Special Investigating Units and Special Tribunals Act, 1996
R 385
Companies Act, 2008 (Act No. 71 of 2008)Chapter 6 : Business Rescue and Compromise with CreditorsPart B : Practitioner’s functions and terms of appointment142. Directors of company to co-operate with and assist practitioner |
(1) | As soon as practicable after business rescue proceedings begin, each director of a company must deliver to the practitioner all books and records that relate to the affairs of the company and are in the director’s possession. |
(2) | Any director of a company who knows where other books and records relating to the company are being kept, must inform the practitioner as to the whereabouts of those books and records. |
(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, at a minimum, particulars of the following: |
(a) | Any material transactions involving the company or the assets of the company, and occurring within 12 months immediately before the business rescue proceedings began; |
(b) | any court, arbitration or administrative proceedings, including pending enforcement proceedings, involving the company; |
(c) | the assets and liabilities of the company, and its income and disbursements within the immediately preceding 12 months; |
(d) | the number of employees, and any collective agreements or other agreements relating to the rights of employees; |
(e) | any debtors and their obligations to the company; and |
(f) | any creditors and their rights or claims against the company. |
(4) | No person is entitled, as against the practitioner of a company, to retain possession of any books or records of the company, or to claim or enforce a lien over any such books or records, unless such books or records are in the lawful possession of such person and he or she has made copies available to the practitioner or has afforded the practitioner a reasonable opportunity to inspect the books or records concerned. |