Business Rescue

Business rescue refers to any proceedings which facilitate the rehabilitation of a company that is financially distressed (unlikely to pay all its debts as they fall due and payable within the immediately ensuing 6 months; or likely to become insolvent within the immediately ensuing 6 months). These proceedings may, for example, provide for the temporary supervision of the company; the management of the company’s affairs, business and property; a temporary moratorium on claimants’ rights against the company; or the development of a restructuring plan.
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