Writing Resources
South African Companies Act 1st part As what has been clearly define in the above judicial management is a process that essentially can give an alternative way to rescue the companies that are in situation of financial straits In normal circumstances the only resolution for the company is wound up if they were unable to pay its debts that owe to the creditors However the presence of judicial management aims at rehabilitating the financial distressed company Judicial management acts as a statutory corporate rescue procedure for companies to adopt before the company have to be bring to an end for liquidation In other words the judicial management process give a guarantee for the continuation of operation through the formulation and implementation of the rescue model It must be noted that every province in South Africa has its own Companies Act and there s an absence of consolidated Companies Act to govern the regulation and management of the company In 1922 they did have their first consolidated Companies Bill introduced into the Parliament and a second reading concerning the matter of selecting committee is conducted and taken by the bill
