Navigating the compliance issues

The business rescue process in its initial stages was abused by companies which went into business rescue without prospects of being rescued. These are companies which were candidates for liquidation.The courts have however passed judgments giving guidance to the use and implementation of the business rescue provisions.That has allowed some stability and a reduction of unsuccessful business rescue proceedings. There has been an increase of successful business rescue cases, including those of On digital Media Proprietary Limited t/a Top TV, South Gold Mine Proprietary Limited, Optimum Coal Mine Proprietary Limited and Meltz Proprietary Limited.