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  • The Companies Act demands liquidation tests in these four situations
  • Did you know, you can't just liquidate your company? The Companies Act actually disallows it. Government updated the Act in 2008 to include compulsory liquidation tests. You must do these to see if it's really necessary to liquidate your company. But you still don't have to this 100% of the time. You only need to do these tests in certain situations. To ensure you do these tests when you ... ››› more
  • [20 October 2014]
  • Your business rescue questions answered
  • There are three commonly asked questions regarding business rescue. Read on to find out what they are and get the answers... Director of business rescue and insolvency at law firm Werksmans, Eric Levenstein says companies in South Africa don't yet realise the full potential of business rescue, especially when it comes to saving jobs, BDlive reports. At the moment only 14% of the close to 4,000 ... ››› more
  • [20 February 2014]
  • Is your business rescue practitioner the right man for the job?
  • Over 3 766 businesses are liquidated every year in South Africa. If your business is insolvent and you're still trading, you can restructure and reorganise your business through business rescue. But to do this, you need to follow the correct processes and appoint an eligible business rescue practitioner. But how do you know if he's the right man for the job? Let's have a look at the five requireme... ››› more
  • [22 January 2014]
  • Understanding insolvency: Find out what these terms really mean...
  • When it comes to insolvency, the terms 'insolvent, 'insolvency, 'liquidation', 'sequestration and 'winding up' are used interchangeably. This causes great confusion because they're NOT the same thing. Read on to find out what these terms really mean so you can understand insolvency better. 'Insolvency, sequestration and liquidation, are terms that people hear about frequently, but rarely have t... ››› more
  • [25 October 2013]
  • Business rescue isn't a bad thing!
  • Business rescue has a bad reputation. But it's the best way to stave off liquidation and save the jobs of your employees. So if your business is suddenly struggling to make ends meet, it could be placed under business rescue like discount fashion chain Meltz. And you don't have to wait for someone to step in - you can volunteer for business rescue if your accounting records paint a dismal picture.... ››› more
  • [07 March 2013]
  • SAICA's hoping to ease financial pressure if you're under business rescue
  • If your business is under business rescue, you'll be relieved not to be facing liquidation. But that doesn't mean all the financial pressure is off. You're still obliged to meet the requirements of the Vat Act by accounting for input and output tax. Here's how SAICA's hoping to change the picture for you before this year's budget speech... The recent fall in business liquidations is an indicator o... ››› more
  • [06 February 2013]
  • Avoid 1Time's route if your business has tax liabilities and needs business rescue
  • Doomed 1time Holdings subsidiary 1Time Airline is still trading under the protection of business rescue. But SARS is expected to oppose more business rescues and go in favour of liquidation instead. So what do you do if your business flies into financial distress, like 1Time did? Business rescue is a process providing for the rescue and recovery of financially distressed companies in a manner that... ››› more
  • [30 January 2013]

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