Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant?

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dc.contributor.author Stoop, Helena
dc.contributor.author Hutchison, Andrew
dc.coverage.spatial South Africa; United States of America en_ZA
dc.date.accessioned 2018-04-09T08:32:15Z
dc.date.available 2018-04-09T08:32:15Z
dc.date.issued 2017-05-10
dc.identifier.citation Helena Stoop & Andrew Hutchison 'Post-commencement Finance - Domiciled Resident or Uneasy Foreign Transplant' (2017) 20 PELJ. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/27775
dc.description.abstract The 2008 Companies Act introduced a new business rescue regime into South African company law, bringing it into line with trends in developed countries, particularly the United States. Indeed, it appears that the United States Chapter 11 model was followed in this process, introducing the business rescue concept as a legal transplant. Corporate law is well suited to legislative borrowing, but there are important caveats to bear in mind when doing so. In particular: the context and legal culture of the country of origin may differ from those of the destination country. South Africa's commercial environment is different from that of the United States, problematising a transplant of Chapter 11's concepts. Post-commencement finance will be used as a micro-study of this broader phenomenon, and this topic will be investigated with comparative reference to the position in the United States. It will be argued that an essential difference between the two procedures is the lack of legislatively mandated court oversight in South Africa. This impacts on the interests of creditors, as well as on the availability of fresh finance. This results in problems in the implementation of the post-commencement finance provisions, which threaten the viability of this particular legal transplant. en_ZA
dc.publisher University of the North-West en_ZA
dc.rights Creative Commons Attribution 4.0 International (CC BY 4.0) *
dc.rights.uri http://creativecommons.org/licenses/by/4.0/ en_ZA
dc.source Potchefstroom Electronic Law Journal en_ZA
dc.source.uri https://journals.assaf.org.za/per
dc.subject.other Company law
dc.subject.other business rescue
dc.title Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant? en_ZA
dc.type Articles en_ZA
uct.type.publication Research en_ZA
uct.type.resource Article en_ZA
dc.publisher.institution University of Cape Town
uct.type.filetype Text
uct.type.filetype Image


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