Cap. 631 Art. 45Appeals against decision of the Court.    Cap.12.

(1) Any decision of the Court within the context of a preventive restructuring procedure, including to approve or reject a restructuring plan, shall be subject to appeal to the Court of Appeal, constituted in terms of article 41(6) of the Code of Organisation and

Civil Procedure, hereinafter referred to in this article as the "Court of Appeal":

Provided that the Court of Appeal may, notwithstanding that it has accepted an appeal made against the confirmation of a restructuring plan, uphold the decision of the Court to confirm a restructuring plan, and provide such remedy as necessary to ensure that the appellant is protected from the effects of the restructuring plan, or duly compensated, such that the appellant:

(a) shall be entitled to receive an amount at least equivalent to that which the appellant would have been entitled to if the normal ranking of liquidation priorities were applied, or in the event of the next-best-alternative scenario, if the restructuring plan had not been confirmed; and

(b) shall be treated at least as favourably as any other creditor within any class of affected parties whose claims would, if the normal ranking of liquidation priorities were to be applied, rank pari passu with the claims of the appellant, and more favourably than any other creditor within any class of affected parties whose claims would, if the normal ranking of liquidation priorities were to be applied, rank below the claims of the appellant.

(2) An appeal made in terms of sub-article (1), may be made by the debtor by means of an application submitted to the Court of Appeal within twenty (20) days of the Court’s decision.

(3) An appeal made in terms of sub-article (1), may also be made by any interested party, by means of an application submitted to the Court of Appeal within twenty (20) days of the Court’s decision:

Provided that the Court of Appeal shall, before hearing such an appeal, ascertain the interest of the appellant in the decision against which the appeal has been filed.

(4) Any appeal made in terms of this article shall have no suspensive effects on the execution of that decision, or on the execution of any restructuring plan approved within the preventive restructuring procedure in which that decision was made.