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Action Date |
Filed Date |
Section |
Activity |
Cross Ref |
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| 25-Aug | 26-Aug | P | 129(1) | The directors must pass a board resolution to place company into BR, appoint a BRP, and nominate a director as authorised signatory for all relevant documentation. | CoR 123.1 |
| 25-Aug | 26-Aug | P | Make sworn statement that the company is finacially distressed and that there appears to be reasonable prospects of rescuing the company and any other facts upon which the resoution was founded. | CoR 123.1 |
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| 25-Aug | 1-Sep | P | ? | Lodge a Public Interest Score with application. | Reg 26(2) |
| 25-Aug | 26-Aug | P | 129(3) | Notice of Beginning of Business Rescue Proceedings - completed & filed at CIPC. | CoR 123.1 |
| 2-Sep | 2-Sep | P | 129(4)(a) | Notice of the appointment of a Business Rescue Pactitioner - completed & filed at CIPC. | CoR 123.2 |
| 2-Sep | 26-Sep | P | 138 | Application for a Practioner's Licence - completed by the BRP & filed at CIPC pay R500 per application by EFT. | CoR 126.1 |
| CIPC issues Business Rescue Practioners licence. | CoR |
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| 2-Sep | P | 129(4)(b) | Publish a copy of the notice of appointment to each affected person within five business days after the notice was filed. | CoR 123(2) |
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| N/A | N/A | 129(7) | If the board of a company has reasonable grounds to believe that the company is financially distressed, but the board has not adopted a resolution contemplated in this section, the board must deliver a written notice to each affected person {five days}. | CoR 123(3) |
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| N/A | N/A | 131(8)(b) | Must notify each affected person of the order within five business days after the date of the order. | 131(4) |
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| 14-Sep | Appoint a Creditors Committee. | ||||
| 2-Sep | Appoint an Employees Committee. | ||||
| 16-Sep | 142(3) | Within five business days after business rescue proceedings begin, or such longer period as the practitioner allows, the directors of a company must provide the practitioner with a statement of affairs containing. | 132(1)(a) to (c) |
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| N/A | 143(4) | A creditor or shareholder who voted against a proposal contemplated in this section may apply to a court within 10 business days after the date of voting on that proposal, for an order setting aside the agreement. | 143(3)(a) |
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| N/A | 145(5)(c) | Give a written notice of the determination, or appraisal and valuation, to the person concerned at least 15 business days before the date of the meeting to be convened in terms of section 151. | 151 |
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| N/A | 145(6) | Within five business days after receiving a notice of a determination contemplated in subsection (5), a person may apply to a court. | 145(5)(c) | ||
| 16-Sep | 147(1) | Within 10 business days after being appointed, the practitioner must convene, and preside over, a first meeting of creditors. | 131(5) | ||
| 16-Sep | 148(1) | Within 10 business days after being appointed, the practitioner must convene, and preside over, a first meeting of employees’ representatives. | |||
| 7-Oct | 150(5) | The business rescue plan must be published by the company within 25 business days after the date on which the practitioner was appointed. | |||
| 21-Oct | 151(1) | Within 10 business days after publishing a business rescue plan in terms of section 150, the practitioner must convene and preside over a meeting of creditors and any other holders of a voting interest, called for the purpose of considering the plan. | 150(5) | ||
| 14-Oct | 151(2) | At least five business days before the meeting contemplated in subsection (1), the practitioner must deliver a notice of the meeting to all affected persons. | 150(5) | ||
| 153(2)(a) | Adjournment of meeting if the BR plan is rejected for five business days. | 151(1) | |||
| 153(3)(a)(ii) | Prepare and publish a new or revised business rescue plan within 10 business days. | ||||
| 153(4)(a) | Adjourn the meeting for no more than five business days. | ||||
| 155(8)(a) | Must be filed by the company within five business days. | ||||