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

s149: 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.

              Related Sections

              s147: First meeting of creditors
              s148: First meeting of employees' representatives

              Related Regulations

              No related regulations.

              Related Notes

              No related note.

              Related Forms

              No related forms.