LML4806 Assignment 2 (Complete Solutions) - Semester 2, 2024

LML4806 Assignment

2 (COMPLETE

QUESTIONS AND

ANSWERS) Semester 2

2024 - DUE August

2024

,LML4806 Assignment 2 (COMPLETE ANSWERS) Semester

2 2024 - DUE August 2024

Question 1

Barbara is a business rescue practitioner of Thirsty

Elephants (Pty) Ltd, a company that is under business

rescue. She convenes a meeting of the creditors of

Thirsty Elephants (Pty) Ltd to discuss and vote on the

business rescue plan. The business rescue plan contains

ample provisions that protect the interests of the secured

creditors of Thirsty Elephants (Pty) Ltd. Winelands

Packers (Pty) Ltd, a secured creditor of Thirsty Elephants

(Pty) Ltd holding 27% of the creditors’ voting interests

that are voted at the meeting, votes against the adoption


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, of the business rescue plan. All the other secured and

unsecured creditors in attendance at the meeting vote

for the adoption of the business rescue plan as the plan

presents certain advantages to them. Barbara is

concerned that Winelands Packers (Pty) Ltd’s vote against

the adoption of the 4 business rescue plan is detrimental

to the successful rescue of Thirsty Elephants (Pty) Ltd, the

interests of its employees and the interests of the other

affected creditors. With reference to the Companies Act

71 of 2008 and the relevant case law, advise Barbara on

whether she may successfully apply to a court to set

aside the vote of Winelands Packers (Pty) Ltd. In your

advice, you should discuss the grounds on which such an


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