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7. Practitioner to investigate financial and other such records of company
8. Statement of Affairs from Directors
9. First meeting of Creditors and First meeting of employees’ representatives
10. Business Plan is prepared by Practitioner and published by the company
11. Meeting to consider and vote on whether to accept the Business Rescue Plan
12. Approved – Practitioner to file notice after substantial Implementation
Rejected - Practitioner seeks approval of revised plan, or apply to Court to set aside vote
13. End of Business Rescue Process by:
(i) Court order
(ii) Plan adopted and implemented
(iii) Order to convert to Liquidation
(iv) Notice of termination filed with Commission
For expert legal assistance and advice regarding the business rescue process in South Africa, please contact our attorneys in Cape Town and Johannesburg.
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