Business rescue in South Africa: a comparative and functional approach
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
Baden-Baden
Nomos
2017
|
| Edition: | 1st edition |
| Series: | Studien zum Handels-, Arbeits- und Wirtschaftsrecht
Band 167 |
| Subjects: | |
| Online Access: | Inhaltstext Inhaltsverzeichnis |
| Physical Description: | 469 Seiten |
| ISBN: | 9783848739806 3848739801 |
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MARC
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Record in the Search Index
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TABLE OF CONTENTS
LIST OF ABBREVIATIONS 25
PART A THEORETICAL FOUNDATIONS 29
CHAPTER 1 GENERAL INTRODUCTION 31
I. INTRODUCTION OF TOPIC; METHODOLOGY, OBJECTIVES AND STRUCTURE OF
STUDY 31
II. THE PRINCIPAL-AGENT MODEL AND LEGAL STRATEGIES 34
1. BASIC ELEMENTS OF THE PRINCIPAL-AGENT THEORY, AGENCY
PROBLEMS IN COMPANY LAW AND AN INTRODUCTION TO THE ROLE OF
THE LAW IN ADDRESSING AGENCY COSTS 34
2. LEGAL STRATEGIES FOR THE AMELIORATION OF AGENCY COSTS 38
A. THE LEGAL STRATEGIES EXPLAINED 39
AA. GENERAL 39
BB. REGULATORY STRATEGIES 40
CC. GOVERNANCE STRATEGIES 42
B. ENFORCEMENT 43
C. DISCLOSURE 44
3. AGENCY PROBLEMS IN RELATION TO CORPORATE INSOLVENCY LAW
AND RESCUE LAW 46
A. COMPANY-CREDITOR CONFLICT IN THE VICINITY OF INSOLVENCY 47
AA. GENERAL 47
BB. VALUE-MINIMISING POSTPONEMENT OF FORMAL BUSINESS
RESCUE PROCEEDINGS 56
CC. VALUE-MINIMISING INVOCATION OF FORMAL BUSINESS
RESCUE PROCEEDINGS 66
B. INTER-CREDITOR AGENCY CONFLICT OUTSIDE FORMAL INSOLVENCY
PROCEEDINGS 73
C. THE OFFICE HOLDER-CREDITOR CONFLICT DURING BUSINESS
RESCUE PROCEEDINGS 80
D. THE INTER-CREDITOR CONFLICT DURING BUSINESS RESCUE
PROCEEDINGS 81
III. THE PROTECTION OF EMPLOYEES IN INSOLVENCY PROCEEDINGS 86
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CHAPTER 2 JUSTIFICATION OF MANDATORY RESCUE LAW AND THE ROLE OF
CONTRACTUAL RESTRUCTURING MECHANISMS 89
I. INTRODUCTION 89
II. NORMATIVE THEORIES OF CORPORATE INSOLVENCY LAW 90
1. THE CREDITORS' BARGAIN MODEL ('CBM') 90
A. THE CBM IN A NUTSHELL 90
B. DISTRIBUTION OF THE ASSETS IN INSOLVENCY PROCEEDINGS -
PERSPECTIVES FROM THE CBM AND FINANCIAL ECONOMICS 95
2. PROBLEMS OF THE CBM AND ALTERNATIVE THEORIES OF CORPORATE
INSOLVENCY LAW 97
A. GENERAL 97
B. EX ANTE BARGAINING SOLUTIONS TO THE PRISONER'S DILEMMA 98
AA. 'CHAMELEON EQUITY' STRUCTURE 99
BB. PROVISION OF A'MENU'OF INSOLVENCY PROCEDURES 99
C. ALTERNATIVE THEORIES FROM OUTSIDE THE FIELD OF LAW AND
ECONOMICS 100
AA. IMMANENT VALUES AND COMRMMITARIANISM 100
BB. BROAD-BASED CONTRACTARIANISM 101
D. MISCONCEPTION OF THE CHARACTERISTICS OF THE PARTIES IN THE
CBM'S EX ANTE POSITION 103
III. THE APPROPRIATE MEANS OF ASSET DEPLOYMENT - REORGANISATIONS
VS. GOING CONCERN SALES 105
1. INEFFICIENCIES OF AUCTIONS 105
2. ALTERNATIVES TO CONVENTIONAL AUCTIONS 107
A. THE BEBCHUK MODEL 107
