CRS Business Rescue

In-depth analysis of the business rescue provisions contained in the Companies Regulations

Regulation 129: Establishment of Business Rescue Practice Regulatory Board

(1) The Business Rescue Practice Regulatory Board is hereby established as a juristic person, to function as an organ of state within the public administration, but as an institution outside the public service.

(2) The Business Rescue Practice Regulatory Board—

(a) has jurisdiction throughout the Republic;

(b) must be impartial and perform its functions without fear, favour, or prejudice; and

(c) must exercise the functions assigned to it in—

(i) the most cost-efficient and effective manner; and

(ii) in accordance with the values and principles mentioned in section 195 of the Constitution.

(3) In carrying out its functions, the Business Rescue Practice Regulatory Board may—

(a) have regard to international developments in the field of company law; or

(b) consult any person, organisation or institution with regard to any matter.

Note: These draft business rescue regulations will be replaced by new draft regulations - publication date by government unknown. Amendment 83 of the Companies Amendment Act replaces the Business Rescue Practice Regulatory Board with the Commission.