CRS Business Rescue

Welcome to the new web site of Corporate Renewal Solutions that deals with the turnaround of financially distressed companies in terms of business rescue legislation as contained in Chapter 6 of the Companies Act No. 71 of 2008 and the Companies Amendment Bill, 2010, amplified by business rescue regulations as contained in the draft Companies Regulations and reviewed in the King III business rescue recommendations.

For detail about the current status of new legislation and regulations, see business rescue in South Africa.

In 1926 South Africa was the first country after the USA to introduce business rescue legislation. Judicial management, however, proved to be ineffective and will be replaced with the business rescue provisions in Chapter 6 of the new company legislation.

Chapter 6 business rescue legislation represents a codification of the turnaround procedures followed in workout in the informal sector, but is designed to overcome a number of practical problems faced by workout, and to protect the interests of all stakeholders. It comes with its own problems though, and financially distressed companies will always have to make the choice between informal turnaround (workout) and Chapter 6 business rescue based on the specific circumstances they face.

For more information, see business rescue versus workout.

That notwithstanding, new business rescue legislation represents an important new era in the South African turnaround industry with the potential of saving many more financially distressed but economically viable companies from liquidation.

Aim of CRS Business Rescue

Apart from creating an awareness of our business rescue services, the aim of this web site with regard to the business rescue legislation, regulations and King III recommendations is to also:

Educate stakeholders on the legal and practical aspects of business rescue.

Promote business rescue under circumstances where it will provide a better solution than informal sector turnaround.
Provide a forum for discussion and debate by enabling readers to ask questions and comment at the bottom of web pages on this web site.

The business rescue legislation and amendments, draft business rescue regulations, and the King III recommendations on business rescue have been reproduced in this web site for easy reference. Analysis and comments are still under construction though. That notwithstanding, you are most welcome to start asking questions and comment.

Business rescue and turnaround Masterclasses

Achieve a quantum leap in knowledge in these 2-day business rescue and turnaround Masterclasses.

Business rescue services

Pre-commencement business rescue services

Business rescue seminar/workshop for companies in financial distress.
Business rescue viability assessment of financially distressed companies.
Pre-packaged business rescue - pre-negotiating the business rescue plan and funding prior to placing the company under supervision.

Post-commencement business rescue services

Once new business rescue legislation has been implemented, Corporate Renewal Solutions will offer the following business rescue services:

Providing business rescue practitioners for financially distressed companies with top cover by Corporate Renewal Solutions.
Leadership, strategic, financial, organisational and operational support services to business rescue practitioners.

For more information go to Business rescue services.

Business rescue in South Africa

Based on academic research, CRS Business Rescue offers an in-depth analysis of Chapter 6 business rescue in terms of:

The context of business rescue - objectives and goals, justification, the timeline of financial distress, business rescue versus workout, business rescue resolution.
The business rescue process.
The business rescue plan.
The business rescue practitioner.
Business rescue implications for for stakeholders - directors, affected persons, shareholders, creditors, employees and trade unions.
Characteristics of Chapter 6 business rescue.
Critical assessment of business rescue.
History of Chapter 6.

For more information go to Business rescue in South Africa.

Business rescue legislation

We offer an in-dept commentary on each section of Chapter 6 of the Companies Act No. 71 of 2008 and the Companies Amendment Act, 2010, from section 128 to section 155, based on doctoral research, industry workshops and conferences, and research of the King III Business Rescue Subcommittee.

We highlight practical implications, problem areas, and advice.

For more information go to Business rescue legislation.

Business rescue regulations

We offer an in-dept commentary of draft business rescue regulations as contained in the Company Regulations, 2010 from Regulation 129 to 135.

For more information go to Business rescue regulations .

King III business rescue recommendations

We offer an in-dept commentary of King III business rescue recommendations, the drafting of which we played an active role in.

For more information go to King III business rescue recommendations .

Business rescue industry in South Africa

We offer news and events in the business rescue industry, including liquidations statistics, and information on the Turnaround Management Association - Southern Africa and the Business Rescue Practice Regulatory Board.

For more information go to Business rescue industry.

About CRS Business Rescue

This section provides information about the past turnaround projects of CRS, and our past involvement in setting up business rescue in South Africa. This included our participation in submissions of the Turnaround Management Association - Southern Africa with regard to business rescue legislation and regulations, workshops of the latter with government, and delivering papers about business rescue at conferences and seminars.

For more information go to About CRS Business Rescue.

Popular pages

Business rescue in South Africa

Business rescue legislation

Business rescue regulations

King III business rescue recommendations

Liquidations statistics

News flashes

The dti published the Companies Amendment Bill, 2010 on 28 July 2010. The latest information about the implementation schedule of new business rescue legislation can be obtained by following the preceding link.

For a discussion of the main changes affecting Chapter 6 business rescue provisions, see business rescue legislation.

Talks on business rescue and turnaround

Jan van der Walt, CEO of Corporate Renewal Solutions, presents his take on new business rescue legislation and turnaround.

16 - 17 August 2010	Listen to the BNPC Turnaround Seminar Interview with GABZFM Radio broadcast on 11 August 2010. Newspaper clips: The business rescue conversation - the facilitator. The business rescue conversation - the economist. Venue: Botswana National Productivity Centre (BNPC) headquarters, Gaborone, Botswana.
7 July 2010	Turnaround Management Association - Southern Africa Lecture Series Johannesburg. "A Point of View on Business Rescue 2"
12 May 2010	Turnaround Management Association - Southern Africa Lecture Series Johannesburg. "A Point of View on Business Rescue 1"
6 May 2010	Managing a Turnaround and Corporate Renewal, Wits Business School. Johannesburg. "Business Rescue: A Turnaround Practitioner’s Perspective"
7 Dec 09	King II Final Report: The requirements and implications for public, private and non-profit organisations (432k). Cape Town. "Final recommendations for Business Rescue procedures"
5 Nov 09	Women in Management and Leadership Conference (243k). "New business rescue legislation as per Chapter 6 of the new Companies Act"
14 Oct 09	Audit, Risk and Governance Summit '09 (501k). Johannesburg. "New business rescue legislation as per Chapter 6 of the new Companies Act"
29 Sep 09	King II Final Report: The requirements and implications for public, private and non-profit organisations (91k). Johannesburg. "Final recommendations for Business Rescue procedures"
16 Sep	Leadership excellence and corporate governance conference (1120k)
20 Aug 09	Business rescue: Demystified and Operationalised (422k).
30 Jul 09	Corporate Governance Forum 2009: (269k). "Analysing the importance of business rescue legislation and its implications for your company"