Services
Business Rescue
These are proceedings aimed to facilitate the rehabilitation of a company that is financially distressed.
What is Business Rescue
Business rescue proceedings are proceedings aimed to facilitate the rehabilitation of a company that is financially distressed by providing for
Temporary supervision
The temporary supervision of the company, and the management of its affairs, business and property, by a business rescue practitioner;
Temporary moratorium
A temporary moratorium (stay) on the rights of claimants against the company or in respect of property in its possession;
Development and implementation
The development and implementation, if approved, of a business rescue plan to rescue the company by restructuring its business, property, debt, affairs, other liabilities and equity (section 128(1)(b)).
What our aim is
The aim of business rescue is to restructure the affairs of a company in such a way that either maximises the likelihood of the company continuing in existence on a solvent basis or results in a better return for the creditors of the company than would ordinarily result from the liquidation of the company (section 128(1)(b)(iii)).
