CRS Business Rescue
Business rescue services offered

Business rescue services

Business Rescue and Turnaround Management Masterclasses

For more information, go to Business Rescue and Turnaround Management Masterclasses.

Pre-commencement business rescue services to financially distressed companies

Consultations with clients and client attorneys

  • The benefits and disadvantages of business rescue for your specific situation.
  • Instructions and aid to commence business rescue through filing a resolution or obtaining a court order.
  • Appointment of a business rescue practitioner and procedure to obtain an interim license.
  • Notification instructions.

Business rescue seminar/workshop for financially distressed companies

Will business rescue work for you? This one-day seminar for your board and senior executives is designed to provide guidance.

  • Comparison of advantages and disadvantages of business rescue versus other procedures to save a financially distressed company e.g. sale, merger, workout and compromise with creditors.
  • Overview of business rescue, the process, role of the practitioner, impact on stakeholders.
  • High level assessment of short-term survivability, business rescue viability and business rescue readiness.
  • Recommendations on how to proceed with regard to stakeholder management, selection of the business rescue practitioner, and commencement planning.

Business rescue viability assessment

  • Section 129: Company resolution to begin business rescue proceedings requires a reasonable prospect of rescuing the company as a precondition for voluntarily business rescue through a board resolution.
  • Likewise, after considering an application in terms of section 131: Court order to begin business rescue proceedings the court may make an order placing the company under supervision and commencing business rescue proceedings (compulsory commencement), if the court is satisfied that there is a reasonable prospect for rescuing the company.
  • CRS offers a viability assessment of the prospects of rescuing the company through business rescue, incorporating the legal benefits of the moratorium and right to cancel or suspend contracts other than employment contracts.

Pre-packaged business rescue

Post-commencement business rescue services to financially distressed companies

Providing business rescue practitioners for financially distressed companies

CRS business rescue will provide experienced and qualified practitioners to:

  • Take over management of the financially distressed company.
  • Investigate the affairs of the company.
  • Develop, and if approved, implement the business rescue plan.

Our crop of business rescue practitioners will benefit from:

  • The involvement of Corporate Renewal Solutions in the drafting of new business rescue legislation and regulations, and its involvement in the King III Business Rescue Subcommittee.
  • The turnaround management experience of Corporate Renewal Solution in the informal sector since 1999.

Support services to business rescue practitioners

The larger the company, the less likely it is that the practitioner alone can manage the company, investigate the affairs of the company, and develop and implement the business rescue plan.

CRS Business Rescue will provide the required support services to analyse the company, and to develop and implement the business rescue plan to stabilise, fund and fix the company in strategic, organisational and operational terms.

Additionally, from our network of law firm, CRS will provide the assistance of top attorneys who have been involved in business rescue legislation matters.

To learn more about the track record of Corporate Renewal Solutions, see our corporate renewal experience.


Do you wish to place your company or CC into business rescue?

Please complete the Business rescue client submission form.

We will respond with an opinion on the appropriate approach for you to take, implications that you should be aware of, and costs involved.

Business rescues are already underway.  Either extension to appoint a business rescue practitioner is granted by CIPC, or CIPC licenses business rescue practitioners on an interim basis.

 

 


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