Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 5 (15 marks) Below is an extract from Matuson Associates' website on the Business Rescue of South African Airways (SOC) Limited. On 5 December

image text in transcribed
image text in transcribed
QUESTION 5 (15 marks) Below is an extract from Matuson Associates' website on the "Business Rescue of South African Airways (SOC) Limited". On 5 December 2019, SAA was placed under business rescue pursuant to the filing of a resolution in terms of Section 129(1) of the Companies Act 71 of 2008 (the Act) on 5 December 2019. On 5 December 2019, Leslie Matuson appointed as the Business Rescue Practitioner ("BRP) of SAA in terms of Section 129(3)(b) of the Act. On 18 December 2019, Sivive Dongwana was appointed as the Second Business Rescue Practitioner ("BRP') of SAA in terms of Section 129(3)(b) of the Act. (Source: https:/imatusonassociates co za/saa) REQUIRED: 5.1 The Directors of SAA requested that you assist thern with drafting a brief explanation to their workforce of what business rescue means in terms of the requirements of the Companies Act 71 of 2008. (6 marks) 5.2 The Financial Manager of SAA contacted you with a query on a statement made by the business rescue practitioner. According to the Financial Manager, the business rescue practitioner stated that he can remove the Financial Manager from his position, should he not co-operate with the business rescue proceedings. With reference to the requirements of the Companies Act 71 of 2008, advise the Financial Manager on the powers and duties of a business rescue practitioner and whether he is in fact able to remove the Financial Manager from his position. With reference to the requirements of the Companies Act 71 of 2008 , state how the directors of SAA are required to assist the business rescue practitioners during the business rescue process

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions