Restructuring of companies in financial distress is on the increase globally. In line with this trend, Chapter 6 of the new Companies Act, No. 71 of 2008 (the Act) introduces business rescue to the South African business landscape.
South African companies that are financially distressed or that trade in insolvent circumstances in South Africa now have an opportunity to reorganise and restructure. This has far reaching effects on creditors, financial institutions, shareholders, employees and restructuring specialists.
Download the Werksmans Basics of Business Rescue booklet, which highlights some of the frequently asked questions around business rescue.