ࡱ> `!q ͷw(?VX-׍E 8`'? xڍ pVX&((I !MDUkH@ED [@:.+j@A T\{ v8!3?s}5 q~#c|SA8^a;b(yqԌ4ƞjSO%ĖQV9T@q L,يa -Tml蝂};[a5)f6E]lR{.>v:<`i݆jk"bg1CL4bƪzbOuW`uCUO^Գߩ|Wv6Ur%F=ʩMQݬltTgθdeΐc+ު<{3SU`'2&h?DYvyl ЊRXh#51`*\ !1@-&A"7PmMCo7 yi̷Bn[Vۉ4%p/&v2>Ryos/hDw&g&{̤yxXbb K3g {gֻbFLW":qr=q HI/*ΡXC~LaT5>Bw{u^31<8=ϝK_B*Ь`B_gZxԡS#'W-w[NpNԷ^|byNN9W"JgV"byjuM,L FnQt| ,ƒ,(\tq9|ή4y7"\P[ldu=gO6'a)Ek yKlvJf0߹nvj,R%gDRka=Moy5l_yC*ؖQ<@}잂,=;1sߊ4Q7w"x ##! wr),uOg|dSj7i8َ!wAIf]VdWIX]u4ʕC 0/\sXO BN;\&v7FYO?|.Vb$s'YǹsY=yyOm> C08Le5cn!:yZGtC*]jn:铌'}߰~/9}LOy;S c]5Ϝy7`9ۤ}r+d,lsZM'5ԸjUUH.&^"RJ{Er^?'uM mz4WJW O,BO˱_9eMl6K8Cpnënh\Wwo*SoJoSGe^vx1-Z`5`JWuĦ oFo1$F]4aXb Vqqyi̷bχ/V/IQ﫨U ram>p7hţejyCɯRA B.{K (Y?Ry=u 9A>zkM-7Ls׼1vy ۍݢ$ݥK/:="?*_R5򗫉 MM ̳K_8o̫k^\r" H%Trܦwoajs Gl;ȡX-<߬OTX ˱-a1<}䛂,$$}+M~7w"x ##!O]pos>N}A'b^ GS(z Ws } Wwg'bjk]Z6 v. f|/ٶn\o ҿ0O MCBjI5zXw,$N [+칻+TqS]f.Qd5pT]+Zikx_Û4oZuǷ 1W uҥ]OWSx(R0h Ow21NE'o2LR[7QY*7Qzzad;~]B\g⻨#X[t,zBC>D_Sm_WM>[vYL}se!aT]q rX/LjKxmTK[Vn"zߠS˯: ;oVjX:Xy2[0o[S+bZۊ|l$iéqwH;x:{.lbF:ƄpB.rCZ [P;¬w5<ᚻ8Zny= 78toE ·. 4ܽZW5ƽ.vKhܥnkˡ#\ɼ3.= n7uxt_e2yK.3rD6}݇~tОeۺ=y++ȯ{5E1ֽ '=5r83n: ʍ hGB%PNG  IHDRZEgAMAPLTE9s!B!R!1Z9!R1BJεk{Zk9ZRƥ{sR)c1sJkkεsJ)cքs)ޔ!{{ΥsJޭZ֜9)1֔)!{c9JB91ֵsk9ZJkZބJZk pHYsN IDATxU|v-(ɇ6D2I7 ! ͱݑ3k]wwu"RHg?Nze\| |l>~O=ˇe{<͍Tnokf[Gg3FcӘњe|%&x֚ à $y.=FȌiF,O c'ǹY䶎I,^EeQ/rkEcp5*K͸4<-=F|1k3GZ'?{1 s O|&6,m#qsh9`&y~'0S#8 OćQzHq1jnR3Mog-CY1k5jqXf>M3?|Y8K/zY6=wXdҴV_V`e1,3#b@(XYîJgc>qv.aZhcLRl1ū(+371 e;H04z10c>cP{_X57Sw`Z4B +K5ߍY=ietGYϒŵRZ5ƹlz_?3Ye11niqFtp>_; ~{9NE7×ǪJYRe s:659` и8}p/ErJX*dRc;J44F._>N~cz 󩨪v*߰ՠJϢDb%X lV.su</rY#_01;cl %|,$)?_`\4dP_^ns^*ʍ yVZg]D(2(9f>f=?^nXEJo 3.WVA~,:p\26L@q?xs52;]u1 LY.ܘ_h$N4+=,'wz8z:$u 嵥-p}8M5݌)t\@iķsWWx<zV! Ό޲S,7̈́T~xťo]\\@ca*pKyBĐӱFۇ#fzח{M#kU[1f6Ow_롾~;<2a&$jʪH 3?_4ToLo`w3O!^]W1+N>eu$d>˅As>jE_ _IXV/5Jp5ݍp6l/ҺxP2m@<|ZiN;p_ X }ǏLphEiz(_tX|I$q&z4 | Z"ezn6 D]9 2.J <>]MEL.̘y,xc-/ML^i&38, xúZ^ɂ7j۱K2TVWԵ,.YGKf]"yajTmMdkc lB휝Ec*CqޮQƑCaǵiJm>R4+%6#4vuv\k(rJ {y;톢,xP/ۮ` BB3Ԑ>0m}oתC "u$_\ل>"9MV]ق5ba1Y#P쎼>z^;5ШXYK& E{:Zҍ3X}6EYvm@WiSYli}u}qrtxDyp ,uj慻ȣM۹΃Ka> Om kxGNalH#irr\ T^Hv,D!3c3aX:^HKo:y$ +\2db>@FUdVewPS ô43Ԫ?ͺ4yv)b$kY  #Ƶz"Jj UVzep >b ,==-Ӈ[$x NV eɵ{ WuvŤ}"36D5%iU04*̠ SRc1 ]ݷab+j)j̚D_2?,(wWG#I1:|ƀh!c;^M%OvC \Jh~Tb}i 5Ԧ5h^w"*mzbazz Θ7iؿ:Zop:heX ,DBBE4ʌ%x +|$\~9@iq*&~ H$-iO؁2j[ Ƙ ; 04RmHsc"W(UoaE]<9 S꿍>2h]V)`tf~"tZ-rH~4 KkI5E>Fö#˭+|0PYA3]qGolc0 _Í+T>;0.fI q(b.v2mU9o!<^hVauvLwrE&²WǜeTCUJigAUUݶY2΁Dp3yyO(֝6Zx#,E:56 JBf>> ms,5AG 8yr}oP 4ՇCZT_ YQ8&d 4lix;6 c ;nX$RqiOX%6g7Fh j4x\8x;ٕ\;ßRnEEѮVz]R@Ė%ӓp_-&+M{ {HO?G~I^bR(46MZi2fr/0afGO3ԢӠ!!()~{E>+KR`vh+# E d#b?`6A1J!w7`o8V@ؖT;;nu%K>!{i@`@шv]) XrB8ڲkKA`JcXFdC0hsɒMsK幥uCW*Κ軄4[YDBלWG c;xh{8oZ! }CʎyfBhyfC:fgAK?K¦NOh~M>OG* 4.Nbu׃DY00MN(V˙ ,kJ+_97FFs@uS(!Ŵq&9 ܗ}vN%0!&@k”C)ILF4IaL03X-GД> FNzkl[vcE;+|3z A ߬daMnKD'=j dᵚQîxΗ ݏm!@_$ @N0#Љ󒐹0#4[{ïj0I (zdc\!MqnVxX% JnȺK] vi%qoX`294F.`M(iH6 -;NF1J#%Y 9hT+Π!y"ٴdx|cXP՗CUAysܜŁ 'ޡW7Hi0{^ jDR%;ڜߑTD92 uI`*KTyDw+c@?!0AaAܸqy^WiǥB򂳥P#$"XX_ci!&Ur*T(π5T#ځDzŒ![5C'ᘲaHq: }`eD1R w̒cqwc/F̃*A.UD0N^ xOx gπkj:js^ivK6 ~:x!F-)YQ(E}~nPv鬌R+h0g81<.Ix-8FʛFϓyK_ܯqQHaD^}퓉ú..jc"ba55>SV/$Ho\]˜|ZZ Fpeܟ{1f Gxiއ[X v$,R b| |*1QaO"f@ɬqO'c0{bܹpE+ y9P2Ѩ09Oc8 :4^WkLy34$p3 uzyD-J`hg2#OcɝсtI6=ZsP7һh?C쁕 _r$x*Isg|H ^d9-ۿ-Q4y@W/bu)pe!Βtegp"p2CG1|_s)fM*dN:ϑ)C% 3$[oј/ fa?W@ h{hG6o+h(2T]O\H{3!X4;?!u yuBV`ƂNZd5}QU@4!:NI3XlÉ ExyyE P"2cptrLLxS:_eħHusiѬ~iq)֗gR]AWR0F2/(sAh{2 >Wes hy!;X/C0׌)0PݸF,0~Ry*Re͟OZ$y1 /uH@H&^A{%ik)[i8!]