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Section 967 of The Companies Act No. 17 of 2015: Court to fix date for transfer of undertaking etc of transferor company

    

(1) If the Court sanctions the compromise or arrangement, it shall—(a) in the order sanctioning the compromise or arrangement; or
(b) in a subsequent order made under section 927, fix a date on which the transfer or transfers to the transferee company or transferee companies of the undertaking, property and liabilities of the transferor company is, or are, to take place.
(2) If the order provides for the dissolution of the transferor company, the Court shall fix the same date for the dissolution.
(3) If the transferor company needs to take steps to ensure that the undertaking, property and liabilities are fully transferred, the Court shall fix a date, not later than six months after the date fixed under subsection (1), by which those steps are to be taken.
(4) In that case, the Court may postpone the dissolution of the transferor company until that date.
(5) The Court may postpone, or may further postpone, the date fixed under subsection (3) if it is satisfied that the steps referred to cannot be completed by the date, the latest date, fixed under that subsection.

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Disclaimer: This document is not to be taken as legal advise.

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