News Formal

Bid by SAA business rescuers to overturn retrenchment ruling is dismissed

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 63%

Italia Notizia Notizia

Court finds that issuing retrenchment notices without a business rescue plan in place would be premature and unfair

A SAA plane is towed at O.R. Tambo International Airport in Johannesburg, South Africa, January 18, 2020. Picture: REUTERS/ROGAN WARD

The court said section 150 of the Companies Act was clear that the business rescue plan had to precede any retrenchment and “puts paid to any suggestion that the retrenchment process may commence without the plan”. The airline, which is not financially viable, has been in business rescue for six months. But the process has not been completed due to ongoing delays in finalising the business rescue plan.. If the plan is rejected and an alternative not proposed, SAA will be placed in provisional liquidation.

The change means that all trade unions, including the SAA Pilots Association, have accepted the terms of the voluntary severance package offered by the airline. However, irrespective of the mootness of the application, it was necessary for the court to consider the appeal because it raised novel legal issues that were of public importance.

 

Grazie per il tuo commento. Il tuo commento verrà pubblicato dopo essere stato esaminato.
Abbiamo riassunto questa notizia in modo che tu possa leggerla velocemente. Se sei interessato alla notizia puoi leggere il testo completo qui. Leggi di più:

 /  🏆 12. in İT

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

SAA business rescue practitioners lose court bid over retrenchmentsThe business rescue practitioners (BRPs) of troubled SA Airways have lost their bid to appeal an earlier Labour Court ruling that they cannot initiate retrenchments at the ailing national carrier without a plan.
Fonte: IOL - 🏆 46. / 51 Leggi di più »

SAA business rescue practitioners lose court appealThe court also found that a business rescue plan must be submitted before retrenchments can take place.
Fonte: eNCA - 🏆 49. / 51 Leggi di più »