A Collection of Short Papers by INSOL Early Research Academics (INSOL ERA) - Take the Money and Fly! A Critical Analysis of Insolvency Practitioner Remuneration in South African Corporate Rescue - The case of South African Airways.
- Publisher:
- INSOL International
- Publication Type:
- Internet Publication
- Citation:
- 2021
- Issue Date:
- 2021
Closed Access
| Filename | Description | Size | |||
|---|---|---|---|---|---|
| insol-era-collection-2021-(30-nov)-(final).pdf | Published version | 1.6 MB |
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In an attempt to save the suffering state-owned enterprise from liquidation, South African
Airways was placed in business rescue (a corporate rescue procedure) in terms of the
Companies Act 71 of 2008, in 2019. The circumstances surrounding this case are complex
and laden with various contentious issues. One of these issues relates to the costs
associated with the rescue proceedings in light of raging poverty in South Africa. The
remuneration and disbursements claimed by the business rescue practitioners are
therefore under scrutiny. This paper examines the remuneration and disbursements
claimed by the business rescue practitioners in this case against the backdrop of the
legislative framework on practitioner remuneration and the consequences of the business
rescue practitioners’ approach to remuneration in the corporate rescue regime and
profession in South Africa.
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