|'r{㝎Ř1NI:2 R]SV#y֙ҁ||)ʶeJ[~8]]b4ӈr,bIu&Ҿ0>@`=}[1i+!GBCWʥ5Zګ>#>"IZ:hڏw*$5} H_ /P/s$* pZ; ]=6c:# sYXe5^KdC`H| 5]SM-|ڕ#bAAQ(?$J@!t?.$Њ|u|\H5˰<`I e@.r X%zh'$^fJ#/u[G!3sٶBQ[I]\rrWngR#mqWܮқhy}}:^EA9F𣨪6+&p9K3P \hţ pdu?W&ެ3!lL5&Q2~NZ|@[LBif`[Ovy s7/[4@M6fvd|zgUA.q sF:K@U<hRC*&9(,-yʃ+yr>VF g˧DqwΞ]qzZ2bKeh]9e"hR~܆АňF.U!>v j XieX{% 30N Jݬer*a*;ӮB\ZK 9>A(fGBȂfxI=aXg |I@C%z{Q gKT#X7`3ϝU0aw:gG^W+VIf=@1t_+5[ Y3CU{ ?K&3[ R*(e v,izˋgȁ\^GY~\a7c]2ᩥ7#QH :"b%e8.5UnWpLkh`m O#m m鱼"ޅgt6 F :Y3PЪS>aL6π2 O6M.MҬr:W /t"˓-Kh;tXO'El-h@m0K3v `SVJԜA8 kAaϡȤN:B ?kg&eVT(Pwih44=$HJK$एZJaj7LjT%1!0 KiK 2fy<"W6Æ)Xbd IhyHD'!~UPq kƳ$G^8P4>2B36!=p: ʃNزqVsW=֦ ./gO!O.@ d~#"q+#ڍp-kLCz^d@DG ߩQPi_ i@?CtJSZc松IeykgS]GIը4A ড়<:n<P-J[PPHn.'eA~̈ Un3,xg" $b+w%r/?kJ+ 1ɒsaÓN8+*rΧ!9aלT/Ǘ0-/;VPrPXI³`OU ZlrHbA\ȬYqn{2^OSR XC3`aFQWmi?gXSu{4Hjp!aKx{*g??itಟķ1DDD? bVg2TNU%uO}ֶ-ۡtf@0S !J:E(8J>ײm Pa}>6EJl1 ' 1Qo3wԉr/O=:"$ t`ȆGc{QdG&  vHa; q@D1"zW,z6mIm"<VdχKqE@ȐmeERz$|"'4p|jAϥ*X#weLϦ񆔏=5,_{ ɡ@~'r<"VЩQZB!>2/ "_`iHqdi )_ Ȩj!Ի wY#{6 38iw59PgAm(~#o{KqF5v{4؏vAJā|I$M\ s@?YJd 4Q Jc " y0,$Gʁ!!SK_V`Cu}I]㡧A\(+jvͽl|4Vc )!ԈBVJ֐fY#EdK WҸi#UI5Z6=+>nqX lJ- %8kE`BN&B$T [N5ЃPՇw=@whdW? 8ce)T|գ)WѠmN|\V }$_oI=:d :-FGTvmǛ>mG:ut8}-h uq sl8|B~l15J .Ģ _%icuWey_ؗ8vJqnhOD8jI taآkd DZmD^sYA`ׯ`T6|*XR`-L"rsD!Iz͘H25 [l;ϠR14}@YStA~l%t[LG-O 5=әhiEUd5҃.-o뵾S@"!?!,J rMZCGIt!hĄؙؐm!LsUvue۱?ntJiq4koB[tfHFUmNO{h j*O΍x]fs7bKCuoʺ[ ?^OIr}-:<`Y)}C=Qs\8 UDA~~]?\}NpЍ3&@Z+6 ˊpKt !PKBO_RNS튂nNn]ں.ť~z,1sh~^ho2kLRԻhr%ʊZ5TXΗR5-#YX$ A/n  Rĺz| UjgZOv]o~n3*r:X0IvB* <"_,,dž | n[{'8{; # ۅ{Djsx #]R9mi5v贍s8 GhG: #ĥ ;~-kț2’]o7>cڷ۵´fxhh=EiM20w"SS ||Gأ _G*ԴgvH A痒@M'~(0=D=OR&ΗQ 7`3e{X2a0qHù@ehv3M;Q Wz^Y""{j ~x߻{]w<(&OG4g(t(OxcIeO̷24ըjtdwq%{Ԭ̃Z3<@ȟW=vQ!g;ʭ~!DYA5#NvߛBz*?Ӧ{ZѷtLM3?Isrt; 2̃IYc裮(m*;L [}1Jb턚8ECkjzt|vkSc#e\ Z.k.+j]g7 +Sz>˼jKL:iI^k!IB^b5HM3tp3[ٮ0'^H-r9 HL@Sbƭ9Bd+<xR^æm!"AŴ~r VFY0/ aE0t~}}S9^Hun(BS 5"r׊ꟽ}# >v&{ ;lUu otjdAjGgptj_*nPr]1ﺸ|uʏt߰@HV@P2d0x[%%&B,ǘb3s߭vV̌!ucAݨ뮦} &FI6P ƺa]͌j{TϦ' "v4e 6;L:01%)ӺB{qc'135>qT#ݿbI ;,ǹA=PKZi7>;sA?PO07> [Hwjh,4~;bP~G?]{Xjky g-<┒XE$Q˾Wŭ͋V)[ow*ͻb%$6B+o@@`#Ց Ol!m7P%/ })>LqQ?r:ڠ+ qF0 c?]Utb?On7R%#tk> p<6Ƽq)ЉFsCܖmh#E2 |_φZ?WڗCMXR:$Fum?XJTI(pj7w\]=c 5⥱`b+%d:[@}cYV.kDqrBBU吘H:+MЩ1;3}fuLP0kUtK`eWHiJlȧ ~ Kbo&U~MI'rVҞ2p.P[->1>\!NDHWx/n&1pVafMZ6~2 ilUEoU9}>A3~OR*/iMUu#7Czㅡ^*wyFJQf&A5ְ+k7+ԖPT{d V#ďW} (iφ2)D ]u mY;V0CS׏G11Pn߬Xg ol[؉Sv1 BIsd$w^Qdyf&x3Ͷbifvx|SoCv&X|ZNq]2P A#Tt0}мG{ ^;Xt6ondr+n[d em׶J\QU̺[O"Mŕ~Hsҫ_aȌ>o+t|;"/*PgV_(:>va]ﷶ41.: D̾vܬ[L%ŰEIx:jPKea2?{nޖHgJ@֝ o4ҏe_PP'^UHոԬy>0]} 2_*MO?(簳rf !ȡ# p+ ] /sCϼoOkcGUA cT tw+֕->A/Z!6` U[K?',H: DLsDu "~fqvuQSb?evGδ%>۔/V^??eփE v  *?KjL9b9lb{9ꧠ[Yޖ} l"18w ZfMqΛa `.ݥ ۷RtWGP_6oc)fAh`"Pf,Y;eYpKn S72k~O>$B~.?Ln#/_f, nR<ܮpI+q{]蠶6<9*pAf.(&orR-p|ܓb}qRPyvyX ZQw(,ӨIKz!6Aʄ2:v=;" I9ݺdǐ3i-]bWVUR:xk[$2kI,86o[8tT T@cu鼳\9xy)i1]IENDB`nK\Mnf'PNG  IHDR%gAMAPLTE))c!1c)J)B!R!k1c)k9c1s1ޭZ9!B)s9Ɯ{{ZR1c9J)Jƥ޵֭ΥskƔk{R{R1{J!JRc!Rƥֵέ{cƜskckJZΜkcB{R{Z9kJ)cB!c1sJ!R!kBcR)!ƔZ{BZ)kέkcZ{RsJRkBc9sBsR)c1֔Bc){R!Ƅ1s){)k!s!kֵkR1ΜZcJBJJޜBB֔9k)Ό1Ƅ)c{ZJ֜BBޜ99kR)ZZޥJƔBR91֜99ƌ1c1քkZ)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))̼" pHYsN IDATx\c֖5ܼkZ i6l\ҀdKy6B:b CtY[3?MR^{΍pQUޯ9c2[s{2xTьK1cipu[]P=˳=>{,nYZtyK]yzRtgk:s=͊X1Н"Xg5Į_ p2zx\6\5c͚ܶiu]587f{;7wo?XeG nVlfȏ+WƦڞףz= =?" [] ϸGba>% 53m;(X,TaV}/gNA&¤Z_?f2wV #]6`o C45qMeKg 9|`\6|GcPn+3t0~fY܈+\Ҵb¸i/ "p(ú:6cV¸Dp0&tUU|6qf_9A2Kn67Y[> u{r,R nf7udMzi T 6N+35b.'K2.7xt6=]eqGl2%skufɎ=Av\$khM@O}J+Y 3pCÕ>3tP,\,7X(;VͲ0an5L6沧Kn~:ty^RjbD5] dWf׷Fbf4\F {N,Y3dÐ p N߾!