B. THE AGHION, HART AND MOORE MODEL 108
IV. PRE-INSOLVENCY BARGAINING SOLUTIONS TO FINANCIAL DISTRESS -
INFORMAL RESCUE MECHANISMS AND PRE-PACKAGED PLANS 109
1. GENERAL, ADVANTAGES OF INFORMAL RESCUE MECHANISMS 109
2. CONDITIONS REDUCING THE COSTS OF PRE-INSOLVENCY BARGAINING 111
A. DEBT CAPITAL STRUCTURE OF COMPANIES 111
B. THE DEVELOPMENT OF NON-BINDING PRINCIPLES OF INFORMAL
RESCUE MEASURES 112
3. A HYBRID PROCEDURE - PRE-PACKAGED PLANS 114
V. SUMMARY AND CONCLUSION 117
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PART B DEVELOPMENT AND CENTRAL FEATURES OF THE
SOUTH AFRICAN RESCUE LAW 121
CHAPTER 3 THE PREVIOUS SOUTH AFRICAN RESCUE LAW 123
I. INTRODUCTION 123
II. REGULATORY FRAMEWORK OF INSOLVENCY LAW UNDER THE
COMPANIES ACT 61 OF 1973 127
1. THE REGULATORY SYSTEM OF INSOLVENCY LAW 127
2. PROCEDURAL INTERACTION OF INSOLVENCY PROCEDURES 129
3. INSTITUTIONAL SETTING -JURISDICTION OVER INSOLVENCY LAW AND
REGULATION OF INSOLVENCY PROFESSION 129
III. JUDICIAL MANAGEMENT 131
1. GENERAL 131
2. THE OBJECTIVES OF JUDICIAL MANAGEMENT 133
3. ENTRY INTO JUDICIAL MANAGEMENT 135
A. ROUTES OF ENTRY AND PARTIES ENTITLED TO ENTER 135
B. APPOINTMENT OF JUDICIAL MANAGER 135
C. ENTRY GROUNDS 137
4. THE MORATORIUM, TREATMENT OF SECURITY AND QUASI-SECURITY
INTERESTS, UNCOMPLETED CONTRACTS AND SET OFF 141
5. DISPOSAL OF ASSETS, POST-COMMENCEMENT FINANCE AND
GOVERNANCE OF JUDICIAL MANAGEMENT 142
IV. THE SCHEME OF ARRANGEMENT 144
1. SCOPE OF RESTRUCTURING MECHANISMS AVAILABLE 144
2. PROCEDURAL REQUIREMENTS 147
3. THE DEBT CONSOLIDATION SCHEME 150
A. GENERAL 150
B. THE CONTINUED INSOLVENCY OF THE COMPANY IN THE POST-
SCHEME PERIOD 153
V. SUMMARY AND CONCLUSION 155
CHAPTER 4 SELECTED ISSUES OF THE NEW SOUTH AFRICAN RESCUE LAW 159
I. INTRODUCTION 159
II. EVALUATION OF MAIN PROBLEMS UNDER THE PREVIOUS RESCUE
REGIME 160
1. OBJECTIVES AND ENTRY REQUIREMENTS OF JUDICIAL MANAGEMENT
TOO NARROW 160
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2. HIGH DIRECT COSTS OF JUDICIAL MANAGEMENT AND THE
LEGISLATIVE SCHEME 160
3. INCOMPETENCE, LACK OF INDEPENDENCE AND PERVERSE
INCENTIVES OF JUDICIAL MANAGERS 162
4. PROBLEMS UNDER THE DEBT CONSOLIDATION SCHEME 163
III. REGULATORY FRAMEWORK OF INSOLVENCY LAW UNDER THE
COMPANIES ACT 71 OF 2008 165
1. THE REGULATORY SYSTEM OF INSOLVENCY LAW 165
2. PROCEDURAL INTERACTION OF INSOLVENCY PROCEDURES 167
A. THE COSTS OF MOVING BETWEEN INSOLVENCY PROCEDURES 167
B. SEPARATION OF THE SCHEME OF ARRANGEMENT BETWEEN
SHAREHOLDERS AND BETWEEN CREDITORS 169
C. NEED FOR A LESS ONEROUS RESCUE PROCEDURE FOR SMALL
COMPANIES? 169
3. INSTITUTIONAL SETTING -JURISDICTION OVER INSOLVENCY LAW AND
REGULATION OF INSOLVENCY PROFESSION 172
IV. THE RESCUE PROCEDURE (CHAPTER 6 PARTS A TO D) 174
1. THE OBJECTIVES OF BUSINESS RESCUE 174
A. GENERAL 174
B. PERTINENT ISSUES UNDER THE SECONDARY OBJECTIVE OF RESCUE 177
AA. THE CONTENT OF THE SECONDARY OBJECTIVE 177
