Speed is of the essence in the business rescue process. Very short time periods are set out in the new Companies Act, No. 71 of 2008 (the Act), which introduced business rescue to the South African business landscape, and it is important that all stakeholders have access to competent insolvency, business rescue & restructuring lawyers who can be called upon at short notice.

Restructuring of companies in financial distress is on the increase globally. South African companies which are financially distressed or which trade in insolvent circumstances now have an opportunity to reorganise and restructure. This has far-reaching effects on creditors; financial institutions; shareholders; employees and restructuring specialists. The purpose of business rescue in South Africa is to maximise the likelihood of the company continuing to exist on a solvent basis. Key to business rescue will be the successful development and implementation, if approved by creditors, of a business rescue plan to rescue the company by restructuring its affairs, business, property, debt, other liabilities and equity. Should this not be possible, the implementation of a business rescue plan should result in a better return for the company’s creditors or shareholders, than would result from an immediate liquidation of the company.

DEEP FAMILIARITY WITH LEGISLATION – AND WITH EXCELLENT CLIENT SERVICE

With deep familiarity with the Act, our team is able to advise on the most appropriate manner in which business rescue proceedings should be implemented. This includes advising on the appointment of business rescue practitioners to supervise business rescue proceedings; as well as the duties and liabilities of all parties involved in the business rescue process.

Our insolvency, business rescue & restructuring lawyers competently advise business rescue directors, stakeholders, employees and creditors during all stages of the business rescue process, including providing guidance to creditors in respect of strategic decisions.

Download our Business Rescue pocket guide

Download our Business Rescue toolkit

Download A review of the King IV Report on Corporate Governance

Download the Werksmans Director Duties and Liabilities Guide.

Download Nastascha Harduth’s article on The Legal Impact of Social Networks – International Trends reproduced with permission from INSOL World

Download Dr. Eric Levenstein’s Special Report on Financing the Rescue Process – A Comparative Analysis of the Financing Regimes in Australia, Canada, South Africa, United Kingdom and United States of America. This report has been reproduced with permission of INSOL International, published October 2018.

Download Dr. Eric Levenstein’s latest Corporate Report on Business rescue in South Africa: shortcomings, suggestions and possible amendments to Chapter 6 of the 2008 Companies Act

Download Dr. Eric Levenstein’s article on An appraisal of the new South African Business Rescue procedure.

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