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n Business Tax and Company Law Quarterly - Regulation and control of business-rescue practitioners : is there a suitable legal framework

Volume 6, Issue 4
  • ISSN : 2219-1585

Abstract

Business Rescue was introduced by Chapter 6 of the Companies Act 71 of 2008. The concept is novel to South African Law. It seeks to emulate internationalbest practice by providing a way for companies experiencing financial difficulties to avoid immediate liquidation by filing for interim protectionagainst action by affected parties. The business-rescue practitioner assumes the overall control of the company and establishes whether a rescue can beeffected or a better return to creditors can be effected rather than the return to be achieved on immediate liquidation. This article seeks to discuss the process in broad terms, and the regulation, if any, of the business-rescue practitioner which is integral to the legitimacyof the process.

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/content/btclq/6/4/EJC181953
2015-12-01
2020-08-15

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