The Covid-19 pandemic has brought disruptions and devastating impact on the South African economy with several businesses reeling from the effects of this pandemic. The South African and global economy has taken an unexpected turn and this has had dire consequences on businesses...
Issued by Enterprises University of Pretoria 3 days ago
The Department of Public Enterprises has called on South African Airways employees and creditors to be patient while work continues to find a constructive outcome to challenges at the airline...
3 days ago
Approximately 5,200 retail industry jobs will be saved, as Edcon announced this week that the sale of parts of the Edgars business in South Africa to Retailability Ltd has been implemented...
17 Sep 2020
South African commodity trading and brokerage house E&T Minerals is one of the companies/organisations bidding for OCM (Optimum Coal Mine)...
Issued by E&T Minerals 17 Sep 2020
SingularityU announces a multi-national lineup with world renowned speakers addressing ground-breaking topics...
Issued by Mann Made 9 Sep 2020
The turnaround plan is focused on rationalising operating costs and growing ancillary revenue...
3 Sep 2020
Phumelela business rescue practitioner John Evans has selected Mary Oppenheimer and Daughters' post-commencement finance offer of R550m to present to Phumelela creditors for approval...
Issued by Ninety9cents 25 Aug 2020
Edcon has signed the purchase agreement for the sale of "parts of Edgars" to competitor Retailability Pty (Ltd) for an undisclosed sum...
25 Aug 2020
Foschini and Markham owner TFG announced that it has successfully negotiated and concluded an agreement to buy select assets of value clothing retailer Jet from Edcon...
18 Aug 2020
While considerable effort has already been made, massive growth in the local market is needed to diversify South African cotton into new markets...
Cobus de Bruyn 11 Aug 2020
The request for an extension until 28 August 2020 is so the practitioners can negotiate short-term bridging funding as post-commencement finance and advance two offers from potential investors.
29 Jul 2020
While the recent lockdowns globally and locally have stifled the travel industry, FlySafair continues to weather the storm and is presently operating 36% of the available seat capacity on the South African domestic market.
29 Jul 2020
Are you or your clients facing business collapse? The South African Institute of Chartered Accountants (Saica) explores practical options relating to the business rescue process and turnaround interventions...
Issued by SAICA 20 Jul 2020
While it is too early to know the full impact of Covid-19 on the economy, we are seeing that lockdown restrictions in South Africa are starting to have a significant impact on the bottom line of a number of companies...
Tony Lee and Justin Balkin 15 Jul 2020
The approval of the business rescue plan must usher in a new era of transparency and accountability at the airline, if SAA is to succeed...
15 Jul 2020
TFG has entered into an agreement to buy certain "commercially-viable stores and selected assets" of Jet from embattled Edcon for a cash purchase consideration of R480m...
13 Jul 2020
Labour unions, representatives of non-unionised managers and ground staff have agreed to accept the South African Airways (SAA) voluntary severance packages (VSPs)...
8 Jul 2020
Alderman James Vos and The City of Cape Town's Mayoral Committee and officials from the Enterprise and Investment Department will host a webinar to discuss support for SMMEs...
8 Jul 2020
Parts of South African retail chain Edgars may be sold to Edcon competitor Retailability Ltd, business rescue practitioners in charge of Edcon's restructuring said...
8 Jul 2020
In a statement issued on Thursday, the department said SAA stakeholders should realise that business rescue provides a better outcome than liquidation and should be supported for their collective interests...
2 Jul 2020
Cabinet has expressed support for the establishment of a new airline and has backed the concerted efforts to mobilise funding from various sources that will see the proposed carrier take off...
29 Jun 2020
The Department of Public Enterprises has welcomed the judgment to strike off the roll an urgent court application by SA Airlink...
25 Jun 2020
Fees charged by liquidators and business rescue practitioners, and the impact they can have on bottom line payouts to affected employees, came under the spotlight at Monday's meeting to consider a business rescue model for Edcon...
Tania Broughton 24 Jun 2020
23 Jun 2020
The Johannesburg High Court recently found in the matter of Mhlonipheni v Mezepoli Melrose Arch and Others (2020) that employees (in this case, employed by the Mezepoli and Plaka chain of restaurants) were able to tender their services during Level 4 and 5 of the National Lockdown...
