BUSINESS RESCUE: DO EMPLOYEES HAVE BETTER (REASONABLE) PROSPECTS OF SUCCESS? COMMENTARY ON Employees of Solar Spectrum Trading 83 (Pty) Limited v AFGRI Operations Limited (North Gauteng High Court, Pretoria (unreported) 2012-05-16 Case no 6418/2011; 18624
Keywords:business rescue, corporate rescue mechanism
In this case note the author will give a brief overview of the facts and judgment of the Solar Spectrum case. The author will then proceed to analyse and comment on some of the important aspects of the judgment. The author will specifically focus on the court’s approach to the phrase “reasonable prospect for success …” in balancing the interests and rights of creditors against those of the applicant, which were in this case the employees of the second respondent.
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