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Formal Restructuring Services

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Formal Restructuring Services

Purpose of the Business Rescue

To maximise the likelihood of a financially distressed company continuing in existence on a solvent basis, in the hope that it will emerge from the rescue procedure in a position to satisfy the claims of creditors more effectively, vs immediate liquidation of the company.

When is it required?

A board must file for Business Rescue when:

  1. The board has reasonable grounds to believe that the company is
    “financially distressed” i.e.
     a) Company cannot pay its debts as and when they fall due within
    the next six months, or
    b) Company‘s liabilities exceeds its assets within the next six months
  2. There appears to be a reasonable prospect of rescuing the company
    If they don’t, they need to put out a notice to affected