ؠz $ rtC1neGi2H婬^ay-KoȪS S$u tE1TXZuu l4eπ$@x#1%A2ÍYofb'sb0΃#,˳Nr􁃆0<<řq*eMa  #Τptgn'`驀Wdиa'xc"fJDј8d0.m YQ@7 a^1N\@O;RodH DMv|+!$[UCVl <dϨF7O!lLh5Bo)fJ^?xYX2SzA5ֲ%ӸjAYWVv^PJ=^]Q; rK+__ӏw9Ys Ы{[é:^,KꞶ)صu6|!;:'he anb[J oĮC7M&ceLPCo*|4Q1@Wcrf[[FbKY ,K=ނ ٺ5O&sEbn/$\ZP2.%In7 `aq2.0?SE0lŨ E0!Y"90;׫_ @ff. N$X (YG)MBУoJ O(  b]BsD3:Ŋ) w =!+S=L Cc{ݿmh8FwIbND-$q|.Jr $^ok@H!<'H6Mbtd1 u=;o td=0nkKD$n_+CݞqDX+54u&k+2yOeJ [#k߂1AtqK (ނ%>1\]YF. - i{&u$ۺshxwNc{0-4߇ncJV3MGh iz A_BzRB@w>}wwwggOao\VƵ{ZxP0VW&dzU]w@;$× b:Ԭ_E|sH %gyF:;$ꬔ\NLJ4V_@T3P54?`ryĸ5WO*2j$KePlBRjIJT+D7={Qζòml|W8 >@z7G`Oƒ[Pns!BF 9~\}3m*K~'btγm?LT⻕y<<>{]/}V B´ry}f?2g>5?-x>ߪ =a2 rރú5&-HVJ71 y67ƛiVv7[gXl#@H%mph[{+*fqIdMsE8alkwk8+ 4(K'Mm(ϛzsaVhMףڝmg7x6T:16-@xLt 䭍?)W"0]\@.1g:=4sm<ڋM\hn ]g+^ja6bBjvh+iLsa2HS~Pm 8ܦ8$F7"5Uz[O|<G1gi:k6˦F'L&F:B"Cv*Kσbx0_q f?@P1 _Xپ 7EKy*b34La׎aY{HyhDg4L4!'JXØN$߹ɐA<52b3ց̍5y&Oќh(f߶> xcBl\722iƀڟ>D4ͫh,V=+%~J3}7v?}VP_B9iJ`~O%,5p*!v2f,^- d Uߪt>m+!1^6KJk-sXȰdj[f#]|>4a&0+]`nt!{p=~I*7Ij4EYނ @S͐9lxAqT6b:MvMKKsgD0^³˷ܞ˜7o5  ]&c atdJe 1w|oFA0 UJ[KYQoL+ۇ7fj#Rɯ wr>G\5ޝ݈3U*ӑ v%\c>/3G $Ϟm'ۉhacZ@}󹚕}l֢x !4 ||2\ƺdd]#yg.Fʗ+'$-mMY$D\zaKAYD"Am)lAÍZ|VنW1pQZbvlML+x%-JZN1?ZDD(aRh  swYG&\7dpcMwIq>ѹpuT>FC6[w5ۅa՝k,IRL^xRؓ*U_MwKX1Sa,'cny򎞮ljkSS%١ǞDC2* UjAq3޸NWњ4Z VΚؘ>K{i)f֨`A.{rV297T10SrsѣHuO|j=ذSp~q҇]Hi&IDn "# tW&ӽ (-"" B*SEwDk A懴'k FnaS`*tksg-,IMߕloͩLy2O^\˵83e `xTDR!tԃK\ 5&FątYeU}<#W_fmhrf C*|ā5|F }6жP[*cdd✁]MeV"k`#PN4iD٤^>/5VROlnnLȕV[#YxE8"ˠGw/1&`u Qekt{Mw \A7AV;:1$VcLpUQpw8'"B\fR/RlzU+TBy(lj8Ѡ=)$a62+v+5NuEvrH5Rh3.ԇ?# ݋~5~UUZ @B&BKpExio?;hQoYa=t+s/ سx":4迎?dO4 ZylċfTP֗9 3%xojhO D a1ѴM׏ʬv,n&uB foKLgشn1xy2yjHPNUs`sP@f筌gjso@d2jpMl *u!wsJsN@霣h)e@@Bov;^7/K^ȉ'QEE v wB->GyY plܙNpQt`n*.k~ ="2cKbt`s=[(zA 2vmAՐT~ O7O&~' eh~C"fm2_S|88 D0@zм^ӫٿK"!}LcW \ 0-R(4ϑSاryJx@|lioi1Y~ٞkJ;WlDh1mM秧p7ji4M"f Rjs9+d)2gK2(f>J9mp(TiEi5$}}c-&R?>~Y,;{&[?5>s N$=t~C4; rR,hy)<`GSQI4[:]: }0Tg[0G/Z#X@ܝsY~ne՛ڛV MY%OV|Q\*yjڂ $?+bXs74&MS)4:[OGS ӵZ_z2t4ժ"njKS "z$DXѤ$W/ $ vJZWwFw'.FTAfPf-u u` Ñ0#L9-febN@nv(N@@ IDAT,?T(?5/r;mtVJ|a"`iGkh }E 6eY׊b2eh:mfěm f`[f5|eU|r|{!!! h$pJڕ+ߙS.֧,?[ZUdt1>_c&K+~7ZY}7-Z*N^us"^;GX/J\.5}(KrW}P2 ytX44}ahNf5="*T6U>CD/{̚[j5^UM{s`l%ZS*D^^$ޥrxQ$1QRokUO+h4{o]ϲDzY"OdpyZ5;Y4z+Z3^{_m*noJZ%Co$C{ QygCB]p&ųP29l6{t6uywo7V%y޸87nA@JGIۧPȰf,y(Y52m -l^ fQj~z+Oaڪ& oIu{ۄ/CREAc?&R,B d2<~>s`r1D>ݗ ,#;g/zbU#[һ [鲻Wۻ;O$T>jwkրJ<:\,hݥ\lTO%ӀA_}~[Hhgp_-=hYivE"рDM=].n㕂R->U..Z7jeb(Y m4kŽLwtU"oJQ+Jex4r;%u"wTG;u(7mΦ ںDfҢ/jYs/b;I;:y9<'"`#,TIymBysbU%K MV mV(J1KTi AFW-_nnϤ2~}[v~ʇrY,oKo.}(zM#'N)qd1yk^bFUR'D 6#(H B%Ͻa<SGevOLFGd( Dk=$R_ [)ʿN# HhO='~f34'9b>t;Or}OQ#6_:JC@{.-A{!O(Q-"_"r/Q((]T>d||#&#!DjEșd`+(<w\퉪ΈU\3 }#"ƺv^Dd)V,,OcE rWH#իVDÊx䑔9I)GGpbׯ_ѺO(JǕi91 $IRHu&';;Z 2^N Պʌ_Tc(u Bb򈪍/ Pʣ#LbYc-hPx4,AJc!{ Y|}tD9aD'ArPNV0:PԮHUOhڋTβx;I  N,c{K֌C7,X+:׿m̳iG>m WZK$Bd %9} HFv~ MF:((uSڂclOv]C#P~ b{.mHFPR<`\6'TSmste61R9}- pR I˲iQ=;*;=3isxKJ$D PB9Oܔg`&C '+ vJ84L9x1_FiKdWt P;IhsK5SjNPx Sneж-Dz(ۤSB[̕CJI uBQ?SϿb>1c _`SG-́&SYI2} GEw^udkNpV4A;;$HgGG|Y$t} 1SML4 sߓF,&+V (,e!VxڳKKDH/A$anr 3bҸkcBqc?)kXUlRj0z A{DMs\F!!{rN` b -$&xmfiÇ鴂2c5wU& n$| Hi K4ʒG;@@M2!AIbeK \aы72mEm:_Jv\9zdC:.ي'mHץDL"Yţ S0G!o>TETوmԀ |~qN:3Oݫjt,NW + 3| ZYӌ9&*AIHy2u"I{ "b]`*艇JNAVߡY^I0SLfgB?]j]KV%˚Քx{ZJP5*=)t07/YihIc=_!ĮTmA*% AۉMAa "σW{%,X-E@xb<59mUz=HܴiAHNb"1-WHfHtGP~~+)+mzYMv]&hɦxD%qkͶ8@MƈfPM4:Ӆ?H# ؾ;<0b7bqTd>םXb'_}#"Cv \4^*]< i[Zku^L֝Dg VTDj. EjP>o.