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Business Rescue

  • Creditors' rights and how to get your money out of a company undergoing business rescue
  • What should you do if your company, when performing the role of a creditor, needs to get the money back out of a client undergoing business rescue? In this case, we'll look at the fact that during business rescue proceedings, creditors' claims are ranked and paid in a certain order: Read on to find out... If the other company is your client, and it's going through business rescue, you'll... ››› more
  • [03 November 2016]
  • Need help? Follow these five tips to apply for business rescue!
  • You know that you need to follow a procedure when applying for business rescue. But do you know what steps you need to take to to follow the entire process correctly? Read on to discover the answer Here's how to apply for business rescue in five easy steps Step # 1: As the board of directors, pass a resolution stating that you want to start business rescue procedures. If you have a busine... ››› more
  • [07 April 2015]
  • Latest stats show that insolvencies are on the rise, but this shouldn't be happening
  • South Africans are feeling the effects of the tough economic times. New stats by FNB show that insolvencies have risen 14% from this time last year. Continue reading to find out why one expert believes this shouldn't be the case Stats show that insolvencies have increased Fin 24 reports that insolvencies data for January 2014 shows a return to a year-on-year increase in the number of insol... ››› more
  • [27 March 2014]
  • Business rescue: Your duties as a director when a company is financially distressed
  • When it comes to business rescue, you'll hear words like 'financially distressed'. Read on to find out what this means and the duties of directors and members when companies or Close Corporations (CCs) are financially distressed. Are you a director of a company? Make sure you're aware of your duties when your company is financially distressed The Companies and Intellectual Property Commissi... ››› more
  • [11 March 2014]
  • Avoid this one business rescue mistake that cost Mr Madodza thousands
  • Mr Madodza couldn't believe his ears that morning in the High Court. The Judge allowed the Sheriff of Nelspruit to remove his vehicles, even though Section 133(1) (Companies Act) protects businesses from creditors during business rescue. And Mr Madodza was undergoing business rescue. So what happened? The small mistake he made, was that he didn't follow the correct steps to appoint his business re... ››› more
  • [07 March 2014]
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