Banks and other lenders must be breathing a sigh of relief, and celebrating an early “Christmas gift” from the Supreme Court of Appeal.
The gift was delivered in Diener NO v Minister of Justice (926/2016) [2017] ZASCA 180 (1 December 2017).
Two of the questions before the court were: whether or not a business rescue practitioner enjoys “super-preference” over all secured and unsecured creditors in respect of the practitioners fees and expenses in the event that a company, that was in business rescue, goes into liquidation; and whether or not the practitioner must prove a claim in the estate of the company which has subsequently gone into liquidation.
The company in question was in busi…
Read the full article at: https://www.businesslive.co.za/bd/companies/2017-12-05-analysis-banks-get-an-early-christmas-gift-in-ruling-on-business-rescue/