COURT CLARIFIES IMPACT OF ‘BUSINESS RESCUE’ REGIME ON ADMIRALTY MATTERS

By Jeremy Prain Wednesday, June 20, 2018
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The promulgation of the Companies Act 2008 in South Africa saw the introduction of a company rehabilitation process termed 'business rescue'.  The business rescue procedure sought to replace the 'judicial management' procedure under the earlier Companies Act 1973, which was generally considered overly burdensome and unwieldy in facilitating effective corporate turnaround plans.

Against this background, admiralty matters have enjoyed special treatment in the context of claims against insolvent companies.

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