South Africa has a dualistic system of insolvency law, which means that individual and corporate insolvency is dealt with in separate statutes. The purpose of this study is to propose a framework for corporate insolvency law reform, with a view to introducing a single insolvency statute in South Africa. In determining the reasons for the separate development of individual and corporate insolvency in South Africa, research is conducted into the historical development of both individual and corporate insolvency law. Although corporate insolvency is supplemented by the substantive rules of individual insolvency, the existence of separate statutes regulating individual and corporate insolvency has resulted in the separate development, and resultant fragmentation, of South African insolvency law. In determining why some countries have been more successful than others in introducing a unified insolvency statute, a brief comparative study is undertaken in respect of the insolvency regimes that apply in England, Australia, Germany and the United States. Research is then conducted into the possibility of introducing a unified insolvency statute in South Africa. Having determined that the underlying problem of a dualistic system is the fragmentation of the regulatory statutes, the remainder of the thesis is devoted to making proposals for the introduction of a unified statute. In proposing a unified insolvency statute the following critical issues are addressed: the definition of "debtor" for the purposes of a unified statute; whether a unified statute should also address the liquidation of specialised institutions such as banks; liquidation applications; the commencement of liquidation; the vesting of the insolvent estate; whether ancillary matters such as alternatives to liquidation, insolvent deceased estates, business rescue provisions, compromises, personal liability provisions and cross-border insolvencies should be included in such a statute; and revised provisions in regard to voluntary liquidations by resolution. The conclusion that is reached, is that it is in fact possible to substantially unify all the provisions relating to individual and corporate insolvency law in South Africa into a single statute. This conclusion is reached by means of a draft Insolvency and Business Recovery Bill, and is included as part of the conclusion to the thesis. / Thesis (LLD)--University of Pretoria, 2004. / Mercantile Law / unrestricted