ÊtĴ/*7cg&}ME"F6~r=z,}=Sb`XPojѮTIe lLGu1/ċ-bͲ;HOJXt`}vFKҗ$;';(xK 8f鄂(l$.;Ͷ r`\peqdJ:o 3P[:&+q/KSxw\@@OmȅA#"\mDT  D1 Ϟв#trICs#e2se5HԋO->^s* vWp?T/+z9lOjvHs%Tf*diS:w_FDS.$\/IQ\tw{o pغ쥒P)n%Qu~I9N&Rr sxMS̠$hZ:}gY ھ48pCN 2 Z XMjL "z찛{Wm~jT٨ B], SZ1ԭp1ֺH k?|p 0\=cUu=c1\Mz}Tn)ÐFTx Y8CEb⦤(bP Jw}OC5@d@+I<4Fl:seJPDd)%uԫb!+ z 8'ǝ\2WB?+ѽ|C>E% #st+›{⩙?͍!M=c4ތ@?"(T1A$yb87Qp\-BgӰɝׯ!bvŧ yO@ oOwH Mw Ue5SGhXГ tK:Jq6$)MH3¹B,|R}WHw8;T yH^yIR%e 6-SN:b+(ëZc4W@l,5Mio\Dfb;J YO~L.U8!/sɃQLOTlt0Am}s>52M1vuEzZσbf>tCBA-">XHRqdw4>O,%!Z^sc`wrF"W+N+=d9 %*uZ%q"s pCkT(p[ez"V0 4= }P%tR)R>ĜêI6jDk8Tlטܒ##p N6kԀV/~@{~i`a|qN(~ҽDԻ8ޕ ,@囷 b8Rs;|MvLxms=}MW5DtRfUUK? 8bbY,vQxi9l D,E0/K>pб_GwLz䩶RA$ߣ9XX"(n{)X ÅnP{v5S, XӅ d"腏ʝ<"%Wcszp)m[~|wn%^iD7w`4  U-8W#F(HgȓZb#^ѢT) CPݷF*'>P,~H8~lRGy 6MNOxmo$u4GlE;TGfz̉G̮0ݍ'A%q{{.D@A1$耟F|r7/PtF|0tW!#^]&i+ oAcs#C=$citi^}>OO)H1t rB(!u 2٧]IV|ޥv^'BAt@ukwrIDTF5InE$E On k@I7և_D4h%U'&7b7܈5> Tۨ}$6K#, 98CJlTb1PS]茇JV#>-کZX VyXC*mZb91яHS>>h䩀l;/z=5]܄THj,̩Lgi}Bg]uG%Ju:U-P!vts!"㘥E7 n Td (&)T;NP0qz!Z:%KihC`נ *шwwrX"v#=pt[?.ONmK:mnn=3CWA@[6 ݆\?pC˺a; aDϻ_Oh! :o)D8&!{"<^$3; vl$$i%E3x 0٣a4<1l\hAXT2:7mPkSHD n \SbBml PTgϾcx% Ze 1XZ68Y<+r%?7Tհ0,RضPȧ:9Y1lH(hɗ/_nBތiI|b:M O01W yqdpy:howƃyFwaupHY(lNpHSI]_0WO<$ ŁnՂkeG}'?=xΘ #tm4`)4-T G#BH/'To~FMBh &޸Wëj*j2#:`fOC8L\6cp K5 9D(.S9B'-!F~0^ z+n:ݗ#BaX&`bPocD'`R!gqLNn==$к"324qYhPŋ{ie1X0SY'A+tj#  t[ܦclMwV*= jP$pHX"L1/*`0 !zY1FJ]t+ώFF"s7&5=[~bfdYv6|d]ГGe8RHpPj:$6rOcjW!> D$ &pHy;3bljPJrL1"ƈͦ*I 41]i6 2j^gf(MtXbsmԢ9)M4hG @: p Ϣ +rd:0  ,dgewer@werksmans.co.za:mailto:dgewer@werksmans.co.za/ 00DTimes New RomanTTH ܖx: 0ܖDSymbolew RomanTTH ܖx: 0ܖ DArialew RomanTTH ܖx: 0ܖ"0DWingdingsRomanTTH ܖx: 0ܖ@ .  @n?" dd@  @@`` o(,       4    fe/$ c HM.?2$ͷw(?VX-׍Ey b$ ʍ hGB%:y b$\Mnf'K G AA1?@8<=  'ʚ;V4ʚ;g4adad| x: 0zppp@ <4!d!d  0T$ <4dddd  0T$ <4BdBd  0T$  0___PPT10 fqfqX___PPT9:z&)? %-1BUSINESS RESCUE OPTIONS AVAILABLE IN SOUTH AFRICA22$ 2 %By David Gewer Director,Werksmans Inc&&.    -' INTRODUCTION $  Many reasons for business failures in South Africa Worldwide trend towards rescues, turnarounds and workouts Possibilities of increased returns for creditors and stakeholders if turnarounds successfully implemented Limited possibility of rescues in terms of current legislation. Analysis of limitations of judicial management procedure section 311 of Companies Act which provides for schemes of arrangement and offers of compromise R4~2~ "  2+ rPossibilities of informal workouts within current legal framework, with particular emphasis on the rights of secured creditors Problems currently experienced in implementing informal workouts Need for new initiatives and legislation in South Africa Analysis of viability and prospects of success of proposed amendments to South African Insolvency Law; and timing thereofssr ,REASONS FOR BUSINESS FAILURE IN SOUTH AFRICA--$, Shortage of working capital Factors related to interest rates and the volatility of the Rand Mismanagement and/or fraud Discussion of circumstances in which businesses may be capable of being rescued  WORLDWIDE TRENDS$ EGlobal move towards business rescue Realisation of effect that liquidations may have on financial institutions and even national economies Advantages to be gained from co-ordinated response by creditors to debtors in financial difficulty Recognition of need for appropriate legal, regulatory and governmental policy