BB. COMPATIBILITY OF BREAK-UP SALES WITH THE SECONDARY
OBJECTIVE 178
CC. TENSION BETWEEN THE MANDATORY NATURE OF THE
DEVELOPMENT OF A RESCUE PLAN AND THE SECONDARY
OBJECTIVE OF RESCUE 180
C. THE DUAL ROLE OF THE RESCUE OBJECTIVES 182
2. ENTRY INTO BUSINESS RESCUE PROCEEDINGS 183
A. PERTINENT FEATURES OF THE ENTRY REQUIREMENTS 183
AA. ROUTES OF ENTRY, PARTIES ENTITLED TO ENTER AND POINT
IN TIME WHEN THE MORATORIUM IS EFFECTIVE 183
BB. RATIFICATION OF NOMINATED RESCUE PRACTITIONER IN
ENTRY BY COURT ORDER AND CONCEPT OF 'INDEPENDENT
CREDITORS' 186
CC. ENTRY GROUNDS 187
DD. STANDARD OF PROOF OF REASONABLE PROSPECT OF SUCCESS
OF RESCUE ENTRY GROUND 191
EE. CHALLENGES TO OUT-OF-COURT ENTRY INTO BUSINESS
RESCUE PROCEEDINGS 194
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B. CHANGES TO ENTRY REQUIREMENTS UNDER JUDICIAL
MANAGEMENT 196
AA. GENERAL 196
BB. ADDITION OF AN OUT-OF-COURT ENTRY ROUTE BY THE
COMPANY'S BOARD 197
CC. EARLIER TRIGGER OF BUSINESS RESCUE PROCEEDINGS THAN
UNDER JUDICIAL MANAGEMENT 198
DD. WIDER RANGE OF COMPANIES ELIGIBLE FOR FORMAL
RESCUE THAN UNDER JUDICIAL MANAGEMENT 199
C. COMPARATIVE PERSPECTIVES OF CERTAIN ASPECTS OF THE OUT-
OF-COURT ENTRY ROUTE WITH THE UK AND AUSTRALIA 200
3. THE STATUTORY MORATORIUM (S 133) 203
A. GENERAL 203
B. SCOPE OF THE MORATORIUM 206
AA. THE MEANING OF ANY 'LEGAL PROCEEDING, INCLUDING
ENFORCEMENT ACTION, [.] IN ANY FORUM' 206
BB. TYPES OF ASSETS CAUGHT BY THE PHRASE 'PROPERTY
BELONGING TO THE COMPANY' 209
CC. TYPES OF (SECURITY) ARRANGEMENTS CAUGHT BY
'PROPERTY IN THE COMPANY'S LAWFUL POSSESSION' 211
4. THE EXERCISE OF ANY RIGHT BY A PERSON AGAINST PROPERTY
OWNED AND/OR LAWFULLY POSSESSED BY THE COMPANY (S 134(1)
(B), (C) AND (2)) 211
A. RELATIONSHIP BETWEEN S 133(1), ON THE ONE HAND AND
S 134(L)(B), (C) AND S 134(2), ON THE OTHER HAND 211
B. THE SCOPE OF S 134(1 )(B) AND (C) 213
5. DISPOSAL OF THE COMPANY'S ASSETS DURING BUSINESS RESCUE
PROCEEDINGS (S 134( 1) AND (3)) 215
6. UNCOMPLETED CONTRACTS (S 136) 216
A. GENERAL 216
B. RELATIONSHIP OF S 136 WITH THE STATUTORY MORATORIUM
UNDER S 133(1) 218
C. CONTRACTUAL RESTRICTIONS ON SUSPENSION AND CANCELLATION
OF CONTRACTS 219
D. MATERIAL SCOPE OF SUSPENSION AND CANCELLATION OF
CONTRACTS 220
E. GENERAL EXEMPTION OF EMPLOYMENT CONTRACTS FROM
S 136 - SOME COMPARATIVE PERSPECTIVES FROM THE UK,
US AND AUSTRALIA 222
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F. REMEDIES AVAILABLE TO COUNTERPARTY 223
7. POST-COMMENCEMENT FINANCE AND GENERAL RANKING OF CLAIMS
(S 135) 224
8. GOVERNANCE OF RESCUE PROCEEDINGS 226
A. OPERATION OF THE MANAGEMENT-DISPLACING SYSTEM OF
GOVERNANCE 226
B. RESCUE PRACTITIONERS' DUTIES 229
AA. GENERAL 229
BB. INTERPRETATIONAL DIFFICULTIES REGARDING NON-CODIFIED
COMMON LAW DUTIES 235
CC. DUTY TO ACT IN THE BEST INTERESTS OF THE COMPANY AND
TO ACT FOR A PROPER PURPOSE 237
