The BR process followed to rescue distressed businesses is governed by Chapter 6 of the New Companies Act. This legislation is based on international best practice. Some weaknesses exist which should be accommodated in the implementation of BR process to bridge the gap between the legislative framework and commercial reality.
Timing, information and decision making, funding and preparation of a commercially viable business plan are all fundamental to the successful implementation and turnaround of distressed businesses.
Our process which is divided into 3 distinct phases accommodates the commercial realities of business rescue: