Page 52 - Q&A

were at the meeting and/or voted in favour of the business rescue plan, or in
the case of creditors, had proven their claims against the company.

In the event that the published business rescue plan is rejected the business
rescue practitioner may either seek a vote of approval from the holders of voting
interests to prepare and publish a revised business rescue plan, or inform the
persons at the meeting that the company will approach the court to set aside
the result of the vote on the ground that it was inappropriate.
Commercial However, should the business rescue practitioner not take any such action, any
affected person present at the meeting may seek a vote of approval from the
holders of voting interests to prepare and publish a revised business rescue
plan, or approach the court themselves to have the result of the vote set aside
on the ground that it was inappropriate.

From the above it should be clear that the preparing and adoption of a
business plan is an encompassing and specialist process intended to ensure
that all stakeholders of the company agree on a way forward to help an ailing
company get back on its feet.

Should the option of business rescue appear appropriate for your business, we
would advise that you consult with your attorney to assist your company to take
the next steps towards business rescue.

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