S.L. 386.24 Art. 5Suspension of article 316 of the Act. 

(1) The applicability of the provisions of article 316 of the Act is being suspended in terms and to the extent specified in sub-

regulation 2, and shall remain so suspended for a period of forty (40)

days following an order of the Minister to lift such suspension.

(2) The steps a director ought to take with a view to minimising the potential loss to the company’s creditors during the suspension established by means of this regulation, shall exclude the filing of an application in court for the dissolution and consequential winding up of the company of which he is a director in terms of article 218 of the Act, or incurring debts in good faith on behalf of the company during its ordinary course of business, unless it is shown that such actions or omissions were deliberately intended to prejudice the pari passu ranking of creditors of the company which existed prior to the act or omission.

(3) The suspension established by means of this regulation, and its effects shall be deemed to have started to run from 16th March 2020.

(4) Notwithstanding the suspension in terms of sub-regulation (1), the Court may nonetheless hear an application made in terms of article 316 of the Act if it considers it reasonable and expedient to do so for the purpose of ensuring the proper and efficient administration of justice.