The role of the business rescue practitioner is important in SA’s wider socioeconomic context, which requires an efficient business rescue procedure that includes a culture of accountability.
Since the introduction of business rescue to SA law in 2011 a constant stream of BRPs has been licensed each year. In 2020, the first year of Covid-19, companies had to deal with the stress of reduced trading and the concomitant economic fallout. A total ofThis trend continued into 2021, with 65 newly licensed BRPs joining the profession. The highest proportion of BRPs are in the economic hub of Gauteng, with the Western Cape and KwaZulu-Natal second and third.
On the state of business rescue in SA, the CIPC statistics show 1,653 active business rescues in process, with 554 having resulted in liquidation since 2011. Moreover, since the introduction of business rescue to our law 852 notices of substantial implementation have been issued, where the terms of the business rescue plan had been supported by stakeholders and thereafter implemented. This indicates that business rescue remains a viable and efficient option for ailing companies.
Many companies in business rescue end up in liquidation. Moreover, in some cases they fail due to the inexperience of the BRP, frustration of the plan through the disruptive actions of the board or management, or a lack of available postcommencement finance. The CIPC concludes its report with a call for an effort made to ensure skills transfer and mentorship in the profession, and suggests there ought to be more collaboration to either increase the chances of a successful rescue or avoid business rescue entirely. It r
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