Section 133 of the Companies Act No. 71 of 2008 (“the Act”) provides for a general moratorium on legal proceedings against the company in business rescue. The protection of the moratorium afforded to the company often results in creditors looking to the surety for settlement of the company’s debt.
Section 136 of the Companies Act no. 71 of 2008 (“the Act”) allows a Business Rescue Practitioner (“BRP”) to entirely, partially or conditionally suspend, for the duration of the business rescue process, any obligation of the company that arises under a contract to which the company was party to at the commencement of rescue or that would otherwise become due during the rescue process.
How does Business Rescue impact employees, creditors, owners etc? In studio with Garry and team is Adriaan Smuts CA (SA) and Advocate of the High Court of South Africa, along with Caitlin Gottschalk (Bcom LLB), discussing Business Rescue in practical terms. This show is presented in collaboration with LegalTalkSA. http://cliffcentral.com/the-laws-of-life/laws-of-life-business-rescue-is-it-a-better-alternative-to-liquidation/
Section 133 of the Companies Act 71 of 2008 (“the Act”) makes provision for a moratorium on legal proceedings and enforcement action against a company, or in relation to any property belonging to a company, or lawfully in its possession, being commenced or proceeded with in any forum, during business rescue proceedings, save for certain
What defines a business that is in Financial Distress and what options can one look at in keeping the business going? https://www.youtube.com/watch?v=Eghch_MqCLA
Adriaan Smuts, CEO of Business Rescue Exchange, explains the concepts of business rescue and how this applies to a business in distress https://www.youtube.com/watch?v=e7vA5CMvFSQ
In this video, Adriaan Smuts, CEO of BRX, discusses the perception that Business Rescue is an expensive option in saving a business in distress
Adriaan Smuts, CEO of BRX, breaks down the costs of using Business Rescue.
AFFECTED PERSONS AND BUSINESS RESCUE – PART 6 The final group in the definition of affected persons in the Act comprises any registered trade union representing employees of the company or, where employees are not represented by a registered trade union, each of the employees themselves or their respective representatives. For the sake of
DIENER NO / THE MINISTER OF JUSTICE IN THE SUPREME COURT OF APPEAL The all important case of Diener NO was set down for hearing in Bloemfontein on 23 August 2017. On the said date the full bench of the Supreme Court of Appeal tasked with this matter indicated that, due to the complexity of