Ferrostaal Gmb and Another Transnet SOC Limited t/a Transnet National Ports Authority and Another (13342/2019)
Ferrostaal Gmb and Another Transnet SOC Limited t/a Transnet National Ports Authority and Another (13342/2019) [2019] ZAWCHC 112; [2019] 4 All SA 409 (WCC) ; 2019 (6) SA 490 (WCC) (29 August 2019)
The court found that the revised business rescue plan failed to provide adequate certainty and protection for TNPA's interests, particularly regarding the repayment of substantial arrear rentals and future rental obligations. The plan deferred repayment of arrears for three years and made it contingent on uncertain future negotiations for a lease extension, with no security or guarantees provided. The court noted that compelling TNPA to approve a sub-lease would require it to exercise contractual rights in a manner directed by the court, which has far-reaching implications. The applicants' as…
Source excerpt
- Business Rescue
- Companies Act Section 153
- Creditor Rights
- Lease Agreements
- Liquidation Dividend