During July 2011 CIPC started appointing business rescue practitioners on an interim basis, and we succeeded in appointing one of the first business rescue practitioners in South Africa.
Since then we have been involved in approximately 33 successful business rescue applications, with the number increasing on a daily basis. We have created our own panel of professionals consisting of three dedicated attorneys, various legal clerks and supporting staff, as well as three senior business rescue practitioners in the legal and financial profession, with their own infrastructure and supporting staff dedicated to our firm.
We have successfully placed companies under business rescue in the following sectors:
- Transport Industry
- Mining Manufacturers and Supplies
- Mining and Mining Exploration industry
- Restaurant industry
- Travel industry
- Property Development industry
- Furniture Manufacturing industry
- Electrical Engineering and supply industry
- Telecommunication industry
- Farming industry
- Industrial Drilling industry
- Construction industry
Through extensive research into commercial law and specifically business rescue legislation, both locally and internationally, we have come to realize the full potential of this exciting industry in South Africa. Due to our extensive knowledge pertaining to the various possibilities in Company and Commercial law, especially in business rescue, we have been forced to conclude nondisclosure agreements with our clients, as our expertise can create boundless opportunities in the South African economy.
We have also explored what we refer to as “forceful business rescues” where any affected person including and especially creditors can be protected against companies attempting to run from their obligations. In this particular form of business rescue employees, unions as well as any other affected parties in a company can substantially benefit in that we can successfully resist major layoffs by employers as well as actively involve employees and unions in the management of such companies.
We are currently just as equipped to handle voluntary resolutions to commence business rescue in terms of section 129 of the Act, or to forcefully commence business rescue by means of obtaining a High Court Order on the application in terms of section 131 of the Act.
We have furthermore come to realize that one should not construe business rescue to be confined to its textbook definition. Business Rescue is definitely one of the most innovative parts of legislation that our lawmakers have ever contemplated and we will strive to continue practicing in this exciting field.
For any queries contact Werner Cawood specializing in this field directly at email@example.com or phone 0827764851