Business rescue is a process where directors of distressed businesses are provided with help to allow their businesses to find their feet and develop strategies to re-establish their solvency.
The business rescue process starts either with a resolution passed by the directors or with a court application by affected parties like creditors, shareholders, employees or trade unions. A business rescue practitioner is appointed who puts together a business rescue plan for approval by the creditors.
Unlike insolvency which is a process aimed at winding a company down, selling its assets and distributing the proceeds between its creditors, the goal of business rescue is to return a distressed business to a solvent position to allow it to carry on trading.
Our role in the business rescue arena includes advising directors of their obligations to the stakeholders of distressed businesses, advising business rescue practitioners in the performance of their duties, and assisting creditors in enforcing their rights within this process. Our team of experts are able to provide technical and practical advice in all aspects of this area of law.

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