Results for business rescue plan

News

Business rescue process: Don't disregard the rights of employees
Business rescue process: Don't disregard the rights of employeesArticle

Companies in business rescue have plenty of worries to preoccupy them but legal challenges over retrenchments are not usually at the top of the list...

Rosalind Davey, Chloë Loubser and Nikita Reddy 8 Apr 2021

Busby emerges from business rescue rebranded as FrontierCo
Busby emerges from business rescue rebranded as FrontierCoArticle

The New House of Busby will be rebranded to FrontierCo and its head office has relocated from Germiston to George in the Southern Cape...

18 Nov 2020

Have our politicians forgotten the legal principle of common cause?
Have our politicians forgotten the legal principle of common cause?Article

Government has said it is prioritising an economic recovery and fiscal consolidation and that the social compact agreed to between government, business, labour and civil society will prioritise short-term measures to support the economy...

Andrea Rademeyer, Issued by Ask Afrika 4 Nov 2020

Comair reaches two major milestones in its business rescue process
Comair reaches two major milestones in its business rescue processArticle

Comair's business rescue process has navigated past two important milestones this week as the investors secured the required credit approval from various lenders of debt funding, as well as approval from various regulators necessary for their investment in Comair to proceed.

2 Nov 2020

Finance Minister Tito Mboweni. Photo:
#MTBPS2020: Predictable budget delivery from MboweniArticle

Finance Minister Tito Mboweni's Medium-Term Budget Policy Statement (MTBPS) highlighted the many challenges South Africa faces in reigniting its economy beyond the Covid-19 crisis, but it was predictable in its promises, and light on detail...

29 Oct 2020

Credit: Blue Route Mall
TFG takes over 382 Jet stores in SA - saving 4,800 jobsArticle

The transaction includes the transfer of 382 South African Jet stores and approximately 4,800 employees...

28 Sep 2020

Julian Herzog via
Public enterprises calls for patience on SAA matterArticle

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...

18 Sep 2020

5,200 jobs saved as Edcon concludes sale of parts of Edgars
5,200 jobs saved as Edcon concludes sale of parts of EdgarsArticle

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

E&T Minerals announces bid for Optimum Coal Mine
E&T Minerals announces bid for Optimum Coal MineArticle

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

Comair confirms publication of a business rescue plan
Comair confirms publication of a business rescue planArticle

The turnaround plan is focused on rationalising operating costs and growing ancillary revenue...

3 Sep 2020

Phumelela Gaming and Leisure business rescue practitioner proposes Mary Oppenheimer and Daughters' bid
Phumelela Gaming and Leisure business rescue practitioner proposes Mary Oppenheimer and Daughters' bidArticle

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 signs agreement to sell parts of Edgars to Retailability
Edcon signs agreement to sell parts of Edgars to RetailabilityArticle

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

Paul Tyson via
Comair's business rescue practitioners request extensionArticle

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

How the business rescue process works
How the business rescue process worksArticle

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

MeRyan via
SAA's business rescue exit gets thumbs up from pilots' associationArticle

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

Unions accept SAA severance packages
Unions accept SAA severance packagesArticle

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

Owner of Legit offers to buy part of Edgars
Owner of Legit offers to buy part of EdgarsArticle

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

SAA liquidation means financial hardship, DPE warns
SAA liquidation means financial hardship, DPE warnsArticle

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

Julian Herzog via
SAA business rescue plan vote given green lightArticle

The Department of Public Enterprises has welcomed the judgment to strike off the roll an urgent court application by SA Airlink...

25 Jun 2020

Edcon files to fire roughly 17,000 people, as other retailers struggle
Edcon files to fire roughly 17,000 people, as other retailers struggleArticle

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

Image source:
Challenging the challenges of booking a flight during the Covid-19 pandemicArticle

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

Bob Adams via
Comair's business rescue practitioners outline planArticle

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

Image via
Government still to discuss SAA's draft business rescue planArticle

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

SAA retrenchment process heads to Labour Appeal Court
SAA retrenchment process heads to Labour Appeal CourtArticle

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

Numsa vs SAA - death knell to successful business rescue?
Numsa vs SAA - death knell to successful business rescue?Article

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

Managing a company during Covid-19: SA directors and their duties
Managing a company during Covid-19: SA directors and their dutiesArticle

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

How to save your company from the impact of Covid-19
How to save your company from the impact of Covid-19Article

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

Adrian Pingstone via
South African Airways moves forward with restructuring plansArticle

The joint Business Rescue Practitioners of South African Airways has announced further initiatives to support the airline's transformation into a sustainable and profitable business.

7 Feb 2020

Alex Beltyukov via
R3.5bn to aid SAA business rescueArticle

The Development Bank of Southern Africa will provide South African Airways with funding of R3.5bn to assist the national carrier in addressing its liquidity challenges...

29 Jan 2020

Why dispute resolution mechanisms are a must for creditors
Why dispute resolution mechanisms are a must for creditorsArticle

The 2008 Companies Act introduced the concept of business rescue into our company law, where a business rescue practitioner is required to compile a plan which creditors will vote to accept or reject. For the success of the business rescue, the concept of creditor "buy in" is required...

30 Jul 2019

The real work only begins after financial year end
The real work only begins after financial year endArticle

While technology can help automate financial year end, it remains largely a manual process, and one of the most labour-intensive periods the professional accountant will face during the year...

Zobuzwe Ngobese 9 Apr 2019

Business rescue or liquidation - which to choose when
Business rescue or liquidation - which to choose whenArticle

A recent trend that has emerged in South African businesses shutting their doors is to opt for the path of business rescue, as opposed to liquidation...

