South Africa’s business rescue process, which will shield SAA from the demands of its creditors while an independent adviser takes over, borrows from US, UK, Canadian and Australian law.
The business rescue practitioner must quickly assess the company's operations and, within 10 business days, convene creditors and employees to give a view on whether there is a reasonable chance a rescue plan can succeed. The business rescue plan must be voted on and adopted by the affected parties, which include creditors but also employees.If the business rescue practitioner finds there is no reasonable chance a rescue plan can succeed, he files a petition for liquidation.
Can Eskom_SA be put under business rescue
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NEWS ANALYSIS: Business rescue practitioner faces tight turnaround time to save SAALes Matuson will have to act fast as the R4bn granted by the government will have to stretch until the airline breaks even
Source: BDliveSA - 🏆 12. / 63 Read more »
NEWS ANALYSIS: Business rescue practitioner faces tight turnaround time to save SAAThe R4bn in precommencement funding from the Treasury and the banks will have to fund the gap until the airline breaks even 🔒
Source: BDliveSA - 🏆 12. / 63 Read more »
NEWS ANALYSIS: Business rescue practitioner faces tight turnaround time to save SAAThe R4bn in precommencement funding from the Treasury and the banks will have to fund the gap until the airline breaks even 🔒
Source: BDliveSA - 🏆 12. / 63 Read more »
STUART THEOBALD: SAA business rescue takes SA into uncharted territoryLegal obscurity means things could easily end up in court, particularly with unions already sounding litigious Are you enjoying the show yet? Did you get yourselves a box of popcorn? The SACP is not happy! They are fuming but they are being held back by the ANC big wigs from voicing their real opinions out loud on this privatization of SAA.
Source: BDliveSA - 🏆 12. / 63 Read more »