Chapter 6: Business Rescue and Compromise With Creditors
Part D: Development and approval of business rescue plan

s151: Meeting to determine future of company

  • (1) Within 10 business days after publishing a business rescue plan in terms of section 150, the practitioner must convene and preside over a meeting of creditors and any other holders of a voting interest, called for the purpose of considering the plan.
    • (2) At least five business days before the meeting contemplated in subsection (1), the practitioner must deliver a notice of the meeting to all affected persons, setting out:
      • (a) the date, time and place of the meeting;
        • (b) the agenda of the meeting; and
          • (c) a summary of the rights of affected persons to participate in and vote at the meeting.
          • (3) The meeting contemplated in this section may be adjourned from time to time, as necessary or expedient, until a decision regarding the company's future has been taken in accordance with sections 152 and 153.

            Related Sections

            s150: Proposal of business rescue plan
            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