Thesis (LLM)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Judicial management has been part of South African company law since 1926. It was introduced as a procedure to provide for a corporate rescue. Judicial management has changed little since its introduction. This is in stark contrast with the position in other jurisdictions where the need for improved corporate or business rescue procedures has received considerable attention in the last few decades. This thesis examines the suitability of judicial management as a business rescue procedure for the current South African circumstances and compares it to similar mechanisms in England and Australia. The modem economy relies on credit. Furthermore the globalisation of markets and the increase in competition between enterprises add to the unpredictability of an enterprise's economic circumstances. Thus, one of the important objectives of a corporate insolvency regime is the preservation of viable economic enterprises. A business rescue procedure such as judicial management is therefore an essential component of a corporate insolvency regime. However, judicial management needs reform. The existing shortcomings of judicial management include its high cost, the appointment of professional liquidators as business rescuers, the lack of a business rescue culture, the absence of an approved rescue plan, the treatment of judicial management as an extraordinary measure in corporate insolvency and the use of section 311 of the Companies Act as a corporate rescue mechanism. This thesis proposes that judicial management should commence with a mere resolution by the directors. This is less cumbersome than the existing procedure to commence judicial management comprising a court order. Judicial management triggers a stay of limited duration on legal proceedings that provides an essential breathing space to devise and implement a rescue plan. Once judicial management commences the creditors should hold the power to decide on the future of the company. They can therefore accept or reject a rescue plan (prepared by the judicial manager) for the restructuring of current rights and obligations and for the future management of the company. During judicial management and the execution of the rescue plan, control of the company's assets vests in the judicial manager and directors lose their powers of management. Judicial managers should be encouraged to make a success of judicial management by providing that the judicial manager cannot be appointed as the liquidator in a subsequent liquidation. Furthermore, the burden of the costs of judicial management could be eased by providing a more flexible system for the remuneration of the judicial manager. A statutory business rescue procedure interacts with other components of an insolvency regime and other areas of law. In order to optimise the positive effects of a business rescue procedure certain changes are proposed regarding statutory provisions on insolvent trading, the phenomenon of phoenix companies, section 311 of the Companies Act and tax legislation. The thesis also proposes a smooth transition from judicial management to voluntary liquidation. The thesis has an annexure with draft legislation to give effect to the principal changes proposed by it for the Companies Act. / AFRIKAANSE OPSOMMING: Geregtelike bestuur is reeds sedert 1926 deel van die Suid-Afrikaanse maatskappyereg. Dit is ingestel as 'n prosedure om maatskappye van ondergang te red. Geregtelike bestuur het sedertdien min verander. Dit is in skerp teenstelling met ander jurisdiksies wat die afgelope paar dekades toegewy gewerk het aan prosedures om korporasies en besighede te red. Hierdie tesis ondersoek die toepaslikheid van geregtelike bestuur as 'n prosedure om in die huidige Suid-Afrikaanse omstandighede besighede van ondergang te red en vergelyk dit met soortgelyke prosedures in Engeland en Australië. Moderne ekonomieë se afhanklikheid van krediet, die globalisering van markte en die toename in mededinging tussen ondernemings dra by tot die wisselvallige ekonomiese omstandighede van 'n onderneming. Die redding van lewensvatbare ondernemings is gevolglik 'n belangrike doelstelling van korporatiewe insolvensiereg. Daarom is 'n prosedure soos geregtelike bestuur om ondernemings te red 'n onontbeerlike element van korporatiewe insolvensiereg. Geregtelike bestuur moet egter hervorm word. Geregtelike bestuur het verskeie tekortkominge waaronder hoë regskoste, die aanstelling van professionele likwidateurs as persone om ondernemings te red, die gebrek aan 'n kultuur om ondernemings te red, die afwesigheid van 'n goedgekeurde reddingsplan, die hantering van geregtelike bestuur as 'n buitengewone remedie in korporatiewe insolvensiereg en die gebruik van artikel 311 van die Maatskappywet as 'n meganisme om maatskappye van likwidasie te red. Die tesis stel voor dat geregtelike bestuur met 'n blote direksiebesluit in werking gestel word. Dit is minder belemmerend as die hofbevel waarmee geregtelike bestuur tans begin word. Geregtelike bestuur stel'n moratorium van beperkte duur in werking waartydens geen geregtelike prosesse teen die maatskappyaanhangig gemaak of voortgesit kan word nie. Dit gee die maatskappy die nodige grasie om 'n reddingsplan uit te werk en te implementeer. Opsomming Geregtelike bestuur is reeds sedert 1926 deel van die Suid-Afrikaanse maatskappyereg. Dit is ingestel as 'n prosedure om maatskappye van ondergang te red. Geregtelike bestuur het sedertdien min verander. Dit is in skerp teenstelling met ander jurisdiksies wat die afgelope paar dekades toegewy gewerk het aan prosedures om korporasies en besighede te red. Hierdie tesis ondersoek die toepaslikheid van geregtelike bestuur as 'n prosedure om in die huidige Suid-Afrikaanse omstandighede besighede van ondergang te red en vergelyk dit met soortgelyke prosedures in Engeland en Australië. Moderne ekonomieë se afhanklikheid van krediet, die globalisering van markte en die toename in mededinging tussen ondernemings dra by tot die wisselvallige ekonomiese omstandighede van 'n onderneming. Die redding van lewensvatbare ondernemings is gevolglik 'n belangrike doelstelling van korporatiewe insolvensiereg. Daarom is 'n prosedure soos geregtelike bestuur om ondernemings te red 'n onontbeerlike element van korporatiewe insolvensiereg. Geregtelike bestuur moet egter hervorm word. Geregtelike bestuur het verskeie tekortkominge waaronder hoë regskoste, die aanstelling van professionele likwidateurs as persone om ondernemings te red, die gebrek aan 'n kultuur om ondernemings te red, die afwesigheid van 'n goedgekeurde reddingsplan, die hantering van geregtelike bestuur as 'n buitengewone remedie in korporatiewe insolvensiereg en die gebruik van artikel 311 van die Maatskappywet as 'n meganisme om maatskappye van likwidasie te red. Nadat geregtelike bestuur in aanvang geneem het behoort die krediteure die mag te hê om oor die toekoms van die maatskappy te besluit. Krediteure sou 'n reddingsplan (voorberei deur die geregtelike bestuurder) wat vir die herstrukturering van die regte en verpligtinge van die maatskappy en vir sy toekomstige bestuur voorsiening maak kon aanvaar of verwerp. Gedurende geregtelike bestuur en die uitvoering van die reddingsplan vestig die beheer oor die bates van die maatskappy in die geregtelike bestuurder. Die direksie verloor terselfdertyd alle bestuursbevoegdhede. Geregtelike bestuurders behoort aangemoedig te word om 'n sukses van die geregtelike bestuur te maak deur te bepaal dat 'n geregtelike bestuurder nie as likwidateur aangestel kan word indien die maatskappy uiteindelik gelikwideer word nie. Die las van hoë koste kan verlig word deur 'n buigsame stelsel van vergoeding vir die geregtelike bestuurder in te stel. 'n Statutêre reddingsprosedure vir ondernemings staan in wisselwerking met ander elemente van korporatiewe insolvensiereg en ander regsgebiede. Ten einde die positiewe uitwerking van 'n reddingsprosedure vir ondernemings te optimaliseer word sekere veranderinge ten opsigte van die wetgewing met betrekking tot handeldryf in insolvente omstandighede, die verskynsel van "phoenix" maatskappye, artikel 311 van die Maatskappywet en belastingwetgewing voorgestel. Die tesis stelook 'n gladde oorskakeling van geregtelike bestuur na vrywillige likwidasie voor. Die tesis sluit ook 'n aanhangsel met voorgestelde wetgewing in om uitvoering te gee aan die belangrikste veranderinge aan die Maatskappywet wat in die tesis voorgestel word.

