{"id":35,"date":"2018-07-01T11:59:47","date_gmt":"2018-07-01T10:59:47","guid":{"rendered":"http:\/\/www.petwin.co.zw\/?page_id=35"},"modified":"2024-09-08T10:46:51","modified_gmt":"2024-09-08T08:46:51","slug":"judicial-management","status":"publish","type":"page","link":"https:\/\/petwin.co.zw\/?page_id=35","title":{"rendered":"Judicial Management"},"content":{"rendered":"\t\t
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Judicial Management<\/span><\/span><\/h2><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Judicial management is provided for as an alternative to winding up in terms of Sections 299 \u2013 314 of the Companies Act (Chapter 24:03). What is judicial management? The term is not defined in the Companies Act. However, what can be deduced from the various provisions of the Companies Act is that the concept means the management of a company by a person appointed by the Master of the High Court in terms of the provisions of the Companies Act, subject to the supervision of the High Court.<\/p>\n

Nomination of judicial manager<\/strong><\/p>\n

In the application, the applicant has to nominate a judicial manager. The nominee must be a public accountant who is not the auditor of the company. However, the Court has the right to reject the applicant\u2019s nomination and appoint another person, who may not necessarily be a public accountant, as judicial manager instead. The Minister for Finance may also nominate a person to act as the company\u2019s judicial manager if the Minister thinks this is necessary in the public interest.<\/p>\nCourt Order for Judicial Management\n\nThe Court may make an order for judicial management if:\n

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  • It is satisfied that the company is or is likely to become unable to pay its debts; and<\/li>\n \t
  • It considers that placing the company under judicial management would be likely to achieve at least one of the following purposes:\n
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    1. The company\u2019s survival, or its undertaking as a going concern (whether in whole or in part);<\/li>\n \t
    2. The approval of a scheme of arrangement; or<\/li>\n \t
    3. The more effective use of the company\u2019s assets to satisfy creditors\u2019 claims, compared to if the company was wound up.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\nHowever even if these requirements have been satisfied, the Court can still refuse to grant the order if it thinks this is necessary. In exercising its discretion, the Court may consider factors such as:\n
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      • Creditors\u2019 interests;<\/li>\n \t
      • Creditors\u2019 opposition to the granting of a judicial management order;<\/li>\n \t
      • Likelihood of the company\u2019s successful rehabilitation; and\/or<\/li>\n \t
      • Suitability of judicial management against other regimes, such as winding up.<\/li>\n<\/ul>\nFinally, there is one situation where the Court must dismiss an application for a judicial management order. This is when:\n
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        • A floating charge holder opposes the making of the order; and<\/li>\n \t
        • The court is satisfied that the prejudice caused to the floating charge holder if the order was granted would disproportionately outweigh the prejudice caused to the company\u2019s unsecured creditors if the application for judicial management was dismissed.<\/li>\n<\/ul>\n \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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          Judicial Management Judicial management is provided for as an alternative to winding up in terms of Sections 299 \u2013 314 of the Companies Act (Chapter 24:03). What is judicial management? The term is not defined in the Companies Act. However, what can be deduced from the various provisions of the Companies Act is that the concept means the management of a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","footnotes":""},"class_list":["post-35","page","type-page","status-publish","hentry","entry"],"yoast_head":"\nJudicial Management - Petwin Executors & Trust Co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/petwin.co.zw\/?page_id=35\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Judicial Management - Petwin Executors & Trust Co\" \/>\n<meta property=\"og:description\" content=\"Judicial Management Judicial management is provided for as an alternative to winding up in terms of Sections 299 \u2013 314 of the Companies Act (Chapter 24:03). 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