DD. DIFFICULTIES WITH THE ANALOGOUS APPLICATION OF
APPLICABLE DIRECTORS' DUTIES TO DISCLOSE RELEVANT
INFORMATION TO THE BOARD 242
EE. THE DUTY OF CARE, SKILL AND DILIGENCE 243
C. RESCUE PRACTITIONERS' REMOVAL FROM OFFICE 245
AA. GENERAL 245
BB. REMOVAL FOR HAVING A COMPROMISED RELATIONSHIP
(S 138(L)(E)) 246
CC. REMOVAL FOR HAVING A CONFLICT OF INTEREST AND FOR A
LACK OF INDEPENDENCE (S 139(2)(E)) 248
DD. RELATIONSHIP BETWEEN REMOVAL GROUNDS FOR LACK OF
INDEPENDENCE AND FOR HAVING A COMPROMISED
RELATIONSHIP 249
D. BRIEF OVERVIEW OF THE PLAN PROCEDURE 251
V. THE SCHEME OF ARRANGEMENT (CHAPTER 6 PART E) 254
1. GENERAL 254
2. SCOPE OF RESTRUCTURING MECHANISMS AVAILABLE 255
3. PROCEDURAL REQUIREMENTS 256
4. THE DEBT CONSOLIDATION SCHEME 258
VI. FORCES THAT SHAPE THE SOUTH AFRICAN CORPORATE INSOLVENCY
LAW - SOME COMPARATIVE PERSPECTIVES FROM THE UK AND THE US 259
1. GENERAL 259
2. THE IMPACT OF LEGAL CULTURE AND PATH DEPENDENCE 260
3. THE NATURE OF THE LENDING MARKETS 264
VII. SUMMARY AND CONCLUSION 266
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PART C CRITICAL EVALUATION OF LEGAL RESPONSES TO
THE THREE MANIFESTATIONS OF THE COMPANY-
CREDITOR AGENCY CONFLICT IN THE VICINITY
OF INSOLVENCY 273
CHAPTER 5 THE FIRST MANIFESTATION OF THE COMPANY-CREDITOR
AGENCY CONFLICT IN THE VICINITY OF INSOLVENCY: COMPANY
CONTROLLERS' PERVERSE INCENTIVE IN RESPECT OF TRADING
DECISION IN THE VICINITY OF INSOLVENCY 275
I. INTRODUCTION 275
II. THE PRIMARY EX POST STANDARDS STRATEGY: STATUTORY CREDITOR-
REGARDING DUTY OF DIRECTORS IN THE VICINITY OF INSOLVENCY -
COMPARATIVE PERSPECTIVES FROM THE UK, AUSTRALIA AND
GERMANY 277
1. SOME THEORETICAL ASPECTS OF THE DIRECTORS' STATUTORY
CREDITOR-REGARDING DUTY 277
A. THE TARGET OF THE DUTY 277
B. THE RECIPIENTS OF THE DUTY 281
2. THE SOUTH AFRICAN RECKLESS TRADING DUTY 282
A. GENERAL 282
B. PERTINENT DIFFERENCES BETWEEN THE NEW AND THE PREVIOUS
RECKLESS TRADING DUTIES 285
AA. THE RECIPIENTS OF THE DUTY 285
BB. THE NATURE OF LIABILITY 287
C. THE TYPE OF CONDUCT PROHIBITED AND THE COURSE OF ACTION
REQUIRED TO BE UNDERTAKEN 289
D. THE STANDARD OF THE DUTY 291
AA. THE APPLICABLE ELEMENT OF FAULT AND ITS IMPACT ON
THE STANDARD OF THE DUTY 291
BB. THE APPLICABLE TEST 293
CC. THE TIME AT WHICH THE DUTY ARISES 294
E. REMEDIES AND ENFORCEMENT 295
AA. CIVIL LIABILITY 295
BB. DISQUALIFICATION OF DIRECTORS 300
CC. ISSUE OF COMPLIANCE NOTICE BY COMPANY LAW
REGULATOR 304
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DD. GATEKEEPER CONTROL ENFORCEMENT: THE AUDITOR'S AND
INDEPENDENT REVIEWER'S DUTY TO REPORT ANY
'REPORTABLE IRREGULARITIES' 305
3. COMPARATIVE EVALUATION OF THE SOUTH AFRICAN RECKLESS
TRADING DUTY WITH EQUIVALENT STATUTORY DUTIES UNDER BRITISH,
AUSTRALIAN AND GERMAN LAW 309
A. THE TIME AT WHICH THE DUTY ARISES AND THE COURSE OF
ACTION TO BE UNDERTAKEN 309
B. CIVIL LIABILITY AND ENFORCEMENT 317
