Ergomode (Pty) Ltd v Jordaan NO and Others (643/2022)
Ergomode (Pty) Ltd v Jordaan NO and Others (643/2022) [2024] ZASCA 10 (29 January 2024)
The Supreme Court of Appeal held that the extensions for publication of the business rescue plan were validly granted by majority creditor consent, as permitted by s 150(5)(b) of the Companies Act, and did not require a formal meeting. Ergomode participated in the adoption meeting without objection and its subsequent challenge was unsustainable. The determination of Ergomode as a non-independent creditor was not reviewed within the prescribed five-day period, and no substantive case for condonation was made. The moratorium in s 133 applies to all legal proceedings, including perfection of a l…
Source excerpt
- Business Rescue
- Creditor Voting Rights
- Landlord Hypothec
- Moratorium On Legal Proceedings
- Condonation
- Employee Representation