Business Rescue Process Flow - A Comparison | Legal Articles

 

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Business Rescue Process Flow - A Comparison

Business Rescue by Company Resolution

business rescue south africa

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

Business Rescue by Court Order

attorneys south africa

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

Van Deventer & Van Deventer Incorporated - Attorneys and Notaries South Africa

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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