Business Rescue in South Africa

South Africa has adopted many of the international core rescue principles applicable in foreign jurisdictions, creating a modern business rescue regime aimed at saving financially distressed companies, preserving employment and restructuring the discharge of debt.

In this interview, the author Dr. Eric Levenstein examines the practical challenges of business rescue implementation in South Africa and particularly the development of legal precedent and interpretation of the provisions of Chapter 6 of the 2008 Companies Act. Eric also considers weaknesses in the current legislation and the future of the business rescue process in South Africa, as well as recommendations for change.

Rescue is a universal concept and one, which is very much within the legal framework of restructuring, insolvency and rescue practitioners in various jurisdictions around the world.

The publication stimulates continued thought and interaction amongst all stakeholders involved in business rescue and restructuring processes. This includes lawyers, law students, business rescue practitioners, creditors, financial institutions and economists who are interested in the impact that failed rescue and liquidations will have to the economy as a whole.

Topics Covered

• Introduction to the South African business rescue procedure
• The development of insolvency law in South Africa: A shift from a pro-creditor to a pro-debtor culture?
• Judicial management, informal creditor workouts and the need for a corporate rescue model before the 2008 Companies Act
• International standards of best practice and international instruments used in insolvency and corporate rescue
• Comparative corporate rescue culture and common rescue themes
• The establishment of a business rescue regime for South Africa
• Introduction to Chapter 6 of the 2008 Companies Act and definitions
• Commencement and duration of the business rescue process
• The post-commencement business rescue process
• Appraisal of South Africa’s business rescue regime, and recommendations for further reform

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