n Without Prejudice - Business rescue : business law
|Article Title||Business rescue : business law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Affiliations||1 Institute of Directors|
|Publication Date||Jun 2011|
|Pages||23 - 25|
The new Companies Act (71 of 2008), as amended by Companies Amendment Act (3 of 2011) which became effective on May 1 2011, introduced a new formal, modern, method to rehabilitate companies that are financially distressed. Business rescue is an alternative to liquidation and replaces the rarely used and mostly unsuccessful process of judicial management.
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