Sink or swim – Business Recue

May 27, 2017 | Business Act, Business Rescue, Legal

Lowvelder article for 27 January 2017. Restructuring of companies in financial distress is on the increase. In South Africa, Chapter 6 of the Companies Act introduced business rescue as an opportunity for financially distressed companies to file for a formal...

Court support business rescue

May 18, 2017 | Business Rescue, Legal

What to do when a Creditor of the Company does not participate in good faith in the business rescue process? In the matter between Copper Sunset Trading 220 (Pty) Ltd, t/a Build It Lephalale (under Business Rescue) vs Spar Group Ltd, two creditors voted against the...

The Business rescue practitioner

Feb 7, 2017 | Business Rescue, Legal

Business rescue have placed a major responsibility on creditors, directors and shareholders of distressed companies to “come to the rescue” of companies in financial distress. The decision on who to employ as a business rescue practitioner is therefore one of the most...

Promissory note – Success Story

Oct 13, 2015 | Legal

We recently were confronted with the challenge of raising post commencement finance for a security company in Business Rescue. The only asset of any substantial value was a debt of over R13 million due to the company for security services rendered to the Mafikeng...

Business Rescue – Creditor’s Frustration

Sep 16, 2015 | Legal

A typical email from a frustrated creditor: “We rent out equipment at monthly installments. One of our customers has not been paying us for the last 10 months, as they are in business  rescue. What are our rights as a supplier? Do we have a right to payment or how...

Termination of Business Rescue Proceedings

Apr 6, 2015 | Legal

Business Rescue proceedings are brought to an end by either a court order on application by an affected person or by the Business Rescue Practitioner (BRP), by a notice of termination filed by the BRP with the Commissioner (CIPC); or by a business rescue plan that has...