About the product
Business Rescue came into effect in 2011 with the revision of our laws that govern Companies. The Companies Act of 2008 contains what is referred to as Chapter 6 Business Rescue Proceedings. These proceedings are for Companies that are in financial distress, in other words, the company is not able to pay its debts as they become due and payable.
Business Rescue can start in one of two ways. The first is by a voluntary application by the directors of the company and the second is through a court application. Once the company has been put under the protection of Business Rescue, a Business Rescue Practitioner must be appointed to your company to oversee the management of the business and ultimately prepare a Business Rescue Plan. This plan details the steps that will be implemented to ensure that your company can continue to operate.
The ultimate result of a Business Rescue process is to allow your company to turn around into a profitable situation again so that it can continue to operate. In order to achieve this, the Business Rescue Practitioner has a few tools to assist him in achieving this turnaround or rescue.
Business Rescue provides a legal moratorium to your company which means that no creditor can proceed with legal actions against your company. Thus, your company’s assets and premises are protected for the time that it is under Business Rescue. The Business Rescue Practitioner can structure the Business Rescue Plan in such a way that you have sufficient time, in some cases up to 3 years, to repay the debts owing to your creditors. The Business Rescue Practitioner can also provide the percentage of the debts that will be repaid over the time period specified which can provide for a relief of the payment of some debts.
Business Rescue can start in one of two ways. The first is by a voluntary application by the directors of the company and the second is through a court application. Once the company has been put under the protection of Business Rescue, a Business Rescue Practitioner must be appointed to your company to oversee the management of the business and ultimately prepare a Business Rescue Plan. This plan details the steps that will be implemented to ensure that your company can continue to operate.
The ultimate result of a Business Rescue process is to allow your company to turn around into a profitable situation again so that it can continue to operate. In order to achieve this, the Business Rescue Practitioner has a few tools to assist him in achieving this turnaround or rescue.
Business Rescue provides a legal moratorium to your company which means that no creditor can proceed with legal actions against your company. Thus, your company’s assets and premises are protected for the time that it is under Business Rescue. The Business Rescue Practitioner can structure the Business Rescue Plan in such a way that you have sufficient time, in some cases up to 3 years, to repay the debts owing to your creditors. The Business Rescue Practitioner can also provide the percentage of the debts that will be repaid over the time period specified which can provide for a relief of the payment of some debts.
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