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The Process of Business Rescue
- Resolution by shareholders / members for Business Rescue.
- File notice of beginning of Business Rescue Proceedings with CIPC.
- Publish the Notice to affected persons.
- Company / CC appoints a Business Rescue Practitioner.
- Management provides relevant facts to the Practitioner.
- Company / CC files notice of appointment of Practitioner with CIPC and publishes the notice.
- Practitioner assumes control of Company / CC.
- Practitioner investigates affairs of the Company / CC.
- Meeting of Practitioner with employees and representatives.
- Meeting of Practitioner with creditors to receive claims and confirm company / CC can be rescued.
- Seek a future for company / CC with management / owners / other experts.
- Publish Business Rescue Plan for approval by creditors.
- Creditors meeting and Shareholders (if applicable) meeting to consider Business Rescue Plan.
- Implement Business Rescue Plan.
- If no vote to approve / revise Business Rescue Plan, notice of termination – liquidation follows.