| (1) |
Despite the provisions of the Companies Act or any other law under which a manager is incorporated, Chapter 6 of the Companies Act applies subject to this section and with the changes required by the context, in relation to the business rescue of a manager whether or not it is a company. |
| (2) |
The registrar may make an application under section 131 of the Companies Act in respect of a manager if the registrar is satisfied, whether as contemplated in section 88 or 89 of this Act, or otherwise, that it is in interests of investors. |
| (3) |
The resolution of a manager to begin business rescue proceedings, the appointment of a business rescue practitioner, the adoption of a business rescue plan and the exercise of a power by the business rescue practitioner under the Companies Act, are subject to the approval of the registrar. |
| (4) |
In the application of Chapter 6 of the Companies Act— |
| (a) |
a reference to the Commission, shall be construed as a reference also to the registrar; |
| (b) |
a reference to creditors, shall be construed as a reference also to investors; |
| (c) |
a reference relating to the ability of a manager to pay all its debts, shall be construed as relating also to its inability to comply with sections 88 and 89 of this Act; and |
| (d) |
there shall, in addition to any question relating to the business of a manager, be considered also the question whether any cause of action is in the interests of investors. |
| (5) |
If an application to a Court for an order relating to the business rescue of a manager is made by an affected person other than the registrar— |
| (a) |
it shall not be heard unless copies of the notice of motion and of all accompanying affidavits and other documents filed in support of the application are lodged with the registrar before the application is set down for hearing; |
| (b) |
the registrar may, if satisfied that the application is not in the interests of the investors of the manager concerned, join the application as a party and file affidavits and other documents in opposition to the application. |
| (6) |
As from the date upon which a business rescue practitioner is appointed, the business rescue practitioner of a manager shall not issue any fresh participatory interests, unless the practitioner has been granted permission to do so by a court. |
[Section 111A inserted by section 236 of Act No. 45 of 2013]
Older Persons Act, 2006
