The Constitutional Court refused leave to appeal against the Supreme Court of Appeal decision that a “binding offer” to a creditor in business rescue proceedings, made under s 153(1)(b)(ii) of the 2008 Companies Act, is not automatically binding on the creditor.

The appeal had “no prospects of success” which effectively confirms the correctness of the interpretation of s 153(1)(b)(ii) in African Banking Corporation of Botswana v Kariba Furniture Manufacturing.