Chapter 6: Business Rescue and Compromise With Creditors
Part C: Rights of affected persons during business rescue proceedings

s146: Participation by holders of company's securities

  • (1) During a company's business rescue proceedings, each holder of any issued security of the company is entitled to:
    • (a) notice of each court proceeding, decision, meeting or other relevant event concerning the business rescue proceedings;
      • (b) participate in any court proceedings arising during the business rescue proceedings;
        • (c) formally participate in a company's business rescue proceedings to the extent provided for in this Chapter;
          • (d) vote to approve or reject a proposed business rescue plan in the manner contemplated in section 152, if the plan would alter the rights associated with the class of securities held by that person; and
            • (e) if the business rescue plan is rejected, to:
              • (i) propose the development of an alternative plan, in the manner contemplated in section 153; or
                • (ii) present an offer to acquire the interests of any or all of the creditors or other holders of the company's securities in the manner contemplated in section 153.

              Related Sections

              s152: Consideration of business rescue plan
              s153: Failure to adopt business rescue plan

              Related Regulations

              R125: Notices to be issued by practitioner concerning business rescue proceedings

              Related Notes

              No related note.

              Related Forms

              CoR125.1: Notice concerning status of Business Rescue Proceedings
              CoR125.2: Notice of Termination of Business Rescue Proceedings
              CoR125.3: Notice of Termination of Business Rescue Proceedings