Our Sole Objective is to "Save Your Business"
Often businesses hit a “speed bump” financially, becoming financially distressed and facing cashflow problems or being unable to pay its creditors and debts as they become due.
Althugh your business cannot meet its current financial obligations, the business is viable, projections look good and the business, if given some “breathing room”, will be able to trade out of its current financially distressed circumstances. This is where the process of Business Rescue comes in.
Speed is of the essence in the business rescue process. Very short time periods are set out in the new Companies Act, No. 71 of 2008 (the Act), which introduced business rescue to the South African business landscape, and it is important that all stakeholders have access to competent insolvency, business rescue & restructuring lawyers who can be called upon at short notice.
Business Rescue aims to do exactly what the name says; to rehabilitate or restructure the financial affairs of a Company which is under financial duress to maximise the likelihood of the company continuing to exist on a solvent basis.
Key to business rescue will be the successful development and implementation, if approved by creditors, of a business rescue plan by restructuring its affairs, business, property, debt, other liabilities and equity through the temporary supervision of the company, and the management of its affairs, business and property by a business rescue practitioner. Should this not be possible, the implementation of a business rescue plan should result in in a better return for the Company’s creditors than would be realised from liquidation of the Company.
Qualified and Experienced Business Rescue Practitioners
Francois Uys Incorporated Attorneys offers clients a deep familiarity with the Act and legislation.
Our experienced team is able to advise on the most appropriate manner in which business rescue proceedings should be implemented. This includes advising on the appointment of business rescue practitioners with sufficient human-, financial- and operational resources and adequate administrative procedures and safeguards, to enable it to function efficiently and effectively to carry out its in terms of chapter 9 of the Act, as well as advising on the duties and liabilities of all parties involved in the business rescue process.
Our insolvency, business rescue & restructuring lawyers competently advise business rescue directors, stakeholders, employees and creditors during all stages of the business rescue process, including providing guidance to creditors in respect of strategic decisions.
With Proven & successful business rescue, we are able to assist you with:
- Corporate Business Rescue
- A Comprehensive Business Rescue Plan
- Company Rescue & Legal Proceedings
- Saving Businesses & Companies Facing Insolvency
- Business Rescue as laid out by Chapter 6 of the Companies Act
How can we help you proactively manage the process and decrease the legal risk and financial exposure?