III. ALTERNATIVE EX POST STANDARDS STRATEGIES - COMPARATIVE
PERSPECTIVES FROM THE UK AND GERMANY 323
1. GATEKEEPER CONTROL ENFORCEMENT: AMELIORATION OF 'ASSET
SUBSTITUTION' BY RELEVANT INSOLVENCY CLAW-BACK REMEDIES? 323
A. THE CLAW BACK OF 'UNDERVALUE TRANSACTIONS' IN
INSOLVENCY UNDER BRITISH LAW 323
AA. THE FUNCTION AND BASIC REQUIREMENTS OF THE
UNDERVALUE TRANSACTIONS CLAW-BACK REMEDY 323
BB. EXPLAINING THE GATEKEEPER CONTROL STANDARDS
STRATEGY WITH REFERENCE TO THE NEGLIGENCE-BASED
TRADING STANDARDS STRATEGY UNDER THE WRONGFUL
TRADING PROVISION 327
B. THE CLAW-BACK IN INSOLVENCY OF 'DISPOSITIONS WITHOUT
VALUE' UNDER SOUTH AFRICAN LAW AND RELEVANT REMEDIES
UNDER GERMAN LAW 328
AA. GENERAL; RELEVANCE OF FURTHER TYPES OF CLAW-BACK
REMEDIES TO THE PROBLEM OF ASSET SUBSTITUTION 328
BB. THE SOUTH AFRICAN CLAW-BACK REMEDY 329
CC. THE GERMAN CLAW-BACK REMEDIES 331
C. CONCLUSION 334
2. CONTROL OF RISK-SHIFTING INCENTIVE BY RELEVANT DELICTUAL
LIABILITY UNDER SOUTH AFRICAN LAW AND BRITISH LAW? 335
A. THE ELEMENTS OF THE DELICT 335
B. TENSIONS BETWEEN THE LAW OF DELICT AND COMPANY LAW -
PERSPECTIVES FROM THE UK 335
3. THE DEVELOPMENT OF A GENERAL DIRECTORS' DUTY TO CREDITORS IN
VARIOUS COMMON LAW JURISDICTIONS 337
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IV. THE EX ANTE INITIATION RIGHTS STRATEGY IN SOUTH AFRICA:
DISCLOSURE OF 'FINANCIAL DISTRESS' TO AFFECTED PERSONS (S 129(7)
COMPANIES ACT 2008) 341
1. EXPLAINING THE LEGAL STRATEGY 341
2. A CRITIQUE OF S 129(7) COMPANIES ACT 2008 342
3. WEAK ENFORCEMENT OF S 129(7) COMPANIES ACT 2008 344
V. SUMMARY AND CONCLUSION 345
CHAPTER 6 THE SECOND MANIFESTATION OF THE COMPANY-CREDITOR
AGENCY CONFLICT IN THE VICINITY OF INSOLVENCY: COMPANY
CONTROLLERS' PERVERSE INCENTIVE IN RESPECT OF THE
EXTENSION OF SHAREHOLDER LOANS 353
I. INTRODUCTION 353
II. THEORETICAL FOUNDATIONS 354
III. LEGAL STRATEGIES TO CONTROL THE PERVERSE INCENTIVE IN RESPECT OF
SHAREHOLDER LOANS RELIED ON IN GERMANY, THE US AND SOUTH
AFRICA 359
1. THE EX ANTE RULES STRATEGY: AUTOMATIC STATUTORY
SUBORDINATION OF SHAREHOLDER LOANS UNDER GERMAN LAW 359
A. SETTING OUT THE LEGAL STRATEGY 359
B. DISCUSSION: FAILURE TO DISTINGUISH APPROPRIATELY
BETWEEN VALUE-ENHANCING AND VALUE-REDUCING
SHAREHOLDER LOANS 361
2. THE EX POST STANDARDS STRATEGY ENFORCED BY THE COURTS:
DISCRETIONARY SUBORDINATION OR RECHARACTERISATION OF
SHAREHOLDER LOANS AS EQUITY UNDER US LAW 362
A. DISTINGUISHING RECHARACTERISATION AND EQUITABLE
SUBORDINATION 362
B. FACTORS DETERMINING WHETHER SHAREHOLDER LOANS SHOULD
BE RECHARACTERISED 364
C. EFFECTIVENESS OF ELEVEN FACTOR TEST IN DISTINGUISHING
VALUE-ENHANCING FROM VALUE-REDUCING SHAREHOLDER LOANS 366
3. EX POST STANDARDS STRATEGY ENFORCED BY GATEKEEPER CONTROL:
CONTRACTUAL SUBORDINATION OF CERTAIN SHAREHOLDER LOANS
INSISTED ON BY THE AUDITOR 368
A. SETTING OUT THE LEGAL STRATEGY 368
B. PROBLEMS OF GATEKEEPER CONTROL ENFORCEMENT 371
