Companies Act, 1973 (Act No. 61 of 1973)Chapter XV: Judicial Management439. Application to judicial management of certain provisions of winding-up |
| 1) | In every case in which a company is placed under judicial management, the provisions of section 12(2), 360, 412, 423, 424 and 425 shall apply as if the company under judicial management were a company being wound up and the judicial manager were the liquidator. |
| 2) | The provisions of section 417 and, if the Court so orders, any provision of sections 414, 415, 416 and 418, shall apply in a judicial management as they apply in a winding up of a company which is unable to pay its debts, any reference to the liquidator being taken to be a reference to the judicial manager. |