Business rescue – in a nutshell
Business rescue proceedings are defined by the Companies Act 71 of 2008 as proceedings to facilitate the rehabilitation of a company that is financially distressed, i.e. a company which is unlikely to pay its debt as it becomes due within the immediate ensuing six months, or a company that is likely to become insolvent within […]
THE SEQUESTRATION PROCESS
The sequestration process involves a Court Application. The Applicant will be either yourself, in the event of voluntary surrender, or one of your creditors (either a friendly or aggressive creditor). The applications are similar and have the same result, however there are different requirements for each. Voluntary surrender Voluntary surrender refers to the process whereby a […]