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So far mr.admin has created 41 blog entries.

COURTS SUPPORT BUSINESS RESCUE

COURTS SUPPORT BUSINESS RESCUE What to do when a Creditor of the Company does not participate in good faith in the business rescue process? In the matter between Copper Sunset Trading 220 (Pty) Ltd, t/a Build It Lephalale (under Business Rescue) vs Spar Group Ltd, two creditors voted against the proposed business rescue plan which [...]

WHEN IS A COMPANY INSOLVENT?

WHEN IS A COMPANY INSOLVENT? Lowvelder Article for 5 May 2017 It is not easy to admit that your business is insolvent. However, it is a director’s responsibility to act when the company is in financial destress. It is therefore important to act as quick as possible to provide the company the best chance to [...]

TOO INSOLVENT FOR BUSINESS RESCUE

  TOO INSOLVENT FOR BUSINESS RESCUE Lowvelder Article 24 February 2017 Is it possible for a company to be too insolvent for Business Recue? The answer is Yes. Business rescue is defined as proceedings to rescue and rehabilitate a “financially distressed” company. It is, therefore, important to understand the meaning of “financially distressed”. In the [...]

THE BUSINESS RESCUE PRACTITIONER

THE BUSINESS RESCUE PRACTITIONER Business rescue have placed a major responsibility on creditors, directors and shareholders of distressed companies to "come to the rescue" of companies in financial distress. The decision on who to employ as a business rescue practitioner is therefore one of the most crucial decisions a distressed company [...]

THE REMUNERATION OF BUSINESS RESCUE PROCEEDINGS

THE REMUNERATION OF BUSINESS RESCUE PROCEEDINGS A question often raised is what are the costs involved in the event that a company commence with business rescue proceedings. The current basic remuneration of a business rescue practitioner, as contemplated in section143 of the Act is: R1 250 per hour, to a maximum [...]

LANDLORDS – KNOW YOUR RIGHTS IN BUSINESS RESCUE

LANDLORDS - KNOW YOUR RIGHTS IN BUSINESS RESCUE Our business rescue legislation aims to save, wherever possible, any company in financial difficulty from total collapse and liquidation. So for example the BRP (Business Rescue Practitioner) appointed to run the rescue process has the power to suspend any of the company's obligations [...]

THE EFFECT OF BUSINESS RESCUE ON EMPLOYEES OF THE COMPANY

THE EFFECT OF BUSINESS RESCUE ON EMPLOYEES OF THE COMPANY By now most people have heard about Business Rescues, but as an employee of a company are you aware of your rights when the company commence with business rescue proceedings? The focus of this week’s article is the effect of business [...]

DIRECTORS BEWARE // WATCH OUT // BE WARNED

DIRECTORS BEWARE  //  WATCH OUT  // BE WARNED In the unstable economic state which exists in the world today, it is without a doubt necessary for all directors of companies to be aware of the risks involved in the event that a company proceed to do business even though the company [...]

SCA finds racial quotas for liquidators unlawful

SCA finds racial quotas for liquidators unlawful 5th December 2016 Bloemfontein – The Supreme Court of Appeal this week found that a racial quota policy implemented for the appointment of liquidators was unlawful and invalid. The SCA ruled on Friday that an appeal against a finding of its unconstitutionality be “dismissed with costs,” upholding the [...]