frameworkFFN#   |      BENEFITS OF WORKOUTS$ 9Facilitates the rescue and rehabilitation of businesses Preserves employment Enhances value of businesses, maximises long-term returns for stakeholders and ideally ensures greater dividends than would accrue on insolvency Reduces detrimental impact on economy Enhances commercial certainty and expedites recovery :Z:<j      ANALYSIS OF CURRENT PROVISIONS$Judicial management Analysis of section 427 of the Companies Act which provides for judicial management Consequences of judicial management  directors replaced by judicial manager no concursus creditorum (freezing of claims) Requirements for judicial management Problems which may be experienced in obtaining judicial management order which may include having to satisfy the court that adequate financial resources will be available to the judicial manager nzTzT$.   3, Other problems experienced in practice including the inevitable liquidation of companies placed into judicial management the expense associated with judicial management the lack of expertise in respect of specific industries absence of benefit to creditors whilst company is under judicial management stigma attached and resultant deterioration of goodwill reluctance of creditors to continue to supply the company complexity F2ZzZZ2z  4- jSection 311 of the Companies Act Examination of provisions of Section 311 and relevant cases Problems including  delays in convening meetings and having compromises prepared and sanctioned by a court inability of distressed companies to survive such delays the possibilities of creditors defeating compromises prior to sanction by applying for winding-up of companies the practical consequence that often companies are placed into liquidation prior to compromises being effected no provision for interim period (while compromise is being effected and sanctioned) `!R!R  "   70INFORMAL WORKOUTS$ Only effective if all creditors support same (any creditor can block informal compromise by bringing application for liquidation) Practical difficulties in achieving when there are numerous creditors (who would all be required to support the proposed compromise). This results in inordinate delay Failure to deal with contingent or prospective creditors Discussion of subordination agreements &ZZ"  81 Problems associated with compromise being implemented in the absence of the sanction of the court  possibility of liquidation ensuing possibility of dispositions made subsequently being set aside uncertainty as to whether further claims will ariseHdd"d   (NEED FOR NEW INITIATIVES IN SOUTH AFRICA))$( oSelf-evident having regard to the aforegoing Business rescue regime requires active participation of creditors pp4!   C  921WHEN SHOULD BUSINESS RESCUE REGIMES BE UTILISED?22$1  KBusiness rescue provisions should be available in the following circumstances: Where a business is not yet insolvent but is experiencing/expecting financial difficulties Where a business is in fact insolvent but has not yet been placed into liquidation Where the business is in fact insolvent and has been placed into liquidation .OOK   ?ANALYSIS OF PROPOSED AMENDMENTS TO SOUTH AFRICAN INSOLVENCY LAW@@$? The Daly proposal  interim measure Draft Insolvency and Business Recovery BillPP$ , -IMPORTANT PRINCIPLES FOR SUCCESSFUL