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

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dc.contributor.authorStoop, Helena
dc.contributor.authorHutchison, Andrew
dc.coverage.spatialSouth Africa; United States of Americaen_ZA
dc.date.accessioned2018-04-09T08:32:15Z
dc.date.available2018-04-09T08:32:15Z
dc.date.issued2017-05-10
dc.description.abstractThe 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.identifier.apacitationStoop, H., & Hutchison, A. (2017). Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant?. <i>Potchefstroom Electronic Law Journal</i>, http://hdl.handle.net/11427/27775en_ZA
dc.identifier.chicagocitationStoop, Helena, and Andrew Hutchison "Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant?." <i>Potchefstroom Electronic Law Journal</i> (2017) http://hdl.handle.net/11427/27775en_ZA
dc.identifier.citationHelena Stoop & Andrew Hutchison 'Post-commencement Finance - Domiciled Resident or Uneasy Foreign Transplant' (2017) 20 PELJ.en_ZA
dc.identifier.ris TY - Journal Article AU - Stoop, Helena AU - Hutchison, Andrew AB - 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. DA - 2017-05-10 DB - OpenUCT DP - University of Cape Town J1 - Potchefstroom Electronic Law Journal LK - https://open.uct.ac.za PB - University of Cape Town PY - 2017 T1 - Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant? TI - Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant? UR - http://hdl.handle.net/11427/27775 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/27775
dc.identifier.vancouvercitationStoop H, Hutchison A. Post-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant?. Potchefstroom Electronic Law Journal. 2017; http://hdl.handle.net/11427/27775.en_ZA
dc.language.isoeng
dc.publisherUniversity of the North-Westen_ZA
dc.publisher.departmentDepartment of Commercial Lawen_ZA
dc.publisher.facultyFaculty of Lawen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.rightsCreative Commons Attribution 4.0 International (CC BY 4.0)*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/en_ZA
dc.sourcePotchefstroom Electronic Law Journalen_ZA
dc.source.urihttps://journals.assaf.org.za/per
dc.subject.otherCompany law
dc.subject.otherbusiness rescue
dc.titlePost-Commencement Finance - Domiciled Resident or Uneasy Foreign Transplant?en_ZA
dc.typeJournal Articleen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceArticleen_ZA
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