Chapter 6: Business Rescue
Part A: Business rescue proceedings
R123: Notices to be issued by a company concerning its business rescue proceedings
- (1) A Notice of Commencement of Business Rescue Proceedings, contemplated in section 129, must be in form CoR 123.1, and filed in accordance with section 129, together with a copy of the board resolution to commence business rescue proceedings.
- (2) After filing its Notice of Commencement of Business Rescue Proceedings, the company must publish that Notice as required in section 129 (3)(a), by-
- (a) delivering a copy of the Notice and resolution to every affected person in accordance with regulation 7; and
- (b) conspicuously displaying a copy of the Notice-
- (i) at the registered office of the company, the principal places of conducting the business activities of the company and at any workplace where employees of the company are employed;
- (ii) on any website that is maintained by the company and intended to be accessible by affected persons; and
- (iii) if it is a listed company, on any electronic system maintained by the relevant exchange for the communication and inter-change of information by and among companies listed on that exchange.
- (3) A Notice of Appointment of a Business Rescue Practitioner by the company, as contemplated in section 129 (3), must be in form CoR 123.2, and filed in accordance with section 129 (4)(a).
- (4) After filing its Notice of Appointment of a Business Rescue Practitioner, the company must publish a copy of that Notice as required in section 129 (4)(b), by either-
- (a) delivering a copy of the Notice to each affected person in accordance with regulation 7; or
- (b) informing each affected person of the availability of a copy of the Notice, in the manner contemplated in section 6 (11)(b )(ii) and regulation 6.
- (5) A company whose board is required in terms of section 129 (7) to deliver a notice to affected persons advising that it has not resolved to commence business rescue proceedings, must either-
- (a) deliver a notice in Form CoR 123.3 to each affected person in accordance with regulation 7; or
- (b) inform each affected person of the availability of a copy the Notice, in the manner contemplated in section 6 (11)(b)(ii) and regulation 6.
- (6) A company that is placed under business rescue proceedings by a court order in terms of section 131, must notify each affected person, as required by section 131 (8)(b), by-
- (a) delivering a copy of the court order to every affected person in accordance with regulation 7; and
- (b) conspicuously displaying a copy of the court order-
- (i) at the registered office of the company, the principal places of conducting the business activities of the company and at any workplace where employees of the company are employed;
- (ii) on any website that is maintained by the company and intended to be accessible by affected persons; and
- (iii) if it is a listed company, on any electronic system maintained by the relevant exchange for the communication and inter-change of information by and among companies listed on that exchange.
Related Regulations
No related regulations.
Related Sections
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Related Notes
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Related Forms
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