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IV COMPARATIVE EVALUATION - PERSPECTIVES FROM GERMANY AND THE
US 373
V. SUMMARY AND CONCLUSION 376
CHAPTER 7 THE THIRD MANIFESTATION OF THE COMPANY-CREDITOR
AGENCY CONFLICT IN THE VICINITY OF INSOLVENCY: COMPANY
CONTROLLERS' PERVERSE INCENTIVE IN RESPECT OF THE VALUE-
MINIMISING INVOCATION OF FORMAL BUSINESS RESCUE
PROCEEDINGS 379
I. INTRODUCTION 379
II. COMPARATIVE EVALUATION OF LEGAL STRATEGIES CONTROLLING
PREMATURE ENTRY AND ENTRY BY ECONOMICALLY DISTRESSED
COMPANIES - COMPARATIVE PERSPECTIVES FROM THE UK, AUSTRALIA
AND THE US 383
1. APPLICABLE GROUNDS OF ENTRY IN CONJUNCTION WITH RELEVANT
EX POST LEGAL STRATEGIES: THE APPROACH GENERALLY RELIED ON IN
SOUTH AFRICA, THE UK AND AUSTRALIA 383
A. THE ENTRY GROUNDS 383
AA. COUNTERACTING PREMATURE ENTRY: THE IMPENDING
INSOLVENCY ENTRY GROUND 383
BB. COUNTERACTING THE ENTRY OF ECONOMICALLY DISTRESSED
COMPANIES: ECONOMIC DISTRESS ENTRY GROUND 390
B. THE EX POST STANDARDS STRATEGY: DIRECTORIAL SANCTIONS FOR
NON-COMPLIANCE WITH THE IMPENDING INSOLVENCY ENTRY
GROUND 393
C. THE EX POST RATIFICATION RIGHTS STRATEGY: APPLICABLE
GROUNDS OF CHALLENGING THE COMMENCEMENT OF BUSINESS
RESCUE PROCEEDINGS BY CLAIMANTS 394
AA. CHALLENGES TO THE INVOCATION OF BUSINESS RESCUE
PROCEEDINGS THAT COUNTERACT PREMATURE ENTRY 394
BB. CONVERSION TO LIQUIDATION PROCEEDINGS WHERE THE
COMPANY IS ECONOMICALLY DISTRESSED 399
CC. CONCLUSION 400
D. THE EX ANTE TRUSTEESHIP STRATEGY: OFFICE HOLDERS' DUTIES
IN RELATION TO TAKING RELEVANT MEASURES IN CASES OF
PREMATURE ENTRY AND THE ENTRY OF ECONOMICALLY
DISTRESSED COMPANIES 402
AA. GENERAL 402
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BB. RELEVANT MECHANISMS IN SOUTH AFRICA, THE UK AND
AUSTRALIA 404
E. MINIMISING THE DIRECT COSTS OF FORMAL INSOLVENCY
PROCEEDINGS: POSSIBILITY OF SWIFT TRANSITION TO ALTERNATIVE
RESCUE PROCEDURES AND LIQUIDATION PROCEDURE UPON
PREMATURE TERMINATION OF BUSINESS RESCUE PROCEEDINGS 407
AA. TRANSITION TO ALTERNATIVE RESCUE PROCEDURES IN CASES
OF PREMATURE ENTRY 407
BB. TRANSITION TO LIQUIDATION PROCEEDINGS IN CASES OF THE
ENTRY OF ECONOMICALLY DISTRESSED COMPANIES 409
2. THE EX POST STANDARDS STRATEGY: DISMISSAL OF CHAPTER 11
PROCEEDINGS ON THE GROUNDS OF BAD FAITH FILINGS IN THE US 411
3. CONCLUSION 413
III. COMPARATIVE EVALUATION OF LEGAL STRATEGIES MITIGATING THE RISK
OF THE APPOINTMENT OF A 'FRIENDLY' OFFICE HOLDER - COMPARATIVE
PERSPECTIVES FROM THE UK, AUSTRALIA AND THE US 415
1. EX ANTE RULES STRATEGY: MINIMUM QUALIFICATION AND
DISCLOSURE REQUIREMENTS AND RELEVANT EX POST SANCTIONS FOR
NON-COMPLIANCE 415
A. MINIMUM QUALIFICATION REQUIREMENTS OF RESCUE
PRACTITIONERS IN SOUTH AFRICA 415
B. THE AUSTRALIAN APPROACH: MINIMUM QUALIFICATION AND
MANDATORY DISCLOSURE REQUIREMENTS SUPPLEMENTED BY EX
POST SANCTIONS FOR NON-COMPLIANCE 416
