Business Rescue Webinar

Business Rescue

Understanding the business rescue process.


The current environment has elevated the profile of business rescue as, unfortunately, many companies will probably have to subject themselves to this process. Join Derek to understand what is involved and how it is able to benefit your company.

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What is being covered?


How is the process started

What protection does the company get

Who can be a business practitioner

What does the business practitioner do

What rights do the parties have in business rescue

What is the business rescue plan
How does the process end

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Book Consultation


Not sure if your company should apply for business rescue? Not sure how to start the process? Need a business rescue practitioner? Book a confidential online consultation with Derek so he can better understand your company’s circumstances and assist you with regard to business rescue.

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Business Rescue

Business Rescue

Our focus is to keep companies in business.


We are licensed Business Rescue Practitioners

In this unprecedented time businesses have probably never been more uncertain as to their continued existence. While, as a business owner or director, you will put your heart and soul into trying to keep the business from being liquidated, don’t let your determination and passion take you past a point where business rescue is no longer an option.

As soon as a business determines that it is reasonably unlikely that they will be able to pay their debts on time during the next 6 months the Companies Act provides that the Directors may voluntarily apply for business rescue. Typically, the sooner a company enters this process, the higher the chance of that company may be returned to solvency.

We are here to help you through this critical period.

Our Services


Business Rescue Practitioners

When appointed as Practitioner we implement the rescue requirements of Chapter 6 of the Companies Act which includes

  • Adherence to the Companies Act process requirements
  • Compilation of a comprehensive rescue plan
  • A liquidation assessment
  • Implementation of the rescue plan

Assessment

We assist companies to establish if business rescue is a viable option

Evaluation

We assist parties affected by rescue proceedings such as creditors with the evaluation of the plan to assist them in their decision-making process

What process is followed


The Companies Act also defines the business rescue process that is required to be followed.

Our “Guide to Business Rescue” explains the process in a bit more detail but very succinctly the following is relevant:

  • The company must file and application with the CIPC and appoint a business rescue practitioner.
    • Alternatively, on an application, the court may place a company in business rescue and a practitioner is appointed by the applicant.
  • The practitioner assumes control of the company with the Board of Directors and the management reporting to the practitioner.
  • There is a stay of any legal action by a creditor against the company.
  • The practitioner must meet with the creditors and the employees.
  • After 25 days the practitioner must produce a business rescue plan.
  • The plan must then be voted on by the creditors and, if accepted, it proposals are implemented; however, if not the company is liquidated.

What else you need to know


Different companies are required to have different types of practitioners.

There are different categories of business rescue practitioners who are licensed with the Companies and Intellectual Property Commission (CIPC).

The Companies Act determines that the category of practitioner that is required to be appointed is determined by that company’s public interest score.

If you would more details on these categories and requirements, please go to our article “What Practitioner is Required”.

What is the timeframe of the rescue process

Business Rescue is conducted in a stressful environment where time is of the essence. The Companies Act outlines the process to be followed; however, in summary

  • The practitioner is required to produce a plan within 25 days from their appointment (unless extended by agreement) and
  • If the proceedings are not concluded after a period of 3 months the practitioner is required to report to the CIPC on a monthly basis thereafter.

For more details on the timetable please go to our article “What is the Business Timetable

Webinar


The current environment has elevated the profile of business rescue as, unfortunately, many companies will probably have to subject themselves to this process. Attend this on-demand webinar and learn what is involved in this process and who is applicable.

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Business Rescue

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