The paper focuses on insolvency of groups of companies. The analysis starts with description of the main feature of the group of companies, i.e. corporation. It points out situations when legal and property autonomy is suppressed by quasi-piercing or liability of the management for influencing of the corporation or wrongful trading. It further analyses the concept of group of companies as en economics term and corporate group and concern as a legal term. It puts into juxtaposition entity and enterprise approach towards group of companies and points out that the enterprise approach is often used by public law systems, such as competition law, which happens as a result of lack of legal tools to reflect the economic reality. After economic analysis of insolvency and tools insolvency law has to offer the paper focuses on the main topic of the paper. It is pointed out that a concern law is only a system of liabilities for damage and as such cannot be easily linked to insolvency procedure, the exception being for example protesting against transactions carried out by the debtor in the past, which comes at greatly cost for legal uncertainty. It is also highly problematic that upon initiation of insolvency proceeding a positive going concern value is automatically lost. It is further pointed out that the system of...

No abstract available / Dissertation (LLM)--University of Pretoria, 2013. / gm2014 / Mercantile Law / unrestricted

Mercantile Law / Mini Dissertation (LLM)--University of Pretoria, 2019. / Mercantile Law / LLM / Unrestricted

Submitted by Rosina Valeria Lanzellotti Mattiussi Teixeira (rosina.teixeira@unisantos.br) on 2019-01-31T11:35:45Z No. of bitstreams: 1 Flavia de Oliveira Santos do Nascimento.pdf: 416611 bytes, checksum: 23ebf9ab9c4fe8d364f82108c961cfec (MD5) / Made available in DSpace on 2019-01-31T11:35:45Z (GMT). No. of bitstreams: 1 Flavia de Oliveira Santos do Nascimento.pdf: 416611 bytes, checksum: 23ebf9ab9c4fe8d364f82108c961cfec (MD5) Previous issue date: 2018-10-30 / Este estudo busca tratar do tema do passivo ambiental que possa ser oriundo da atividade empresarial e o tratamento desse passivo a partir da eventual insolvência empresarial e suas repercussões no mundo jurídico diante da pluralidade de sanções e normas protetivas do ambiente. Empregando método hipotético-dedutivo e dialético, o estudo tem o objetivo de desvendar a forma pela qual se dá o tratamento do passivo ambiental nos processos de recuperação judicial e de falência. Através de pesquisa bibliográfica, jurisprudencial e documental sobre o tema, no contexto nacional, o estudo apresenta análise crítica sobre a empresa na ordem econômica constitucional contemporânea. Também são tratados aspectos dos processos concursais de falência e de recuperação judicial, ao lado da questão do passivo ambiental em suas múltiplas facetas, incluindo eventual solução de multas e penalidades geradas no decorrer da existência da empresa. / This study aims to deal with the environmental liabilities that may arise from business activity and the treatment of these liabilities based on the eventual insolvency of the company and its repercussions in the legal world due to the plurality of sanctions and protective norms of the environment. Using a hypothetical-deductive and dialectical method, the study aims to uncover the way in which environmental liabilities are treated in judicial reorganization and bankruptcy proceedings. Through a bibliographical, jurisprudential and documentary research on the subject, in the national context, the study presents a critical analysis about the company in the contemporary constitutional economic order. Aspects of bankruptcy and judicial reorganization proceedings are also dealt with, along with the issue of environmental liability in its many facets, including the possible settlement of fines and penalties generated during the company's existence.

South African company law has provided for the rescue of financially distressed companies since 1926 when the statutory procedure of judicial management was introduced by the Companies Act 46 of 1926. Unfortunately, judicial management has never been regarded as a successful corporate rescue procedure and for most of its existence it has been severely criticised on many grounds. The Companies Act 61 of 1973 that replaced the Companies Act 46 of 1926 did very little to improve this situation and judicial management remained underutilised. As a result, the Companies Act 71 of 2008 now introduces two newly-created corporate rescue procedures in the form of business rescue proceedings and the compromise with creditors. This study analyses judicial management and the new corporate rescue procedures to establish whether the identified weaknesses of judicial management have been adequately and effectively addressed in the new procedures. A comparative study with similar procedures in England and Germany is undertaken to determine whether the South African legislature has delivered on its promise to create a system of corporate rescue that will meet the needs of a modern South African economy. Several weaknesses in the new procedures are identified and a number of recommendations are made to improve the relevant provisions and to assist in providing South African company law with an efficient and acceptable corporate rescue regime. / Mercentile Law / LLD (Mercentile Law)

South African company law has provided for the rescue of financially distressed companies since 1926 when the statutory procedure of judicial management was introduced by the Companies Act 46 of 1926. Unfortunately, judicial management has never been regarded as a successful corporate rescue procedure and for most of its existence it has been severely criticised on many grounds. The Companies Act 61 of 1973 that replaced the Companies Act 46 of 1926 did very little to improve this situation and judicial management remained underutilised. As a result, the Companies Act 71 of 2008 now introduces two newly-created corporate rescue procedures in the form of business rescue proceedings and the compromise with creditors. This study analyses judicial management and the new corporate rescue procedures to establish whether the identified weaknesses of judicial management have been adequately and effectively addressed in the new procedures. A comparative study with similar procedures in England and Germany is undertaken to determine whether the South African legislature has delivered on its promise to create a system of corporate rescue that will meet the needs of a modern South African economy. Several weaknesses in the new procedures are identified and a number of recommendations are made to improve the relevant provisions and to assist in providing South African company law with an efficient and acceptable corporate rescue regime. / Mercentile Law / LLD (Mercentile Law)