BUSINESS RESCUE

Business rescue is a legal instrument that facilitates the rehabilitation of companies and close corporations by providing for a temporary moratorium on the rights of claimants and the development of a plan to rescue the business.
The plan must maximize the likelihood of the business continuing in existence on a solvent basis or, if is not possible for the business to so continue in existence, it should result in a better return for the creditors than would result from the immediate liquidation of the business.


It is aimed at cases where:
a)     It appear to be reasonably unlikely that the business will be able to pay all of its debts as they fall due; or
b)     It appears to be reasonably likely that the company will become insolvent within the next six months.
There are a number of ways to develop a plan of the nature required and we are able to assist in this regard.

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