Cap. 13 Art. 532Confirmation and variation.

(1) Within fourteen (14) days of the hearing held in terms of article 528, or article 531 if applicable, the court shall, by order, proceed to confirm, subject to any variations as it may deem appropriate, the proposed terms of the bankruptcy order proposed in accordance with article 528, and such confirmation shall be sufficient to make the proposed terms binding.

(2) Upon the confirmation by the court in terms of sub-article (1), the court shall accede to the request of the bankruptcy trustee to proceed, within such period as shall be stipulated by the court, to the sale, under the authority of the court, of those assets comprising the bankruptcy estate and listed in terms of articles 528(a)(i) or 528(b)(iii).

(3) The terms of the bankruptcy order, and any decision of the court within the context of the proceedings for the making of a bankruptcy order, shall be subject to appeal, by application to the Court of Appeal within twenty (20) days from the day of the decision of the court to confirm or refuse the proposed terms of the bankruptcy order.

(4) The Court of Appeal may, notwithstanding that it has accepted an appeal made in terms of sub-article (3), uphold the decision of the court to confirm the proposed terms at first instance, and provide such remedy as necessary to ensure that the appellant is protected from the effects of the proposed terms, 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 priorities were applied, or in the event of the next-best-alternative scenario, if the proposed terms had not been confirmed; and

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

(5) An appeal made in terms of sub-article (3) shall have no suspensive effects on the execution of that decision, or on the execution of any proposed terms approved within the procedure in which that decision was made.