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Definition of business rescue as per the companies act

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Reference no: EM133267259

The Companies Act 2008 provides important regulations regarding business rescue. On 5 December 2019, SAA was placed under business rescue pursuant to the filing of a resolution in terms of Section 129(1) of the Companies Act 71 of 2008 ("the Act") on 5 December 2019. On 5 December 2019, Leslie Matuson was appointed as the Business Rescue Practitioner ("BRP") of SAA in terms of Section 129(3)(b) of the Act. On 18 December 2019, Siviwe Dongwana was appointed as the Second Business Rescue Practitioner ("BRP") of SAA in terms of Section 129(3)(b) of the Act.

Required:

Discuss in detail the specific Companies Act 2008 sections dealing with business rescue.

Ensure that your discussion entails:

  1. Definition of business rescue as per the Companies Act.
  2. When dealing with business rescue situations, reference is often made to the company being in financial distress. Explain the term "financial distress".
  3. Explain who is a business rescue practitioner in terms of the Companies Act.
  4. Elaborate on the powers and duties of a business practitioner.
  5. Explain how the Directors of SAA should assist the practitioners during the business rescue process.

Reference no: EM133267259

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