Bradley Workman-Davies 19 Jun 2020
No industry experiences smooth sailing all of the time. While you cannot prepare for everything ? we certainly did not foresee a global pandemic sending much of the world into lockdown so swiftly ? it is essential to have strategies in place to be prepared for potential crises...
Guy Stehlik 18 Jun 2020
While Edcon issues section 189s to 22,000 workers, mid-sized retailers warn of bigger job-losses if their needs are not heard...
Sasha Planting 18 Jun 2020
Intellectual property is often overlooked when a business is compelled to seek business rescue or liquidation, but it may form a valuable asset, requiring decisions to be made on whether to sell it or maintain it...
Bernadette Versfeld 10 Jun 2020
Throughout human history, crises have been pivotal in developing our societies. Pandemics have helped advance healthcare systems, wars have fuelled technological innovations and the global financial crisis helped advance tech companies...
10 Jun 2020
Even though it might not feel like it when every day is some combination of a nightmare written by Franz Kafka and George Orwell, there will come a time when Covid-19 is behind us and more of us realise that it's safe to fly again...
Eugene Yiga 10 Jun 2020
The recent pandemic has forced companies to go digital. Companies that have already gone digital have increased their capacity...
5 Jun 2020
Comair is unlikely to start operating again before November this year, notwithstanding the easing of restrictions on air travel as the airline requires a substantial cash injection...
3 Jun 2020
The Public Enterprises Department says it has received a draft Business Rescue Plan for South African Airways, which is under business rescue...
2 Jun 2020
On Friday 8 May 2020, Labour Court Judge Andre van Niekerk delivered a devastating blow to the national airline's "premature" retrenchment process, which is set out to affect at least 5,000 employees...
Malesela Letwaba 27 May 2020
The arrival of the Covid-19 pandemic came at a time when the South African economy was already under severe strain, posing not just a health risk to the people, but threatening livelihoods as well...
26 May 2020
More than 50 South African retailers have banded together to form the Mid-Sized Independent Retailers (MIR) Group...
21 May 2020
On Friday, 8 May 2020, the Labour Court upheld an urgent application by Numsa and the SA Cabin Crew Association (the Unions) against South African Airways (SAA) and its business rescue practitioners (BRPs) and ordered that it was procedurally unfair to retrench employees before a business rescue plan contemplating such retrenchments was published and adopted...
Wessel Badenhorst and Chris Rey 11 May 2020
The ailing economy compounded by the Covid-19 pandemic have knocked South Africa's tax and revenue performance...
7 May 2020
6 May 2020
"While we had started making good progress to fix the financial situation six months ago, the crisis has meant we have not been able to implement it as we intended."
6 May 2020
The Edcon group announced today that its board has passed a resolution authorising it to file for business rescue in the course of the next few days...
29 Apr 2020
The effects of Covid-19 on the economy has led to many companies facing the possibility of being declared financially distressed. The mounting pressure on directors to appropriately fulfil their duties in response to this crisis will continue into the foreseeable future...
Stephen Kennedy-Good and Ally Chalwin-Milton 23 Apr 2020
As the global toll on human life grows, so too does the toll on livelihoods and businesses everywhere...
Adam Craker 20 Apr 2020
The mining industry is a significant contributor to South Africa's GDP. It is also a substantial employer. As a net-exporter of minerals, the mining industry is also a source of foreign currency, putting healthy pressure on the exchange rate...
Wessel Badenhorst, 20 Apr 2020
The global outbreak of Covid-19 and the subsequent national lockdown announced by President Cyril Ramaphosa in March 2020 have undoubtedly impacted many companies...
John Evans 17 Apr 2020
Fluence Capital, a financial and strategic advisory company, is now offering pro-bono support and guidance for South Africans facing the potential loss of their business due to the Covid-19 lockdown.
15 Apr 2020
The lockdown and its aftermath are set to raise all sorts of issues for an industry that is already in trouble...
15 Apr 2020
Financial managers are going to be kept busy over the next few months, prioritising payments, hopefully keeping people in their jobs, and managing the expected Covid-19 financial disaster...
PJ Veldhuizen 2 Apr 2020