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
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.
- 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.
- Drafting of a turnaround plan (to serve as the business rescue plan during business rescue) and pre-negotiation of the plan with the majority of affected persons.
- Pre-negotiating funding of the company for the time period from commencement of business rescue to adoption of the business rescue plan.
Post-commencement business rescue services to financially distressed companies
Once Chapter 6 of the Companies Act No. 71 of 2008 has been implemented, CRS Business Rescue will offer the following business rescue services:
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.
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.
Business rescue industry services
This web site offers research and opinions regarding the following:
- Overview of business rescue in South Africa, justification of business rescue, and success rates (see About business rescue).
- In-depth analysis of Chapter 6 of the Companies Act (see Business rescue legislation).
- In-depth analysis of business rescue regulations.
- In-depth analysis of the King III recommendations on business rescue.
- The business rescue industry in South Africa (see Business rescue industry).
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