Mashwayi Projects (Pty) Ltd and Others v Wescoal (Pty) Ltd and Others (1157/2023)
Mashwayi Projects (Pty) Ltd and Others v Wescoal (Pty) Ltd and Others (1157/2023) [2025] ZASCA 5; [2025] 2 All SA 57 (SCA); 2025 (3) SA 441 (SCA) (29 January 2025)
The Supreme Court of Appeal held that the Companies Act 71 of 2008 does not exclude post-commencement creditors from voting on a business rescue plan. The Act's language, context, and purpose support a unitary interpretation of 'creditor' that includes both pre- and post-commencement creditors. The absence of express limitation and the requirement to balance stakeholder interests under section 7(k) of the Act mean that all creditors are entitled to vote. The court rejected reliance on foreign law and policy considerations, emphasizing that statutory interpretation must be based on the text an…
Source excerpt
- Business Rescue
- Creditor Voting Rights
- Companies Act 71 Of 2008
- Post Commencement Finance
- Statutory Interpretation
- Stakeholder Rights