Business rescue
A Companies Act process intended to rehabilitate a financially distressed company under supervision of a business rescue practitioner.
Definition
Business rescue can be started by a company resolution or court process, depending on the facts. The review usually focuses on financial distress, prospects of rescue, affected persons, board resolutions, CIPC filing, practitioner appointment, creditor communication, employee issues, and whether liquidation is a competing risk.
Key takeaways
A Companies Act process intended to rehabilitate a financially distressed company under supervision of a business rescue practitioner.
Corporate Law
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Related legal problems
This glossary provides general information only and does not constitute legal advice.
Common situations
Financially distressed company
Business rescue resolution
Creditor pressure
Related resources
Resources and guides
Insolvency Document Pack
Insolvency Document Pack: prepare Creditor list, Debtor list, Asset list and identify missing records before legal advice.
InsolvencyChecklistCommercial Law Checklist
Commercial Law Checklist for preparing documents, facts, dates, and questions connected to corporate law.
Corporate LawFAQs
Business rescue FAQs
What does Business rescue mean?
A Companies Act process intended to rehabilitate a financially distressed company under supervision of a business rescue practitioner.
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