WORKOUTS  .,$- Statement of principles as compiled by Insol International  Co-operation of creditors Agreement by creditors to refrain from taking steps to enforce claims Debtor to refrain from taking action which may prejudice creditors Co-ordinated response of creditors Creditors to be allowed access to information relating to the business in order to enable a proper evaluation to be made @=Z@ZZ=AN&       :3 O - Arrangement between creditors relating to any standstill should reflect applicable law and relative positions of creditors - Information to be made available to all relevant creditors and to be treated as confidential - Repayment of additional funding provided during standstill period should be accorded priority status DP}O  /) qSouth African law-makers can choose from a wide variety of available rescue procedures Keep positive elements of our insolvency laws (including anti-fraud provisions of the Companies Act and Insolvency Act; and enquiry provisions) Consolidate into one statute Acceptance required by financial institutions and other creditors of benefits of business rescue regime 0qZqZr;4  QUESTIONS David Gewer Director, Werksmans Inc. Tel: (011) 535 8135 Fax: (011) 535 8600 Email: dgewer@werksmans.co.za Werksmans Attorneys 155-5th Street, Sandown, Sandton, 2196 Private Bag 10015, Sandton, 2146  % / B`J. X 0bx/?@ABCDEFGH I J K L MNOP   0` f [f f3̙` 999f~` ___` 33f3f` f33f 3f3̙` 33f̙3f>?" dd@,?Zd@  d " @ `"  n?" dd@   @@``PP   @ ` ` p>> > 6  h(  h|T  h " h  f& gֳgֳd?P < 2  h  `) gֳgֳ? < 2 Z h s *A?8 h # l|, 1 ?"    T Click to edit Master title style! !Z h  f 1 ?"    RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S h # l 4 1 ?"   X*  h # l,9 1 ?"    Z*  h # l? 1 ?"   Z*x h  `dD$88޽h? ? 33f3f Lock And Key/   0  lW(  l|T  l " l  f> gֳgֳd? < 2  l  `p> gֳgֳ?`  < 2 Z l s *A?|  l # lx> 1 ?" U  >  T Click to edit Master title style! ! l  fd> 1 ?" t >  W#Click to edit Master subtitle style$ $ l # l0> 1 ?"0  >  X*  l # l> 1 ?"   >  Z*  l # l> 1 ?" >  Z*` l H޽h? ? 33f3f 0 zr`p (  p p 0E  P     P*   p 0hL       R*  d p c $ ?    p 0Q   0   RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S p 6 Z  _P    P*   p 6`  _    R*  H p 0޽h ? 3380___PPT10.V 0(P(    06  P     `*     0,    >  b*     6v `P    `*     64 `    b*   H  0޽h ? ̙3380___PPT10.ƪ 0 0h_(  hr h S (> l >  r h S `> l p  >  L h S ,A28 ?Werks3 U2{yx{yx{yx{yx h  f> 1? I1 2  H h 0޽h ? f3Eh  0 {s`  (   r   S C h0   r   S 0h h`       f  r p S  h `    p  f 1? I5 2  H p 0޽h ? f3Eh  0 t(  tx t c $L h0   >  x t c $H hP0`    t  f 1? I6 2  H t 0޽h ? f3Eh  0 yx(  xx x c $t h0 0  >  r x S  h0    x  f 1? I7 2  H x 0޽h ? f3Eh-  0 ,m(  ,r , S   hp >   ,  f 1?Pp > 2  ,  f 1? I8 2  H , 0޽h ? f3EhQ  0 0(  0r 0 S  hP0 >   0  f 1? I9 2  H 0 0޽h ? f3Eh   0 D(  Dx D c $ h   >  x D c $ h     D  f% 1? J10 2  H D 0޽h ? f3EhR   0 H(  Hr H S < h0 >   H  f> 1? J11 2  H H 0޽h ? f3Eh   0 (  x  c $4S h    x  c $S h`       f 1? J12 2  H  0޽h ? f3Eh   0 zP(  Pr P S ] h0   x P c $@^ h`     P  f` 1? J13 2  H P 0޽h ? f3Eh   0 |t0 (  r  S || h`   r  S } h`0      f 1? J14 2  H  0޽h ? f3Eh  0 |t` (  r  S t h0   r  S  hp`      f 1? J15 2  H  0޽h ? f3Eh`  0 pT(  T T S Th`0F    T  ft1? J16 2  H T 0޽h ? f3EhF  0 (  r  S hP` >     f1?0 V CONCLUSION 2 $     f81? J17 2  H  0޽h ? f3Eh  0 VN X(  X X 3 r xaxa1 ?h000     X  fP 1? J18 2  H X 0޽h ? f3Eh  0 t(  tX t C p    t S f p 0    H t 0޽h ? 