The business rescue process introduced in the new Companies Act, No 71 of 2008 allows some breathing space to companies facing financial distress. The new procedures allow a business rescue practitioner to step in and keep the company operating, either to return the company to profitable ways or to ensure a better return for creditors than they would receive in the case of liquidation.
Our focus is on guiding our clients to make the right decisions at the right time. We can help you proactively manage the process, decrease legal risk and financial exposure and explore the available options.
Our services include:
- Managing financial corporate overexposure and debt restructuring.
- Obtaining adequate and enforceable security.
- Liquidation proceedings and sequestration.
- Compromises.
- Business rescue.
- The administration of insolvent estates.
- Cross-border insolvency.
- Recovery action.
- Impeachable transactions.
- Directors' personal liability.
- Forensic investigations.
- Preservation orders.
- Insolvency inquiries.
- Creditors' meetings and proof of claims.
- Training seminars on business rescue proceedings in the new Companies Act.
- Perfection of Notarial Bonds.
2022
2021
Services
The business rescue process introduced in the new Companies Act, No 71 of 2008 allows some breathing space to companies facing financial distress. The new procedures allow a business rescue practitioner to step in and keep the company operating, either to return the company to profitable ways or to ensure a better return for creditors than they would receive in the case of liquidation.
Our focus is on guiding our clients to make the right decisions at the right time. We can help you proactively manage the process, decrease legal risk and financial exposure and explore the available options.
Our services include:
- Managing financial corporate overexposure and debt restructuring.
- Obtaining adequate and enforceable security.
- Liquidation proceedings and sequestration.
- Compromises.
- Business rescue.
- The administration of insolvent estates.
- Cross-border insolvency.
- Recovery action.
- Impeachable transactions.
- Directors' personal liability.
- Forensic investigations.
- Preservation orders.
- Insolvency inquiries.
- Creditors' meetings and proof of claims.
- Training seminars on business rescue proceedings in the new Companies Act.
- Perfection of Notarial Bonds.
Newsletters
2022
2021
Business Rescue, Restructuring & Insolvency News
More newsFast-track administration
The Insolvency (Amendment) Bill, 2023 (Bill) proposes to introduce a fast-track administration process. This process will be applicable to companies that qualify as small companies under the Companies Act, 2015 and other companies with assets and turnover, class of creditors, amount of debt, or type of company that the Cabinet Secretary may prescribe.
Digging deeper: SCA prospecting for solutions in financially distressed group of companies
In a recent ruling, the Supreme Court of Appeal (SCA) upheld the judgment of the Mpumalanga High Court in a long-standing dispute between Arqomanzi (Pty) Limited (Arqomanzi) and the appellants, Vantage Goldfields SA (Pty) Ltd and Vantage Goldfields Ltd. The case centered around the business rescue proceedings of certain companies in the Vantage group of companies, which faced financial distress following a tragic mining accident at one of its mines.
Insolvency administrator’s burden
The role of an administrator was brought into sharp focus recently in the case of Cytonn High Yield Solutions LLP (in Administration) v Official Receiver KEHC 16 (KLR), which involved the administration of a limited liability partnership that was unable to repay certain investments that had matured. An administrator may be appointed by, among others, the company (this is defined in the Insolvency Act of 2015 to include a limited liability partnership) or its directors, and the appointers file the notice of the administrator’s appointment together with other prescribed documents with the High Court for the appointment to be effective. The documents to be filed include a statement that confirms that the administrator consents to the appointment and that in the administrator’s opinion the objective of the administration is reasonably likely to be achieved.
Market recognition
- Chambers Global 2018 - 2024 ranked us in Band 2 for restructuring/insolvency.
Market recognition
- Chambers Global 2018 - 2024 ranked us in Band 2 for restructuring/insolvency.
Happy Clients
"The team were extremely responsive and commercially minded. Their strengths include effective teamwork and mindfulness of costs. They worked under very tight timelines and never once let me down."
Chambers Global 2023