Question
Job is the business rescue practitioner of Fantastic (Pty) Ltd. He has been classified as a senior practitioner. At the time of his appointment by
Job is the business rescue practitioner of Fantastic (Pty) Ltd. He has been classified as a senior practitioner. At the time of his appointment by the board of directors of Fantastic (Pty) Ltd, they agreed that he would be paid at the rate of R1300 per hour.
Job has now approached the board because it turns out that the rescue process is more complicated than foreseen, and he wants to increase his tariff to R1800 per hour which he believes is the appropriate fee for a senior practitioner. He also wants to be paid an additional R100 000 if he manages to get a rescue plan approved by the required majority of creditors. The board has agreed to these new terms.
You are approached for advice by a shareholder of Fantastic (Pty) Ltd who believes the new remuneration package to be excessive. Advise the shareholder whether there are grounds on which he can prevent payment to the business rescue practitioner of any of these amounts.
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