CRS Business Rescue
The turnaround industry and its business rescue industry component in South Africa

King III business rescue recommendations

The King III business recommendations provide governance guidelines for business rescue provisions as contained in Chapter 6 of the Companies Act No. 71 of 2008.

The recommendations are contained in King III Practice Notes: Guidance on business rescue, which is copyrighted to the Institute of Directors, and published in September 2009.

The King Code of Governance for South Africa, 2009 was originally understood to come into effect on 1 March 2010 but it then seemed that listed companies need to comply from 1 March 2010 onwards (Cohen, 2010).  The Code is written for application by all entities regardless of their manner of incorporation and whether public, private or non-profit.

The purpose of this section is to:

  • Provide information regarding the King III business rescue recommendations.
  • Provide an interactive forum for discussion and debate to enable a wider understanding of legal and practical aspects of business rescue.

King III business rescue sub-committee

Given that the King III Practice Notes: Guidance on business rescue was published prior to business rescue regulations and the Companies Amendment Bill, 2010, an update on the implications of new business legislation for corporate governance is required once legislation and regulations are finalised.

References

Professional publications

Corporate Governance and Directors’ Obligations and Potential Liabilities. (2010, July). Van Velden Pike & Partners.

Final King III Synopsis by Ernst & Young. (2009, September). Ernst & Young.

King, M. (2009, September 1). Guidance on Business Rescue. Institute of Directors.

King's Counsel - King III and Related Legislative Requirements. (2010, March). PricewaterhouseCoopers.

King's Counsel - King III at a Glance. (2009, September). PricewaterhouseCoopers.

King's Counsel - Understanding and Unlocking the Benefits of Sound Corporate Governance. (2009, September 2). PricewaterhouseCoopers.

King III Brochure. (2009, September). Deloitte.

King III Summary. (2009). KPMG.

Walker, D., & Meiring, I. (2010, September). King Code and Developments in Corporate Governance. Werksmans Attorneys.

Professional web sites

Frequently Asked Questions Pertaining to King III. (2010). Institute of Directors.

Kennedy-Good, S. (2010, March 10). The Corporate Regime in South Africa - a Changing Playing Field. Deneys Reitz Attorneys.

King III - Business rescue (Chapter 10). (2010). PricewaterhouseCoopers.

Codes

King, M. (2009, September 1). King III Code of Governance for South Africa. Institute of Directors.

King, M. (2009, September 1). King III Report on Governance in South Africa. Institute of Directors.

Media articles

Cohen, T. (2010, August 30). JSE Allows a Year’s Grace to Apply King. BusinessDay.

 


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