DESPITE various short-term relief measures introduced by the government to aid a myriad of businesses and cushion the financial impact of Covid-19, companies seeking to protect themselves may want to consider one of the corporate rescue mechanisms in the form of judicial management.
These conditions are: the company is or will be unable to pay its debts ; and the court considers that the making of the judicial management order would be likely to achieve either the survival of the company; the approval of a compromise or arrangement; or a more advantageous realisation of the company’s assets than on a winding up.Once a judicial management order has been granted, it is effective for six months and may be extended for a further six months.
Once appointed by the court, the judicial manager’s main duty is to resuscitate the company or at least ensure a more advantageous realisation of the assets of the company by managing the affairs of the company. The judicial manager will be required to study the financial situation of the company and present a proposal that requires the approval of 75% of the total value of creditors whose claims have been accepted by the judicial manager.
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