C. PROFESSIONAL SELF-REGULATORY MECHANISMS IN THE UK 419
2. EX POST REMOVAL RIGHTS STRATEGY: REMOVAL OF OFFICE HOLDER
FOR LACK OF INDEPENDENCE AND RELATED EX POST GROUNDS 422
3. CONCLUSION 423
IV. LEGAL STRATEGIES AMELIORATING THE USE OF THE DEBT CONSOLIDATION
SCHEME FOR VALUE-MINIMISING PURPOSES IN SOUTH AFRICA 427
1. GENERAL 427
2. IMPACT OF THE NEW RESCUE PROCEDURE ON THE PREVALENCE OF
VALUE-MINIMISING DEBT CONSOLIDATION SCHEMES 429
3. NORMATIVE ANALYSIS OF APPROPRIATE LEGAL RESPONSE TO THE
UNDERPAYMENT OF CREDITORS AND THE UNDERINVESTMENT
PROBLEM 431
23
TABLE OF CONTENTS
4. EX ANTE TRUSTEESHIP STRATEGY: INSISTENCE OF CONTRACTUAL
SUBORDINATION BY THE COURT WHEN CALLED UPON TO SANCTION A
SCHEME OF ARRANGEMENT 432
A. EXPLAINING THE ACQUIRER'S PERVERSE INCENTIVE 432
B. THE NEED FOR LEGAL PROTECTION IN THE FIRST PLACE 433
C. THE MERITS OF THE COURT-IMPOSED CONTRACTUAL
SUBORDINATION 434
V. SUMMARY AND CONCLUSION 436
OVERALL SUMMARY AND OUTLOOK 443
BIBLIOGRAPHY 451
COMMISSION REPORTS, OPINIONS, PRESENTATION, STATISTICS 468
DICTIONARIES AND WEBSITES 469
24 |
| any_adam_object | 1 |
| author | Wilhelm, Martin |
| author_GND | (DE-588)114515347X |
| author_facet | Wilhelm, Martin |
| author_role | aut |
| author_sort | Wilhelm, Martin |
| author_variant | m w mw |
| building | Verbundindex |
| bvnumber | BV044549807 |
| classification_rvk | PU 7880 |
| ctrlnum | (OCoLC)988612647 (DE-599)DNB1132350514 |
| dewey-full | 340 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 340 - Law |
| dewey-raw | 340 |
| dewey-search | 340 |
| dewey-sort | 3340 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| edition | 1st edition |
| format | Thesis Book |
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| geographic | Deutschland (DE-588)4011882-4 gnd Südafrika (DE-588)4078012-0 gnd USA (DE-588)4078704-7 gnd Australien (DE-588)4003900-6 gnd England (DE-588)4014770-8 gnd |
| geographic_facet | Deutschland Südafrika USA Australien England |
| id | DE-604.BV044549807 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-10T13:14:35Z |
| institution | BVB |
| institution_GND | (DE-588)117513-0 |
| isbn | 9783848739806 3848739801 |
| language | English |
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| owner | DE-703 DE-20 |
| owner_facet | DE-703 DE-20 |
| physical | 469 Seiten |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | Nomos |
| record_format | marc |
| series | Studien zum Handels-, Arbeits- und Wirtschaftsrecht |
| series2 | Studien zum Handels-, Arbeits- und Wirtschaftsrecht |
