Business Rescue Practitioners
Turnaround Business Management
Phone: +27 11 789 1605
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What is business Rescue?

‘‘Business rescue’’ means proceedings to facilitate the rehabilitation of a company that is financially distressed by providing for—

    (i) the temporary supervision of the company, and of the management of its affairs, business and property;

    (ii) a temporary moratorium on the rights of claimants against the company or in respect of property in its possession; and

    (iii) the development and implementation, if approved, of a plan to rescue the company by restructuring its affairs, business, property, debt and other liabilities, and equity in a manner that maximises the likelihood of the company continuing in existence on a solvent basis or, if it is not possible for the company to so continue in existence, results in a better return for the company’s creditors or shareholders than would result from the immediate liquidation of the company;


When is a company financially distressed?

‘‘Financially distressed’’, in reference to a particular company at any particular time, means that—

    (i) it appears to be reasonably unlikely that the company will be able to pay all of its debts as they become due and payable within the immediately ensuing six months; or

    (ii) it appears to be reasonably likely that the company will become insolvent within the immediately ensuing six months




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Business Rescue Practitioners

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