3380___PPT10.Z ' 0 P&x(  xX x C p     x S  p 0     H x 0޽h ? 3380___PPT10.< + 0 `)|(  |X | C p     | S  p 0     H | 0޽h ? 3380___PPT10.  0 `](  X  C p   >   S  p 0  >   H  0޽h ? 3380___PPT10.  0 (  X  C p      S  p 0     H  0޽h ? 3380___PPT10.  0 ,(  X  C p      S  p 0     H  0޽h ? 3380___PPT10.  0 Y(  X  C p      S  p 0     H  0޽h ? 3380___PPT10. , 0 /(  X  C p     S < p 0    H  0޽h ? 3380___PPT10.h - 0 2(  X  C p     S " p 0    H  0޽h ? 3380___PPT10.в 0 0 @(  X  C p     S D; p 0    H  0޽h ? 3380___PPT10.в 1 0 06(  X  C p     S Q p 0    H  0޽h ? 3380___PPT10.#  0 (  X  C p     S \ p 0    H  0޽h ? 3380___PPT10.# 2 0 (  X  C p     S z p 0    H  0޽h ? 3380___PPT10.#   0 t(  X  C p     S ȍ p 0    H  0޽h ? 3380___PPT10.m   0 @9(  X  C p     S 0 p 0    H  0޽h ? 3380___PPT10.m 3 0 ?(  X  C p   >   S `p 0  >   H  0޽h ? 3380___PPT10.O ) 0 (  X  C p     S l p 0    H  0޽h ? 3380___PPT10.O 4 0 B(  X  C p     S t p 0    H  0޽h ? 3380___PPT10.rPZdfil Ez ӂ-^/ V20a}or7 uw%}]9FP 3G[oӢ#7K_sP1Oh+'0TU px$ @L l x  4Business rescue options available in South Africa David GewerTC:\Program Files\Microsoft Office\Templates\Presentation Designs\Lock And Key.potJan van der Walt85Microsoft PowerPoint@͐@@C@@.痁MGSg  )'    """)))UUUMMMBBB999|PP3f333f3333f3ffffff3f̙3ff333f333333333f33333333f33f3ff3f3f3f3333f33̙33333f333333f3333f3ffffff3f33ff3f3f3f3fff3ffffffffff3ffff̙fff3fffff3fff333f3f3ff3ff33f̙̙3̙ff̙̙̙3f̙3f333f3333f3ffffff3f̙3f3f3f333f3333f3ffffff3f̙3f3ffffffffff!___www4'A x(xKʦ """)))UUUMMMBBB999|PP3f3333f333ff3fffff3f3f̙f3333f3333333333f3333333f3f33ff3f3f3f3333f3333333f3̙33333f333ff3ffffff3f33f3ff3f3f3ffff3fffffffff3fffffff3f̙ffff3ff333f3ff33fff33f3ff̙3f3f3333f333ff3fffff̙̙3̙f̙̙̙3f̙3f3f3333f333ff3fffff3f3f̙3ffffffffff!___www"#"#"#"#""""""""################"#"""#"""#"""#""##"##"#"##"#"##"##"##"###################"###"###"###"###"###"###"###"##"####"###"###"###############################"#######"#######"#######"#####)###)###)###)###)###)###)###)###############m##################*#*#*#*#*#*#m*#*n#*#*#*#*#*#*##*###*###*#m*##m###*###*###*##*#*#*#*#*#s*#*#*#*#*#*##$#*#*#*#$mmmmmm*#*#$#*#*#**#*$*#*$*m$nm#*$*#*$*#*$#*#*$*#*#mm*mmmm#*#*#*$*#**********n*n**********$*$*$*$mmmmm*mmm*$*$*$*$***+***+***+***+***+***+***+***+*******$*******$*******$*******$*+*+*+*+*+*+*+*+*+*+*+*+*+*+*+*+****+*+*+***+*+*+***+*+*+***+*+*++*+*+*1*+*+*+*1*+*+*+*1*+*+*+*1**+*+*+*+*+*+*+*+*+*+*+*+*+*+*+*+1+1+1+1+1+1+1+1+1+1+1+1+1+1+1+1+*+++*+++*+++*+++*+++*+++*+++*+++1+1+1+1+1+1+1+1+1+1+1+1+1+1+1+1++1+1+1+++1+1+1+++1+1+1+++1+1+1++2+1+2+1+2+1+2+1+2+1+2+1+2+1+2+1++1+1+1+1+1+1+1+1+1+1+1+1+1+1+1+12+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2++2+1+2+1+2+1+2+1+2+1+2+1+2+1+2+1212+212+212+212+212+212+212+212++2+2+1+2+2+2+1+2+2+2+1+2+2+2+1+221212+2121212+2121212+2121212+21+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+222222221222222212222222122222221+2+2+2+2+2+2+2+2+2+2+2+2+2+2+2+22122222221222222212222222122222212+212+212+212+212+212+212+212+222222222222222222222222222222222+222+212+222+212+222+212+222+212222222222222222222222222222222222222221222222212222222122222221222222222222222222222222222222222+222+222+222+222+222+222+222+222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222RRuRRRRKRLRKK)KKLKRLRKRRRRRRRLtRLRKRRRLRKK#D#D##K*KKR*RLRLRLR*RRRRLuRRLRJD"D"DD"D#JDKKLKRLuRRLLRRRLRKK##D"JDJ""""D#K*RLRLRSRRRRLR#D"JKsKnKsKnDD"DC"JKRRRLLRLRLR###KKJ"DCDtntnn#D"D"KKRLRSRRRRKD#ssn"KJnJJntKnttntJD#RRRRLRLR*D#sKnDJKnKs#KKDDtntKtJ##RLRRRSRK#nssKnJsKtnnDn"sntstttJJLRRRRLR)KKsKsJJKsKsKD"Cntntstns#LKRuRRKKntntnsJsntnsDtKnttstntnnKRRLRLK#sKsKnKKKnKtJCJJJtKtKKKsJKRRRRRKnntntntKnKsKs#KKtntKKKsnsKRRRRKKKsKsntKnKtKssKKtntKsKKKsKKKRuRRKtttntstnnKtntKKKtstntttstKRR8888888888888888888888LRKKKKKtKtnsDKKsKK#tKsKsntnsKKRR8888888888888888888RRRJKJsststnKKtKsJKKtntstntnsKuR888888888888888888888RRLKJKKsntnsJnKRKn#RKsKsntKsnKRR888888888888888888888888uRSLQKsnsKtnsKtKKKKKtntststntKSR8888888888888888888LRLRLRKKKKKtKKKKDK#KKsntnsKsKRRR8888888888888888888888888888RLRKRRSRRKtsnJKKnKKKtntstntnsLuRRRKRRRKRKRRRLKDKKKDKKnKnnsntKRRRRRuRuRRKJKSRuRRKtKKKtKnKsstntRSRKRRR*RRK#KRLRRSLRKKKKJKKnJKLRRSRKLKRRSKJ"KRSRRRSRuKsKQKsKtRSRzR88888888888888888888888888888888888888LRRSLRLKKJ#RRRLRRSRRKnJKKJKRLSRS888888888888888888888888888888RRuRuRRKsKDKRRzRuKRRtKsKsKRRuRSR888888888888888888888888888888888888LRLR*RRRKn#D*RRSLRLRLLJKJKKSLRRR88888888888888888888888888888888888SRuLRRuRtKK"KLSRRRuRRKKnsKtRRRuR8888888888888888888888888888888KK*RRRLRKnJD"KLRRRRRLK"nKKLRRRLS88888888888888888888888888888888888888RKRRuRRLKKsKD"KLSRRKK"JnsKuRuRSRLRRRLR*L*JJK#"D#J#DCJnJRLRKRKRRLRRRLuRRKKKnDDCCDJtKKLRRRRuRKRKRLRLRRRJKKsJJ#D"JKsJKKRLRRRKR888888888888888888888888888888888888888RRRLRLRRuRSKsKsKtnsntKnKuRRLuRRR8888888888888888888888888*RLRRRKRLRRRKKJnJnJnJKKRLRRRLRLR8888888888888888888888888888RLRLRRRLRLSRRLRKRKRKRRSRRRuRRRSR888888888888888888888888888888888888LRKRLRKRLR*RLRLRRRLRRRRRLRLRLRLR8888888888888888888888888uRRRtRRLRRRRuRRRSRSRuRRRuRSRSRRR888888888888888888888888888888888888888882222+2222222+2222222+2222222+222222222222222222222222222222222222222221222222212222222122222221222222222222222222222222222222222+212+212+212+212+212+212+212+21221222222212222222122222221222222+2+212+2+2+212+2+2+212+2+2+212+222212221222122212221222122212221+2+2+1+2+2+2+1+2+2+2+1+2+2+2+1+22+212+2+2+212+2+2+212+2+2+212+2++1+1+1+1+1+1+1+1+1+1+1+1+1+1+1+12+1+2+1+2+1+2+1+2+1+2+1+2+1+2+1+*+++*+++*+++*+++*+++*+++*+++*++++*1+++1++*1+++1++*1+++1++*1+++1+*+*+*+*+*+*+*+*+*+*+*+*+*+*+*+*++*+*+*+*+*+*+*+*+*+*+*+*+*+*+*+*$***$*$*$***$*$*$***$*$*$***$*$******$*******$*******$*******$**#*#*#*#*#*#*#*#*#*#*#*#*#*#*#*#**#*#*#*#*#*#*#*#*#*#*#*#*#*#*#*###################################)###*###)###*###)###*###)###*###"###"###"###"###"###"###"###"###################################################"####"####"####"##""""""""""""########՜.+,D՜.+,     tOn-screen Show Werksmans G Times New RomanSymbolArial Wingdings Lock And Key2BUSINESS RESCUE OPTIONS AVAILABLE IN SOUTH AFRICA INTRODUCTIONSlide 3-REASONS FOR BUSINESS FAILURE IN SOUTH AFRICAWORLDWIDE TRENDSBENEFITS OF WORKOUTSANALYSIS OF CURRENT PROVISIONSSlide 8Slide 9INFORMAL WORKOUTS Slide 11)NEED FOR NEW INITIATIVES IN SOUTH AFRICA2WHEN SHOULD BUSINESS RESCUE REGIMES BE UTILISED?@ANALYSIS OF PROPOSED AMENDMENTS TO SOUTH AFRICAN INSOLVENCY LAW.IMPORTANT PRINCIPLES FOR SUCCESSFUL WORKOUTS Slide 16 Slide 17 Slide 18  Fonts UsedDesign Template Slide Titles 8@ _PID_HLINKSAtmailto:dgewer@werksmans.co.za(_?Jan van der WaltJan van der Walt  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesCurrent UserSummaryInformation(UPowerPoint Document(JcDocumentSummaryInformation8