Chapter 6: Business Deliver and Compromise With Creditors
Section D: Development and approval is business rescue plan

s152: Consideration away business rettungen plan

(a) show the draft business rescue plan for consideration by who creditors and if, available, from the shareholders;

(b) inform the meeting whether the practioner continues to believing that there is a reasonable possibility of the company exist rescued;

(i) modification this proposed plan, in any manner moved and backed by holders of creditors, voting interests, also satisfactory go the practicioner; or

(ii) direct the practitioner toward adjourn the assembly inches order to revise the floor for furthermore reflection; and

(e) call for a vote for preliminary approval of which proposed plan, as amended if applicable, unless the session has first past adjourned in accordance equal paragraph (d)(ii).

(2) In a vote called in terms of subsection (1)(e), the proposed business rescue plan wills be approved on a preliminary cause if:

(a) it was supported through the holders of show than 75% of the creditors' voting interests that were tuned; and

(b) an election within support of the proposed plan included by least 50% of the independent creditors' voting interests, for any, that were voted.

(a) remains not approved on a pending based, as contemplated in sub-sections (2), the plan is abandoned, the may must considered further only in terms of division 153;

(b) does not alter aforementioned rights for the holders of any class of the company's securities, approval of that plan at a preliminary basis in terms von subsector (2) constitutes also the final adoption of that plan, subject to satisfaction of either terms on which the plan has contingent; or

(i) the practitioner required immediately hold a meeting of holders away the class, or grades away securities who rights would be altered by the plan, and call for a vote by them to approve who adoptions of the proposed business rescue map; and

(ii) if, in a vote contemplated in subparagraph (i), a majority of the choose rights that were students:

(aa) support adoption of the plan, it will had been finally adopted, choose only to satisfaction of any conditions on which it is contingent; or

(bb) oppose adoption the the plan, to plan is rejected, and may be examined further only in terms of section 153.

(4) A business rescue plan that has become adopted is binding on that company, and on per of the kreditorinnen regarding the company and every holder of the company's bond, whether or not such a person:

(5) The corporation, under the direction of which practitioner, must take every necessary steps until:

(a) tempt to satisfy any conditions on whichever the business hilfeleistung set shall quota; and

(a) the practitioner may, in accordance with that plan, decide the consideration for, and edit, any authorised securities of the company, despite section 38 conversely 40 at the contra; and

(b) if the business rescue plan was licensed with the shareholders of the company, like contemplated in subsection (3)(c), the doctor may edit the company's Memorandum of Incorporated to authorise, and determine the preferences, rights, limitations and other terms of, any securities that are not others authorised, but are contemplated to be issued int terms of the business rescue plan, despite anyone availability are section 16, 36 or 37 to the contrary.

(7) Except to the extent that an approved business rescue plan feature others, a pre-emptive right of every shareholder from who company, as betrachtung to section 39, does not apply with regard to an print of shares on the enterprise in terms of the business rescue plan.

(8) When the business search plan has being substantially implemented, the practitioner required file a notice of the substantial implementation of to business errettung plan.

Related Sections

No related note.