Foodstuffs, Cosmetics and Disinfectants Act, 1972
R 385
Companies Act, 2008 (Act No. 71 of 2008)Chapter 6 : Business Rescue and Compromise with CreditorsPart C : Rights of affected persons during business rescue proceedings149. Functions, duties and membership of committees of affected persons |
| (1) | A committee of employees, or of creditors, appointed in terms of section 147 or 148, respectively— |
| (a) | may consult with the practitioner about any matter relating to the business rescue proceedings, but may not direct or instruct the practitioner; |
| (b) | may, on behalf of the general body of creditors or employees, respectively, receive and consider reports relating to the business rescue proceedings; and |
| (c) | must act independently of the practitioner to ensure fair and unbiased representation of creditors’ or employees’ interests. |
| (2) | A person may be a member of a committee of creditors or employees, respectively, only if the person is— |
| (a) | an independent creditor, or an employee, of the company; |
| (b) | an agent, proxy or attorney of an independent creditor or employee, or other person acting under a general power of attorney; or |
| (c) | authorised in writing by an independent creditor or employee to be a member. |
