CRS Turnaround

Promoting turnaround management and business rescue in South Africa

 

Business rescue timeline

Business rescue critical path:

• The supervisor has to be appointed within 5 days of commencement of business rescue proceedings.
• The business rescue plan must be published within 25 days of appointment of the supervisor (but can be extended with approval).
• The meeting to determine the future of the company must take place within 10 days of publication of the business rescue plan.
• The meeting can be adjourned to a date not later than 3 months (approximately 60 days) from the appointment of the supervisor i.e. 25 days are allowed for approving the business rescue plan.

It can therefore take up to 65 days (plus a day or two depending on how many days are represented by the specific 3 months' calendar time) to have the business rescue plan approved or rejected before implementation thereof starts should it be approved.

For a more detailed discussion go to Business rescue legislation on the web site of CRS Turnaround.

 

 

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