Saving Your Company
Business Rescue
01
What is Business rescue?
Is your business facing financial difficulties? Business rescue might be the solution you need. Engelsman Magabane Incorporated can guide you through this process to potentially save your company.
02
South African Law and Business Rescue
Business rescue is a legal process outlined in the Companies Act (2008) that aims to rehabilitate financially distressed companies. It provides a temporary moratorium on debt enforcement and allows for the development of a rescue plan to restructure the business and ensure its survival.
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The Process of Business rescue
- Initiation: The process begins by filing a notice of business rescue with the Companies and Intellectual Property Commission (CIPC). This can be done voluntarily by the board of directors or through a court application by interested parties.
- Business Rescue Practitioner: The court appoints a qualified business rescue practitioner (BRP) to oversee the process. The BRP assesses the company’s financial situation, engages with creditors and stakeholders, and develops a rescue plan.
- Rescue Plan Development: The BRP consults with all stakeholders to create a plan that may involve debt restructuring, asset sales, operational changes, or a combination thereof.
- Creditor Vote & Implementation: The rescue plan is then presented to creditors for approval. If approved, the plan is implemented under the BRP’s supervision.
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Consultation Process
Our team of experienced commercial law professionals can assist you in every stage of business rescue:
- Eligibility Assessment: We can determine if business rescue is the right option for your company.
- Application & Legal Representation: We will guide you through the application process and represent you in court if necessary.
- Negotiations & Plan Development: We will work alongside the BRP to develop a sustainable rescue plan that protects your interests.
- Stakeholder Communication: We will effectively communicate with creditors, employees, and other stakeholders throughout the process.
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Why Choose Engelsman Magabane Incorporated?
- Proven Track Record: We have a successful history of helping companies navigate business rescue and achieve positive outcomes.
- Strategic Expertise: Our team possesses in-depth knowledge of business rescue law and financial restructuring strategies.
- Client Focus: We are dedicated to understanding your unique situation and developing solutions tailored to your company’s needs.
- Protecting Your Business: Our goal is to help you save your company and its valuable assets.
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Janine Snyders
LLB. LLM University Of The Free State
Let's Discuss Your Legal Needs
Have Questions?
Don’t let financial difficulties define your company’s future. Contact Engelsman Magabane Incorporated today for a consultation and explore the possibilities of business rescue.