| spelling | Wilhelm, Martin Verfasser (DE-588)114515347X aut Business rescue in South Africa a comparative and functional approach Martin Wilhelm 1st edition Baden-Baden Nomos 2017 469 Seiten txt rdacontent n rdamedia nc rdacarrier Studien zum Handels-, Arbeits- und Wirtschaftsrecht Band 167 Dissertation Universität Hamburg 2016 Insolvenzrecht (DE-588)4114026-6 gnd rswk-swf Unternehmenssanierung (DE-588)4078612-2 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf Südafrika (DE-588)4078012-0 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Australien (DE-588)4003900-6 gnd rswk-swf England (DE-588)4014770-8 gnd rswk-swf Business Rescue South Africa Corporate Rescue Economic Analysis of Law Principal-Agent Theory (DE-588)4113937-9 Hochschulschrift gnd-content Südafrika (DE-588)4078012-0 g Insolvenzrecht (DE-588)4114026-6 s DE-604 England (DE-588)4014770-8 g USA (DE-588)4078704-7 g Australien (DE-588)4003900-6 g Deutschland (DE-588)4011882-4 g Unternehmenssanierung (DE-588)4078612-2 s Nomos Verlagsgesellschaft (DE-588)117513-0 pbl Erscheint auch als Online-Ausgabe, PDF 978-3-8452-8320-3 Studien zum Handels-, Arbeits- und Wirtschaftsrecht Band 167 (DE-604)BV000746281 167 X:MVB text/html http://deposit.dnb.de/cgi-bin/dokserv?id=546bed3ac8ef48539c2b2214a44618f8&prov=M&dok_var=1&dok_ext=htm Inhaltstext SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029948692&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Wilhelm, Martin Business rescue in South Africa a comparative and functional approach Studien zum Handels-, Arbeits- und Wirtschaftsrecht Insolvenzrecht (DE-588)4114026-6 gnd Unternehmenssanierung (DE-588)4078612-2 gnd |
| subject_GND | (DE-588)4114026-6 (DE-588)4078612-2 (DE-588)4011882-4 (DE-588)4078012-0 (DE-588)4078704-7 (DE-588)4003900-6 (DE-588)4014770-8 (DE-588)4113937-9 |
| title | Business rescue in South Africa a comparative and functional approach |
| title_auth | Business rescue in South Africa a comparative and functional approach |
| title_exact_search | Business rescue in South Africa a comparative and functional approach |
| title_full | Business rescue in South Africa a comparative and functional approach Martin Wilhelm |
| title_fullStr | Business rescue in South Africa a comparative and functional approach Martin Wilhelm |
| title_full_unstemmed | Business rescue in South Africa a comparative and functional approach Martin Wilhelm |
| title_short | Business rescue in South Africa |
| title_sort | business rescue in south africa a comparative and functional approach |
| title_sub | a comparative and functional approach |
| topic | Insolvenzrecht (DE-588)4114026-6 gnd Unternehmenssanierung (DE-588)4078612-2 gnd |
| topic_facet | Insolvenzrecht Unternehmenssanierung Deutschland Südafrika USA Australien England Hochschulschrift |
| url | http://deposit.dnb.de/cgi-bin/dokserv?id=546bed3ac8ef48539c2b2214a44618f8&prov=M&dok_var=1&dok_ext=htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029948692&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000746281 |
| work_keys_str_mv | AT wilhelmmartin businessrescueinsouthafricaacomparativeandfunctionalapproach AT nomosverlagsgesellschaft businessrescueinsouthafricaacomparativeandfunctionalapproach |