|
|
Action |
By Whom |
Further information |
| 1 |
|
Cash flow issues become critical; agitated creditors demand immediate action |
Creditors |
“Don’t leave it too late!” |
| 2 |
|
Unsure of solution / look for help |
Shareholders/management |
Rescue your business in three months |
| 3 |
|
Decide on Business Rescue and contact / file notice with CIPC |
Shareholders/management / secretarial advisor/ accountant / auditor |
www.cipc.co.za/index.php/manage…business/…/business-rescue/ |
| 4 |
|
Debt moratorium commences |
N/A |
Section 133 of Chapter 6 of Companies Act |
| 5 |
|
Appoint Business Rescue Practitioner and advise affected persons |
Company/ secretarial advisor/ accountant / auditor |
|
| 6 |
|
Provide Practitioner with all info |
Management |
|
| 7 |
|
Assume control of Company and investigate matters |
Practitioner |
Section 140(1)(a) of Chapter 6 of Companies Act |
| 8 |
|
Meet creditors and employees |
Practitioner |
|
| 9 |
|
Develop and publish Business Rescue Plan for approval by creditors (and Shareholders if applicable) |
Practitioner |
|
| 10 |
|
Approval of Business Rescue Plan |
Creditors (and Shareholders if applicable) |
|
| 11 |
|
Implement Business Rescue Plan |
Practitioner |
|
| 12 |
|
If Business Rescue Plan not approved – liquidation follows |
Practitioner / Liquidator |
|