Financial Markets Act, 2012 (Act No. 19 of 2012)Chapter XII : General provisionsWinding-up, business rescue and curatorship103. Appointment of business rescue practitioner or liquidator and approval of business rescue plan |
| (1) | Despite the provisions of the Companies Act, the Authority must approve the appointment of a business rescue practitioner or liquidator of a regulated person and must approve the business rescue plan referred to in section 150 of the Companies Act. |
| (2) | Despite the provisions of the Companies Act, if the Authority does not approve the business rescue plan referred to in section 150(1) of the Companies Act, the Authority may apply— |
| (a) | for the liquidation and winding-up of the regulated person under section 81 of that Act; or |
| (b) | to court for placing that regulated person under curatorship in terms of the Financial Institutions (Protection of Funds) Act. |