The Process of Business Rescue

The Process of Business Rescue

  1. Resolution by shareholders / members for Business Rescue.Business rescue accounting
  2. File notice of beginning of Business Rescue Proceedings with CIPC.
  3. Publish the Notice to affected persons.
  4. Company / CC appoints a Business Rescue Practitioner.
  5. Management provides relevant facts to the Practitioner.
  6. Company / CC files notice of appointment of Practitioner with CIPC and publishes the notice.
  7. Practitioner assumes control of Company / CC.
  8. Practitioner investigates affairs of the Company / CC.
  9. Meeting of Practitioner with employees and representatives.
  10. Meeting of Practitioner with creditors to receive claims and confirm company / CC can be rescued.
  11. Seek a future for company / CC with management / owners / other experts.
  12. Publish Business Rescue Plan for approval by creditors.
  13. Creditors meeting and Shareholders (if applicable) meeting to consider Business Rescue Plan.
  14. Implement Business Rescue Plan.
  15. If no vote to approve / revise Business Rescue Plan, notice of termination – liquidation follows.