Business Rescue
How to become a business rescue practitioner in South Africa
Embarking on the journey to become a Business Rescue Practitioner (BRP) in South Africa is a pathway filled with challenges, but also immense opportunities to make a significant impact in the corporate landscape. As the country navigates through economic fluctuations and business uncertainties, the role of a BRP has become increasingly vital. This article serves…
Business Rescue FAQ
Wanting to stop a business rescue? Business rescue proceedings are brought about to facilitate the rehabilitation of a company that is financially distressed and the proceedings offer a very useful alternative to the liquidation of a company. So you should be careful to ensure that you have good grounds to set aside the proceedings. Some of the…
Advantages of Using a Brokerage with a National Footprint
In the highly competitive insurance brokerage industry, service delivery is of utmost importance. At Shackleton Risk Management (“SRM”) we are able to provide our services nationally across South Africa. With offices in Johannesburg, Pretoria, Durban, Cape Town, Port Elizabeth, Bloemfontein and Nelspruit and representation in Grahamstown, Kimberley and Mmabatho, we are able to be the…
Business Rescue vs Liquidation in South Africa
Simply put, a liquidation and business rescue can be compared to a shut down versus rehabilitation. Liquidation (also known as “winding up”) is when a debtor company which owes money to a creditor is wound up. The creditor would typically apply to court to after having demanded payment from the debtor company to no avail, to…
Business Rescue: How do I apply for a license as a Business Rescue Practitioner?
A person may be appointed as a business rescue practitioner of a company only if he or she is a member in good standing of a legal, accounting or business management profession. A conditional license as a practioner may be issued to a person who has been nominated by a company that is financially distressed.…
What is Business Rescue?
Business rescue, as defined by Chapter 6 of the Companies Act 2008, aims to facilitate the rehabilitation of a company that is “financially distressed” by providing for Essentially, business rescue acts as a crucial support system for companies facing financial difficulties, providing them with an organised route to recovery and protecting their operations during a…