Recently, the country has been abuzz with the news of Comair being placed under provisional liquidation.
So what is business rescue, and when can a company consider whether business rescue is an appropriate response? Companies enter into business rescue when they foresee that they can’t necessarily pay their debts within the ensuing six months and there is some hope that the company can be rescued. When a company makes this decision they will usually start by going to their attorneys who will guide them through the rest of the process and draft a resolution which will be filed with the Companies and Intellectual Property Commission .
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Chrometco’s ‘financially distressed’ Black Chrome Mine goes into business rescueThe mine’s board believes the move is the best option to facilitate a rehabilitation of the mine and to ensure its long-term survival
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HILARY JOFFE: High-flying business rescue plan sank ComairEfforts to restructure the airline with an overly ambitious business model came too late
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