What is the difference between judicial management of failing companies and Business Rescue?

Business Rescue is similar to judicial management of companies, but has additional remedies included to aid in the affective turnaround of a failimng company. Business Rescue is largely self-administered by the company, under independent supervision within the prescribed provisions as set out in the Act, and subject to court intervention at any time on application by any of the stakeholders. The most distinct feature of Business Rescue is that shareholders, employees, manufacturers, and suppliers are regarded as stakeholders and have a right to make an application for any company to be placed under business rescue and to participate in the turnaround strategy of the company. A Business Rescue Practitioner, which is a person appointed to turnaround the company has the power to suspend any agreement of a company, except contracts of employment and S35A and B Insolvency agreements. It is a democratic process as rebellious creditors/ stakeholders who are opposed to Business rescue R can be bought out after due diligence has been conducted

IP Domains

Quick Links

Notices

The E-journal publication for
July 2017 is available online for viewing and download!!!

What's New ...

The Upload & Preview zone: a facility for registered users of the E-journal to submit their advertisements and preview their submissions before publication.

More...

 

To subscribe to the Latest Journal: Install the RSSreader on your computer. Go to the Latest Journal and place the mouse arrow on this RSSfeed icon RSSfeed and right click, then choose "Copy Shortcut or Url". Start RssReader and go to add(+) feed, then paste the url and press OK.