The Business Rescue Practitioner: Powers, Duties, And the Qualities That Drive Successful Rescues
When a company is placed into business rescue under Chapter 6 of the Companies Act 71 of 2008, one of the most consequential early decisions is choosing who will lead that process: the Business Rescue Practitioner (“BRP”). Business rescue is an intense period for directors and business owners. Between managing the moratorium, navigating creditor expectations, […]
Can digital transformation save your business? How distressed companies are using technology to drive recovery
If your business is under financial pressure, it reflects a broader trend. South Africa’s rising costs, infrastructure constraints, and sluggish economic growth have pushed many companies toward distress. Business rescue proceedings under Chapter 6 of the Companies Act 71 of 2008 offer a structured path to recovery – and digital transformation is increasingly playing a […]
Business Rescue in South Africa’s construction industry during the COVID-19 pandemic
Written by: Michael Owen While South Africa’s construction industry showed a glimpse of its full potential during the run-up to the 2010 Soccer World Cup, there has been a shortage of major construction developments ever since. But when South Africa entered its national lockdown on 26 March 2020, it brought our country’s already struggling economy […]
What is business rescue?
What is business rescue? Business Rescue was introduced to South Africa through the Companies Act in 2008. It was aimed at finding a solution for companies in financial distress, returning them as a stable and profitable entity. The programme allows a shift in focus from protecting the creditors of a company to protecting the company […]
Business Rescue proceedings? Surely, I’m covered with a surety!
Business Rescue proceedings? Surely, I’m covered with a surety! You have rendered efficient services to a company (“the company”) and now it’s time to send an invoice for your services. The invoice gets sent, but you hear nothing. You send follow-up e-mails and call the company to no end, all to no avail. You even […]
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 […]