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December 22nd, 2022

12/22/2022

The role of the Business Rescue Practitioner (BRP) is to take-over the management of the affairs of a distressed company. This involves implementing strategic initiatives to improve and maximise financial profitability and sustainability and add value for all stakeholders involved, whilst averting personal and criminal liability problems for the Directors and stave off liquidation proceedings.
The BRP would become involved, (non-exhaustively), in the following aspects of the company’s activities and management:

Management of the affairs of the company (effectively taking on the role of the Managing Director for the duration of the process);
* Financial review;
* Cash flow forecasting;
* Negotiation with creditors;
* Agreement reviews e.g. leases;
* Assisting in effective business structuring;
* Communications with regulatory authorities to negotiate settlement figures;
* Monthly accounting;
* Advising clients trading under insolvent conditions regarding their liabilities and sales strategies.

The duties and responsibilities of the BRP are both onerous and subject to regular reporting to the stakeholders. It is our opinion that Business Rescue provides a far more appealing end result for all stakeholders than the only alternative being liquidation with the high personal liability implications attached to Directors.
It must however be noted that Business Rescue should not be viewed as a final resort, but rather as a strategy to ensure that an Enterprise flourishes.
By entering Business Rescue at too late a date, the possibility of a successful outcome is very limited.
We at Kallideen & Co. believe that under the right circumstances we can make a huge difference to distressed companies through our appointment as Business Rescue Practitioner.
Kindly contact our offices for more information or to schedule an appointment.
Kallideen & Co. Business Rescue Practitioners (SA)

December 22nd, 2022

12/22/2022

December 22, 2022

12/22/2022

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