A judicial manager shall, subject to the provisions of the memorandum and articles of the company concerned in so far as they are not inconsistent with any direction contained in the relevant judicial management order-
| b) |
conduct such management, subject to the orders of the Court, in such manner as he may deem most economic and most promotive of the interests of the members and creditors of the company; |
| c) |
comply with any direction of the Court made in the final judicial management order or any variation thereof |
| i) |
a copy of the judicial management order and of the Master's letter of appointment under cover of the prescribed form; |
| ii) |
in the event of the judicial management order being cancelled, a copy of the order cancelling it, |
within seven days of his appointment or of the cancellation of such judicial management order, as the case may be;
| e) |
[Paragraph (e) deleted by section 14 of Act No. 31 of 1986] |
| f) |
keep such accounting records and prepare such annual financial statements, interim reports and provisional annual financial statements as the company or its directors would have been obliged to keep or prepare if it had not been placed under judicial management; |
| g) |
convene the annual general meeting and other meetings of members of the company provided for by this Act and in that regard comply with all the requirements with which the directors of the company would in terms of this Act have been obliged to comply if the company had not been placed under judicial management;convene meetings of the creditors of the company by notices issued separately on the dates on which the notices convening annual general meetings of the company are issued or on which any interim report is sent out to members and in the case of a private company not later than six months after the end of its financial year, and submit to such meetings reports showing the assets and liabilities of the company, its debts and obligations as verified by the auditor of the company, and all such information as may be necessary to enable the creditors to become fully acquainted with the company's position as at the date of the end of the financial year or the end of the period covered by any such interim report or, in the case of a private company, as at a date six months after the end of its financial year; |
| h) |
lodge with the Master copies of all the documents submitted to the meetings as provided in paragraphs (g) and (h); |
| i) |
examine the affairs and transactions of the company before the commencement of the judicial management in order to ascertain whether any director, past director, officer or past officer of the company has contravened or appears to have contravened any provision of this Act or has committed any other offence, and within six months from the date of his appointment submit to the Master such reports as are in terms of section 400 required to be submitted to the Master by a liquidator; and in relation to which the provisions of that section shall apply; |
| j) |
examine the affairs and transactions of the company before the commencement of the judicial management in order to ascertain whether any director, past director, officer or past officer of the company is or appears to be personally liable for damages or compensation to the company or for any debts or liabilities of the company, and within six months from the date of his appointment prepare and submit to the Master and to the next succeeding meeting of members and of creditors of the company, a report containing full particulars of any such liability; and |
| k) |
if at any time he is of opinion that the continuation of the judicial management will not enable the company to become a successful concern, apply to the Court, after not less than fourteen days' notice by registered post to all members and creditors of the company, for the cancellation of the relevant judicial management order and the issue of an order for the winding-up of the company. |
Special Investigating Units and Special Tribunals Act, 1996
