What is the meaning of ‘voting interests’ in terms of section 153(1)(b)(ii)?
By Alex Eliott
Section 153 (1)(b)(ii) of the Companies Act 71 of 2008 is intended to afford a remedy to affected persons who support a business rescue plan that has been voted down by creditors. The section can be broken down into five key elements: any affected person/s; may make a ‘binding offer to purchase’; the ‘voting interests’ of persons who opposed the adoption of the plan; at a value independently determined; and to be a fair and reasonable estimate of the return to that person should the company be liquidated…
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