n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - Tilting at windmills? The quest for an effective corporate rescue procedure in South African law




When Don Quixote set off on his quest to slay the 'monstrous giants', he did so with the best possible intentions. However, it was clear - even to his faithful squire, Sancho Panza - that this quest was not going to end well, mainly because the giants were not giants at all, but merely windmills: big, sturdy windmills performing a useful and necessary function in the community. It was only in Don Quixote's imagination that the harmless windmills appeared to be enemies that had to be fought and eliminated. This brings me to the question addressed in this article: is South Africa's quest for an effective and successful corporate rescue procedure to fight or even replace company liquidations perhaps destined to remain largely unsuccessful because we are using it to fight something that we only imagine to be an enemy?


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