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    The concept of a binding offer in business rescue
    2015-09-30

    There have been a myriad of decisions on business rescue proceedings since the inception of the new Companies Act 71 of 2008 (“the Act”).  More recently, our courts have considered section 153(1)(b)(ii) of the Act which introduces the concept of a ‘binding offer’.

    INTRODUCTION

    This section allows one affected person to make an offer to purchase at liquidation value, the voting interests of those persons who opposed the adoption of the business rescue plan.

    Filed under:
    South Africa, Banking, Insolvency & Restructuring, Litigation, Werksmans Attorneys
    Authors:
    Nastascha Van Vuuren
    Location:
    South Africa
    Firm:
    Werksmans Attorneys
    Old insolvency laws out of favour
    2015-10-19

    On 12 October 2015, the Deputy Minister of Justice and Constitutional Development, the Honourable John Jeffrey indicated that we are shortly to receive a revised and consolidated unified Insolvency Bill (“Bill”).

    Insolvency Law, as we know it presently is, in addition to substantial case law precedent, governed by –

    Filed under:
    South Africa, Insolvency & Restructuring, Werksmans Attorneys
    Authors:
    Eric Levenstein , Jennifer Smit , Lauren Becker
    Location:
    South Africa
    Firm:
    Werksmans Attorneys
    Labour disputes for companies under liquidation
    2015-11-10

    ISSUE

    Whether employees who have lodged a claim in the Labour Court against an employer that has gone into liquidation may proceed with their claim if they have not provided the liquidator with the requisite notice as required by South Africa’s company laws?

    SUMMARY

    Filed under:
    South Africa, Employment & Labor, Insolvency & Restructuring, Litigation, Werksmans Attorneys, Liquidation, Labour Court of South Africa
    Authors:
    Jacques van Wyk , Andre Van Heerden
    Location:
    South Africa
    Firm:
    Werksmans Attorneys
    Business rescue: a new mechanism to resolve shareholder disputes?
    2015-08-04

    The Business rescue process as set out in Chapter 6 of the 2008 Companies Act (operative since 2011) has opened up new and creative opportunities to resolve complex and protracted shareholders’ disputes.

    Filed under:
    South Africa, Company & Commercial, Insolvency & Restructuring, Werksmans Attorneys, Shareholder
    Authors:
    Eric Levenstein
    Location:
    South Africa
    Firm:
    Werksmans Attorneys
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