The Supreme Court of Appeal gave judgment towards the end of last month in Cloete Murray NO v FirstRand Bank Ltd (20104/2014) [2015] ZASCA 39: see here (pdf). The operation of section 133 of the Companies Act 2008 was at issue: it imposes restrictions on the bringing or continuing of legal proceedings against the company including enforcement action. The court held that 'enforcement action' did not include the cancellation of an agreement concluded prior to the start of the business rescue proceedings. A summary of the decision is available here (pdf).
Thursday, 2 April 2015
South Africa: 'enforcement action' during business rescue proceedings
The Supreme Court of Appeal gave judgment towards the end of last month in Cloete Murray NO v FirstRand Bank Ltd (20104/2014) [2015] ZASCA 39: see here (pdf). The operation of section 133 of the Companies Act 2008 was at issue: it imposes restrictions on the bringing or continuing of legal proceedings against the company including enforcement action. The court held that 'enforcement action' did not include the cancellation of an agreement concluded prior to the start of the business rescue proceedings. A summary of the decision is available here (pdf).
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