Faith Ngwenya 13 Nov 2018

Faith Ngwenya of Saipa
When things go bad. Business liquidation or business rescue?Article

South African companies in financial trouble are opting for business rescue rather than shutting their doors...

Faith Ngwenya 13 Nov 2018

Hendrina Power Station. Photo: Eskom
Eskom reviews Optimum proposalArticle

Eskom is reviewing the Optimum Coal Mine's business rescue practitioners' proposal to reduce the monthly coal supply tonnage to the Hendrina power station from 400,000 to 200,000 tons a month...

2 May 2018

GConnect gets new management
GConnect gets new managementArticle

Exmile Technologies has purchased the going concern of WirelessG (which was under business rescue since August 2015), based on a revised and approved business rescue plan, from the creditors of WirelessG...

14 Feb 2018

Sergey Nivens ©
ASA seeks permanent CEO, offers BEE points for industry supportArticle

The Advertising Standards Authority is seeking applications for a permanent CEO and is offering BEE scorecard points against the new ‘Responsible Social Marketing' element in exchange for financial support...

1 Sep 2017

Call on industry to support ASA and self-regulation of advertising
Call on industry to support ASA and self-regulation of advertisingArticle

The new acting CEO of the Advertising Standards Authority is requesting that the industry support the ASA and self-regulation of advertising...

20 Jun 2017

Are companies in business rescue protected from eviction?
Are companies in business rescue protected from eviction?Article

This article examines the case of Kythera Court v Le Rendez-Vous Cafe CC and Another 2016, which deals with the eviction of a close corporation undergoing business rescue proceedings in terms of s129 of the Companies Act, 71 of 2008 (the Act).

Maike Gohl and Charlotte Clarke 3 Feb 2017

Advertising Standards Authority placed into business rescue
Advertising Standards Authority placed into business rescueArticle

At a meeting on 18 October, the board of the ASA resolved that the organisation voluntarily commence business rescue proceedings. It will be placed under supervision...

15 Nov 2016

Business rescue can dig mining companies out of a hole
Business rescue can dig mining companies out of a holeArticle

Statistics South Africa (SSA) pegs the decline in mining production at 6,9% between the beginning of this year and the end of August...

7 Nov 2016

Housing developer RBA suffers R10m loss
Housing developer RBA suffers R10m lossArticle

RBA, the housing developer that went into business rescue in February, fell into an aftertax loss of R10m in the six months to end-June, from a profit of R1.8m in the matching period...

Robert Laing 3 Nov 2016

Is the department store dying? Shoppers at a Stuttafords store in Johannesburg on Sunday.
Picture:
Stuttafords submits to business rescueArticle

Department chain Stuttafords has voluntarily submitted itself for business rescue proceedings, it emerged at the weekend. The embattled company has eight department stores and 15 monobrand stores across SA...

Zeenat Moorad 31 Oct 2016

SARS adds to Evraz Highveld's troubles
SARS adds to Evraz Highveld's troublesArticle

An audit letter from the South African Revenue Service (SARS) indicating that SA's second-largest steelmaker owes tax worth R680m between 2007 and 2009 has further complicated its potential sale to Hong Kong-based metals interests...

12 Jan 2016

Ferro Metals turns to court for a ruling on its tailings supplies
Ferro Metals turns to court for a ruling on its tailings suppliesArticle

International Ferro Metals SA (IFM SA), the domestic subsidiary of the London-listed ferrochrome producer put into business rescue in August, has applied to court to compel Anglo American Platinum's Rustenburg Platinum Mines (RPM) to continue supplying IFM with UG2 concentrator tailings under their 2010 contract...

Charlotte Mathews 8 Jan 2016

Evraz drops challenge as creditors accept Highveld mine rescue plan
Evraz drops challenge as creditors accept Highveld mine rescue planArticle

Evraz Highveld Steel & Vanadium says creditors of its Mapochs magnetite iron ore mine in Limpopo have voted in favour of the mine's business rescue plan..

Mark Allix 3 Dec 2015

Evraz Highveld sale faces legal spoiler
Evraz Highveld sale faces legal spoilerArticle

The sale of Evraz Highveld Steel & Vanadium to Hong Kongbased International Resources may be in jeopardy, with the shuttered steel maker's parent company Evraz plc bringing court challenge against the business rescue plan of its South African subsidiary...

27 Oct 2015

Supreme Court clarifies concept of binding offer in business rescue
Supreme Court clarifies concept of binding offer in business rescueArticle

There have been a myriad of decisions on business rescue proceedings since the inception of the new Companies Act 71 of 2008. More recently, our courts have considered section 153(1)(b)(ii) of the Act which introduces the concept of a 'binding offer'...

Nastascha van Vuuren and Reneilwe Maleka 5 Oct 2015

Franchisee sought for restaurant on iconic Soweto site
Franchisee sought for restaurant on iconic Soweto siteArticle

According to Standard Bank, the franchise sector currently contributes nearly 10% towards South Africa's GDP. The urban African dining restaurant Moyo joined this dynamic sector and made a robust comeback, under the direction of Fournews, while emerging from a business rescue plan implemented in 2013...

26 Aug 2015

Moyo makes a comeback
Moyo makes a comebackArticle

Urban African dining restaurant chain, Moyo, has made a robust comeback under the direction of Fournews, and is experiencing positive revenue growth from their five restaurants...

22 Jul 2015

Next >
Let's do Biz