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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XV: Judicial Management

428. Provisional judicial management order

 

 

1) The Court may on an application under section 427(2) or (3) grant a provisional judicial management order, stating the return day, or dismiss the application or make any other order that it deems just.

 

2) A provisional judicial management order shall contain-
a) directions that the company named therein shall be under the management, subject to the supervision of the Court, of a provisional judicial manager appointed as hereinafter provided, and that any other person vested with the management of the company's affairs shall from the date of the making of the order be divested thereof; and
b) [Paragraph (b) deleted by section 11 of Act No. 84 of 1980]
c) such other directions as to the management of the company, or any matter incidental thereto, including directions conferring upon the provisional judicial manager the power, subject to the rights of the creditors of the company, to raise money in any way without the authority of shareholders as the Court may consider necessary, and may contain directions that while the company is under judicial management, all actions, proceedings, the execution of all writs, summonses and other processes against the company be stayed and be not proceeded with without the leave of the Court.

 

3) The Court which has granted a provisional judicial management order, may at any time and in any manner, on the application of the applicant, a creditor or member, the provisional judicial manager or the Master, vary the terms of such order or discharge it.