Results for business rescue practitioner

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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, Chloƫ Loubser and Nikita Reddy 8 Apr 2021

Ster-Kinekor enters business rescue while cinemas remain open
Ster-Kinekor enters business rescue while cinemas remain openArticle

The board of directors of Ster-Kinekor Theatres Proprietary Limited announced that the company has commenced voluntary business rescue proceedings as with effect from 27 January 2021 in terms of the Companies Act. Business Rescue aims to facilitate the rehabilitation of a company.

1 Feb 2021

CIPC terminates temporary Covid-19 relaxation measures
CIPC terminates temporary Covid-19 relaxation measuresArticle

The Companies and Intellectual Property Commission (CIPC) has announced that the temporary relaxation measures granted to companies during the national lockdown will lapse on 1 December 2020...

Elodie Maume and Candice Meyer 19 Nov 2020

#FluxTrendsMasterclass: Why the future of malls could be good for smaller retailers
#FluxTrendsMasterclass: Why the future of malls could be good for smaller retailersArticle

Bronwyn Williams, partner at Flux Trends, interviewed Preston Gaddy at the Alinea Marketing Master Class to find out about future retail trends...

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

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

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

TFG reaches agreement with Edcon to buy Jet assets
TFG reaches agreement with Edcon to buy Jet assetsArticle

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

bobbycrim via
The cotton sector: A myriad of challenges, a world of opportunitiesArticle

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

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

Distressed M&A: You do not have to sell cheaply, but you must move quickly - Part 1
Distressed M&A: You do not have to sell cheaply, but you must move quickly - Part 1Article

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

TFG agrees to buy selected Jet stores and related assets for R480m
TFG agrees to buy selected Jet stores and related assets for R480mArticle

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

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 business rescuers ask for 157% increase
Edcon business rescuers ask for 157% increaseArticle

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

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

Business rescue and liquidation have consequences for IP
Business rescue and liquidation have consequences for IPArticle

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

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

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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

Comair enters business rescue
Comair enters business rescueArticle

"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

R2bn in lost sales forces Edcon to file for business rescue
R2bn in lost sales forces Edcon to file for business rescueArticle

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

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

Advice to companies facing illiquidity as a result of Covid-19
Advice to companies facing illiquidity as a result of Covid-19Article

Flowing out of the health and medical consequences of the coronavirus (Covid-19) and the measures being taken to contain and prevent the spread of the disease (including the temporary closure of businesses and the voluntary and compulsory quarantining of employees and management), is the economic fallout and the drying up of cash resources...

24 Mar 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

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Airlink to operate exclusively under new 4Z flight codeArticle

The new commercial arrangement is based on an existing partnership - a franchise agreement - between Airline and South African Airways. Previously, the franchise agreement saw flights operated by Airlink carry the SA8 flight designator; under the new commercial arrangement, however, they will operate as Airlink's unique 4Z code...

17 Jan 2020

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SAA placed under business rescueArticle

Minister of public enterprises Pravin Gordhan, issued a statement in the early hours of this morning, 5 December 2019 to confirm that SAA will be placed into business rescue immediately.

5 Dec 2019

Will the Labour Court enforce an employee claim against a company in business rescue?
Will the Labour Court enforce an employee claim against a company in business rescue?Article

The Labour Court recently ruled on whether employees may approach said court to enforce a claim against a company under business rescue proceedings...

Jacques van Wyk 1 Aug 2019

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

Who's the boss during business rescue?
Who's the boss during business rescue?Article

Companies may seek business rescue as a way to buy time to get back on their feet while enjoying protection from creditors' claims, while assuming they will drive the recovery process. This couldn't be further from the truth...

31 Mar 2019

Faith Ngwenya, technical and standards executive at the South African Institute of Professional Accountants (Saipa)
Who's the boss in business rescue?Article

Construction giant, Group 5, entered business rescue last week after persistent cash flow problems brought it to its knees. It's one of a growing list of well-known companies to seek rescue over liquidation...

26 Mar 2019

Thousands of trucks deliver coal each day to Eskom and to railway sidings for export. Photo: Katlego Phore
Forget cigarette smuggling. The big money is in stealing coalArticle

We've heard about gold theft, but coal theft is the biggest game in town. It's costing Eskom and coal companies billions of rands a year. It's highly organised and a major concern to police...

Ciaran Ryan 22 Feb 2019

Minister of MIneral Resources Gwede Mantashe visited Gloria Coal Mine last week, where 22 men are trapped underground, presumed dead. Photo: Ciaran Ryan
Lawlessness at Gupta mines was behind deadly tragedyArticle

A methane gas explosion ripped through the Gloria Coal Mine on 4 February, trapping 22 men underground. They were allegedly trying to steal cable...

Ciaran Ryan 19 Feb 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

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Eripio issues Notice of Liquidation to ASAArticle

A Notice of Liquidation has been issued against the Advertising Standards Authority of South Africa by Eripio, but the members of the ASA are determined that this will not mean the end of self-regulation of advertising content...

2 Oct 2018

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