The newly introduced concept of business rescue (in terms of the Companies Act of 2008) has inspired a lot of discussion in the last few months. Cases attracting attention include 1time Airline, Top TV and the lesser-known matter of the Newcity Group, where liquidation proceedings have commenced, as business rescue was refused. These examples, along with a string of other high-profile liquidation proceedings making the news recently, prove − if nothing else − that the business rescue concept is widely misunderstood and consequently abused.

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Written by Nicolene Schoeman-Louw, Schoeman Attorneys (Cape Town)
Tel: 0214255604
Email: enquiries@schoemanlaw.co.za
Website: www.schoemanlaw.co.za
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