Business Rescue

 

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Business Rescue

What is Business Rescue in South Africa?

In South Africa, the business rescue process offers a lifeline to companies facing financial challenges by allowing them to reorganize their operations and boost cash flow.

As governed by Chapter 6 of the Companies Act, the process provides a legal reprieve from actions or liquidations, giving the company some leeway to manage its debt and promote positive outcomes for all stakeholders, including owners, employees, creditors, and shareholders.

The company must work with a qualified rescue practitioner to identify the best course of action, which could involve strategies such as debt restructuring, operational adjustments, or business rescue financing. The practitioner will provide guidance and support to the company throughout the rescue process.

An attorney also plays a vital role in the business rescue process in South Africa by offering legal advice and representation.

Experienced attorneys can help the company understand and comply with the regulations set forth in Chapter 6 of the Companies Act and ensure that the process is conducted within the bounds of the law.

Attorneys can also assist in negotiations with creditors and other stakeholders, draft and review contracts, and provide guidance on any legal issues that may arise during the rescue process.

Van Deventer & Van Deventer Incorporated - Attorneys in Cape Town and Johannesburg

We have an expert team of attorneys who can provide you and your company with valuable insights on the potential outcomes of the rescue process and help you make informed decisions.

With one of our experienced attorneys, a company in financial distress can have peace of mind and focus on their business rescue plan, confident that their legal obligations are being met.

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