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South Africa Case Law

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Commercial And Corporate [2017] ZASCA 50

FirstRand Bank Ltd v KJ Foods CC (In business rescue) (734/2015)

FirstRand Bank Ltd v KJ Foods CC (In business rescue) (734/2015) [2017] ZASCA 50; [2017] 3 All SA 1 (SCA); 2017 (5) SA 40 (SCA) (26 April 2017)

Court
Supreme Court of Appeal
Case number
734/2015
Judges
Mpati, Theron, Seriti, Van Der Merwe, Schoeman

The Supreme Court of Appeal held that the determination of whether a vote against a business rescue plan is inappropriate under section 153(1)(a)(ii) of the Companies Act entails a single enquiry: whether it is reasonable and just to set aside the vote, considering the interests of the dissenting creditor, the provisions made for them in the plan, and the estimated return in liquidation. The appellant, as a secured creditor, would receive full payment under both the business rescue plan and liquidation, with no prejudice to its interests. The business rescue plan provided substantial benefits…

Source excerpt

  • Business Rescue
  • Creditors Voting Rights
  • Companies Act Interpretation
  • Setting Aside Vote
  • Liquidation Vs Rescue
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Commercial And Corporate [2017] ZAWCHC 45

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)

Court
Western Cape High Court, Cape Town
Case number
23510/2016
Judge
D V Dlodlo

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
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About this LexChat collection

South Africa decisions are organised by court, judge, legal area and indexed issue so a practitioner can move from a proposition to a citable authority with the surrounding context intact.

Source links and collection timestamps are retained alongside the indexed records.