9 (25 March 2014), as it was held in that case that arbitration proceedings do not constitute legal proceedings for purposes of section 133 of the Act.
The toughening of lockdown measures in Spain and resulting closure of all business activities not classed as essential makes it absolutely necessary to keep very much in sight this week the measures approved in the labor and employment field. In the domain of corporate law and commercial contracts, the decision governing the first tranche of guarantees to soften the economic effects of the crisis has already been published in the Spanish Official State Gazette (BOE). As for tax matters, the personal income tax and wealth tax season is about to start.
Reopening to the public of establishments, effects of RDL 16/2020 on procedural, insolvency and tax matters, labor measures in preparation for de-escalation and news on administrative procedures
Las novedades regulatorias que afectan a las empresas se están aprobando de forma constante y continuada. Semana a semana, Garrigues ofrece un resumen de las principales cuestiones que deben tener en cuenta las empresas a lo largo de los próximos días.
DOING BUSINESS IN CANADA: A LEGAL OVERVIEW 1 INTRODUCTION 2 A SNAPSHOT OF CANADA 3 FOREIGN INVESTMENT IN CANADA 4 BUSINESS STRUCTURES 5 SECURITIES 6 REAL ESTATE 7 INCOME AND SALES TAXES 8 IMMIGRATION 9 LABOUR AND EMPLOYMENT 10 INTELLECTUAL PROPERTY 11 PRIVACY 11 CIVIL/COMMERCIAL LITIGATION 11 ALTERNATIVE DISPUTE RESOLUTION 12 INSOLVENCY AND RESTRUCTURING DOING BUSINESS IN CANADA: A LEGAL OVERVIEW TABLE OF CONTENTS © TORKIN MANES LLP 2012INTRODUCTION DOING BUSINESS IN CANADA: A LEGAL OVERVIEW 1 Canada has always been a great place for non-Canadians to do business.
Justice Morawetz of the Ontario Superior Court (also a celebrity among lawyers for being the Morawetz in the trio of Houlden, Morawetz, & Sarra, authors of the Annotated Bankruptcy and Insolvency Act) announced last week (on 8 March) that the next step in the long-running Nortel insolvency proceedings would be a cross-border joint trial to carve up the rump of Nortel’s liquidated assets (app
This bulletin is a cross-country update presented by the national Restructuring & Insolvency Group. It discusses the key cases across the country involving debtor-inpossession (DIP) financing, court-ordered charges and other priority claims and disputes in recent Canadian insolvency proceedings.
Introduction
In Re Crystallex, the Ontario Court of Appeal (“Court of Appeal”) unanimously upheld three orders of the Ontario Superior Court of Justice (“OSCJ”) that (1) authorized bridge financing, (2) authorized interim financing
We have prepared this Business Law Guide as a general overview of certain legal and business matters that may be relevant to a decision to establish or invest in a business in Canada.