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BOWMANS

GUIDE - LIQUIDATION, BUSINESS RESCUE AND COMPROMISE IN SOUTH AFRICABOWMANSBOWMANS206 THE LIQUIDATION PROCESS12 BUSINESS RESCUE PROCEEDINGS 20 COMPROMISES UNDER THE COMPANIES ACT22 INFORMAL RESTRUCTURING24 OUR FIRM25 OUR FOOTPRINT IN AFRICA26 KEY CONTACTSC ontents3 Guide - Liquidation, Business Rescue and Compromise in South Africa ForewordThis guide provides an introduction to the three formal processes available to distressed companies in South Africa - liquidation, business rescue and compromises under the Companies Act 71 of 2008 (Companies Act).It has been prepared by a team of our lawyers who specialise in these areas of law. In addition, it is worth noting that informal restructuring processes are increasingly common. We hope you find it useful. For further information or specific assistance, please do not hesitate to contact any one of the key contacts included at the end of this de HuttonPartner The contents of this guide are for reference only and should not be considered to be a substitute for detailed legal advice.

of that asset. Where a secured creditor’s claim is not satisfied in full, the unpaid balance is considered a concurrent claim. ... 3% for immovable assets (real estate) and 6% for movable assets or claims. BOMANS 10. Guide - Liquidation, Business Rescue and …

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