Collard v Jatara Connect (Pty) Ltd and Others (23510/2016)
Collard v Jatara Connect (Pty) Ltd and Others (23510/2016) [2017] ZAWCHC 45; 2018 (5) SA 238 (WCC) (14 March 2017)
The court found that Edcon's vote against the amended business rescue plan was inappropriate, as it was cast with the sole intention of frustrating the arbitration proceedings against Edcon and not in the interests of the general body of creditors. The business rescue plan offered a better return to creditors and employees than liquidation, with external funding for arbitration and a reasonable prospect of success. The business rescue practitioner had investigated the affairs of Jatara Connect and found no evidence of irregularities alleged by Edcon. The court held that it was reasonable and…
Source excerpt
- Business Rescue
- Creditors Meeting
- Good Faith Voting
- Setting Aside Vote
- Companies Act 71 Of 2008