Corporate Insolvency Law and Reforms in South Africa

Corporate Insolvency Law and Reforms in South Africa

Amit Kumar Kashyap, Harsha Asnani
Copyright: © 2019 |Pages: 19
DOI: 10.4018/978-1-5225-5541-4.ch005
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Abstract

Every country has provided business recuse system and a regime for the protection of insolvent debtors. South Africa has had this legal infrastructure since 1926 when the statutory procedure of judicial management was introduced by the Companies Act 1926. The chapter discusses the judicial management, mechanisms to secure unpaid debts, carrying on business during insolvency, and the new corporate rescue procedures applicable for South African companies as provided in Companies Act 2008. The chapter also puts a light on corporate insolvency informs in South Africa.
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Corporate Insolvency Law In South Africa: Evolution And Reforms

The evolution of insolvency law in South Africa owes its genesis to the mixture of procedural practices adopted in the English and Dutch counterparts. (Cronje, 2006) The ordinance adopted in 1829, had for the first time introduced certain detailed provisions for insolvency proceedings. It was later on amended in the year of 1829 and 1843 and adopted by several other provinces in along with certain minor alterations. Later in the year of 1916, a uniform law was enacted for the whole of South Africa.

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