The balancing of creditor interests in business rescue provisions of the Companies Act 2008

 

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dc.contributor.advisor Davis, Dennis en_ZA
dc.contributor.author Buba, Zolani P en_ZA
dc.date.accessioned 2018-01-23T07:57:57Z
dc.date.available 2018-01-23T07:57:57Z
dc.date.issued 2017 en_ZA
dc.identifier.citation Buba, Z. 2017. The balancing of creditor interests in business rescue provisions of the Companies Act 2008. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/26884
dc.description.abstract The integrated global economy has presented challenges as well as opportunities for companies and their surrounding communities. This has resulted in many jurisdictions having to re-evaluate the question of company failure and how best to deal with it. The South African context has seen the enactment of a new Companies Act, ushering in a rescue regime which evidences a significant departure from its predecessor; judicial management. Contained within Chapter 6 of the Companies Act of 2008, business rescue adopts a fresh approach to company resuscitation. With relatively easy access to the procedure, business rescue caters for the restructure of the business, debt or its equity to ensure either a return to solvency or a better return to creditors than in liquidation. The new regime is further underpinned by the 2008 Act purpose provision, which envisages an efficient business rescue procedure and further mandates that the resolution of financial distress be conducted in a manner that balances the rights and interests of all relevant stakeholders. It is in this light, that this study explores the interplay between section 7(k) and Chapter 6 of the new Act. Specifically, the work sets out to critique the manner in which our new business rescue regime balances competing stakeholder interests in its provisions and investigates whether current provisions provide an adequate framework for this to be done in a manner that enhances the regime's ability to return a financially distressed company to a position of solvency, as a primary objective. After discussing the previous judicial management regime and exploring the mechanics of Chapter 6, a comparative study of similar procedures in the United Kingdom and the United States is undertaken. The study further identifies a number of weaknesses and makes recommendation for improvement. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Commercial Law en_ZA
dc.title The balancing of creditor interests in business rescue provisions of the Companies Act 2008 en_ZA
dc.type Thesis / Dissertation en_ZA
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Law en_ZA
dc.publisher.department Department of Commercial Law en_ZA
dc.type.qualificationlevel Doctoral en_ZA
dc.type.qualificationname PhD en_ZA
uct.type.filetype Text
uct.type.filetype Image


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