COVID-19 Business Rescue: Does your business need time to plan and restructure?
Fortunately, Chapter 6 of the Companies Act 71 of 2008 provides such a mechanism with its Business Rescue provisions. By passing and filing a Board Resolution, your company (or close corporation) may immediately be placed in business rescue with the appointment of your nominated business rescue practitioner. During this period, consultations with all affected parties will take place and a new business plan formulated.
The aim: to rescue your business through a methodical and consultative restructuring process. Allowing your business to adapt and re-format to better weather the COVID 19 storm.
We at Tomlinson Mnguni James have an experienced team of business, labour, and corporate lawyers to assist you throughout the above process. We also have partnered with a group of chartered accountants to provide financial advice and professional support throughout the restructuring process.