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Is your business under stress? Then consider applying for Business Rescue
Business Rescue is aimed at assisting businesses under financial strain and related pressure. Business Rescue was introduced under the Companies Act, 71 of 2008. The aim of the new Companies Act was to prioritise the “protection of business”. Especially Small to Medium Enterprises
The aim of the business rescue process is to mainly assist business in the form of a moratorium; wherein the business can be shielded from relentless attacks by creditors; seeking to enforce payment as soon as possible. This usually results in a creditor panic and then the sure liquidation of the business.
As we all know liquidation is a harsh alterantive; that seeks the total collapse of the business and its closure. A business owner usually does not recover from the tag of a liuidated director. Therefore it is important for a business to consider Business Rescue as an alternative.
Here at CCL Consultants we have over 10+ years experience in dealing with the Business Rescue process. Give our office a call and we can provide an in depth consultation as to the process of business rescue and the requirements thereof. We hope to hear from you soon. .
WHAT IS AN APPLICATION IN TERMS OF SECTION 131(4)(a) OF THE COMPANIES ACT, 71 OF 2008
HOW DOES IT BENEFIT A STRUGGLING BUSINESS
An application in terms of Section 131(4)(a) of the Companies Act, 71 of 2008 is basically an application that the Honourable Court consider the placement of a business under supervision and that the business rescue proceedings commence.
This application is accompanyed by a comprehensive draft business plan; that also presented to creditors as part of the application for business rescue.
The ultimate benefit of this type of application is the ability for the business and creditors to come to settlement and/or arrangements prior to the final court order.
Lastly, but not least up until the application is deliberated; the business is in full control and the business can take steps to restructure their business in order to be better suited to manage its creditors.
Here at CCL we help consumers to assess their situation and we are able to discuss each and every circumstance in order to give the appropriate assistance. This assistance ranges from defending legal proceedings; settlement negotiations with the bank; disputing procedure taken by the bank and also assessment of legal, interest and related charges added to the home loan agreement.
Here at CCL we understand each and every step of the process involved in the legal proceedings against your home or car. We have over 15+ years protecting consumers rights and helping consumers get back on their feet and save their precious homes and cars.
Contact CCL and we will assist you immediately!!