oa De Rebus - Business rescue - getting it right : feature
Since the inception of the Companies Act 71 of 2008 (the Act) in May 2011, the concept of business rescue remains rather contentious. It has been the alternative to liquidation of several well-known entities, such as 1time and Top TV. While some companies have struggled to get rescue proceedings off the ground there are a few success stories, but these remain in the minority. The limited two-year time frame since 2011 has shown that instituting such proceedings is fairly onerous given that the guidelines in ch 6 of the Act are not always clear and certain benchmarks are yet to be determined.
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