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Who appoints the substitute BRP? A look into the meaning of Section 139(3) of the Companies Act
Section 139(3) of the Companies Act Who has the power to appoint a business rescue practitioner's replacement, in circumstances where a practitioner dies, resigns, or is [...]
Top ten risks for creditors of companies going into Business Rescue in 2021
Chapter 6 of the Companies Act No. 73 of 2008 Continued pressure on business and world economies due to the ongoing battle with the Covid-19 Pandemic [...]
Advancing credit to financially distressed companies – warning signals for suppliers and creditors?
Advancing credit to financially distressed companies Continued pressure on business and world economies due to the ongoing battle with the Covid-19 pandemic continues into the second [...]
Basics of Business Rescue
What is business rescue? Business rescue proceedings are proceedings aimed to facilitate the rehabilitation of a company that is financially distressed by providing for – the [...]
Shareholders beware – Section 424 and piercing the corporate veil!
by Eric Levenstein, Director and Head of Insolvency, Business Rescue & Restructuring Practice; Nastascha Harduth, Director; and Siyabonga Galela, Candidate Attorney Introduction When a director [...]
Business rescue – not for the fainthearted
Business rescue proceedings Business rescue proceedings almost invariably take place under less than ideal circumstances. To begin with, all candidates for business rescue are financially distressed, [...]
The SAA Business Rescue Process : A steep learning curve – Lessons for SOEs
Setting the scene Since being placed under voluntary business rescue in December 2019, South African Airways ("SAA") has been a consistent (and often controversial) conversation point [...]
Business Rescue Practitioners – mind the trap!
by Roxanne Webster, Senior Associate and Siyabonga Galela, Candidate Attorney Reviewed by Eric Levenstein, Director and Lauren Becker, Director Introduction The payment and ranking of business [...]
2020 has put the South African business rescue procedure on steroids
by Eric Levenstein, Director and Head of Insolvency, Business Rescue & Restructuring Practice The onset of the Covid-19 pandemic in 2020 created a new playing field [...]
Business rescue for external companies? It’s all in the definition
by Eric Levenstein, Director and Head of Insolvency, Business Rescue & Restructuring Practice; and Malachizodok Mpolokeng, Candidate Attorney Looking back at 2020, it has truly been [...]
Directors’ duties and obligations in the business rescue process
Introduction Once a company is placed into a business rescue proceeding, the business rescue practitioners immediately step into a supervisory role and where the board of [...]
The ranking of creditors’ claims – now settled law!
By Nastascha Harduth, Director and Roxanne Webster, Senior Associate Since the introduction of the Companies Act 71 of 2008 ("the Companies Act"), and particularly Chapter 6 [...]
Can business rescue minimise the effects of COVID-19 on your business?
by Walid Brown, Director and Elzaan Haynes, Candidate Attorney Business Rescue is aimed at creating a culture of corporate rescue which is appropriate for the modern [...]
Success fees to Business Rescue Practitioners: important aspects to consider
By Malachizodok Mpolokeng, Candidate AttorneyReviewed by: Dr. Eric Levenstein, Director and head of the Insolvency, Business Rescue & Restructuring practice. Setting the scene The COVID-19 pandemic [...]
Being resilient in these tough economic times is a necessity… practical steps for directors to consider in extra-ordinary times of financial distress!
by Dr. Eric Levenstein, Director and Head of the Business Rescue, Restructuring and Insolvency practice; Nastascha Harduth, Director; and Roxanne Webster, Senior Associate Prior to the [...]
When Insolvency meets the Environment: Directors and liquidators should develop a corporate green thumb
By Nastascha Harduth, Director. Bronwyn Parker, Senior Associate and Tsebo Masia, Candidate Attorney Introduction Corporate South Africa has long been aware of the influence that environmental [...]
Rising above the flames – answers to directors’ burning questions during times of financial crisis
By Eric Levenstein, Director and Nastascha Harduth, Director Often directors of companies that face financial difficulties have questions which they are too reluctant or embarrassed to [...]
Cutting edge issues for south african boards of directors facing financial distress in 2019
INTRODUCTION Over the years, South African directors have, from time to time been faced with claims of malfeasance, reckless trading, fraud and negligent behaviour, all of [...]
Are landlords and property owners better off with the proposed Amendment to Chapter 6?
The anticipated amendments to the Companies Act 71 of 2008 have proposed one change to Chapter 6 of the 2008 Act. It is somewhat surprising that [...]
Reporting obligations of directors in terms of the Companies Act, No. 71 of 2008 – reckless trading and personal liability
Directors are obligated to report financial distress – failure to do so might result in personal liability. The Companies Act No. 71 of 2008 (the Act) [...]
South Africa: A South African Perspective on Restructuring Mechanisms
Director, Eric Levenstein and Senior Associate, Lara von Wildenrath contribute to The European, Middle Eastern and African Restructuring Review 2018.This Review provides exclusive thought leadership, direct [...]
Can directors of state-owned companies be held to account by the SA public?
South African President Ramaphosa admitted in his state of the nation address that state-owned enterprises “are experiencing severe financial operation and governance challenges”. He continued to [...]
INSOL International: Restructuring Options for MSMEs and Proposals for Reform – South Africa
Directors, Nastascha Harduth and Dr. Eric Levenstein contribute on the Special Report on MSME insolvency, giving a holistic South African view. 1. Is there a legal [...]
FAQ – opportunities for investors arising from the South African business rescue process
INTRODUCTION The South African business rescue process has created the opportunity for investors (local and foreign) to position themselves in order to take advantage of distressed [...]
Informal restructuring or business rescue
Business rescue proceedings are formal legislated proceedings, under Chapter 6 of the South African Companies Act 71 of 2008 ("The Companies Act"), that are aimed at [...]
