In business rescue proceedings the
appointed business rescue practitioner is obligated to formulate a business
rescue plan within 25 days from his appointment, setting out, amongst others:
- Brief description of the financial distress of the company and manner in which the situation will be rectified;
- The projected income and expenses of the company in the ensuing three years;
- The projected balance sheet;
- The current assets and liabilities of the company;
- The proposed repayment towards creditors, including any compromise contemplated towards any creditors;
Each
creditor’s voting right according to its specific claim and class.
As the proposed business rescue
plan constitutes projections of the company in the ensuing three years and an
opinion of the appointed business rescue practitioner on exactly how the
company will be rescued from its current financial duress, each affected party
is entitled to propose amendments to the proposed business rescue plan prior to
a vote being taken thereon deciding the fate of the company.
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