Jwf Van Jaarsveldt Business Rescue Silver Lakes, Pretoria  

Business Rescue aims to do exactly what the name says, to rescue or rehabilitate a company which is under financial distress.
There are two methods of commencing business rescue proceedings. Either a company resolution to begin business rescue proceedings in terms of Sec 129 of the Act or a court order placing the company in business rescue in term of Sec 131 of the Act. Business rescue proceedings usually last for a period of three months.
A "Business Rescue Plan” must be drawn up by a provisionally licensed business rescue practitioner that possesses the necessary industry knowledge, who has the capacity to take on the specific business rescue and where there are no conflicts of interest with the business.
This "Business Rescue Plan” will then be put to a vote by the creditors and once successfully voted in, the business rescue practitioner must implement and oversee the business rescue plan in an attempt to save the company.

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