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

s154: Discharge of debts and claims

  • (1) A business rescue plan may provide that, if it is implemented in accordance with its terms and conditions, a creditor who has acceded to the discharge of the whole or part of a debt owing to that creditor will lose the right to enforce the relevant debt or part of it.
    • (2) If a business rescue plan has been approved and implemented in accordance with this Chapter, a creditor is not entitled to enforce any debt owed by the company immediately before the beginning of the business rescue process, except to the extent provided for in the business rescue plan.

      Related Sections

      s25: Location of company records
      s128: Application and definitions applicable to Chapter

      Related Regulations

      No related regulations.

      Related Notes

      No related note.

      Related Forms

      No related forms.