Note: Business Rescue Should Generally End Within 3 Months, or an Extended Time as Granted by Court on Application by Practitioner.
(Days = Business Days)
Practitioner Appointed
As Soon As Practicable
Delivery up by Directors of All Books and Records.
Inform Regulatory Authorities of Commencement.
5 Days
Directors to Provide Statement of Affairs.
10 Days from Date of Appointment
First Meeting of Creditors/Employees
Section 152
Meeting to Consider and Vote on Plan
10 Days
25 Days from Date of Appointment
Section 150(5)
Preparation and Publication of Plan
Approved
Plan Implemented
Rejected
Vote on Revised Plan/Apply to Court to Set Aside Inappropriate Vote/Offer to Purchase Voting Interests of Dissenting Parties.
If Rejected & No Steps Taken
BRP to File Termination Notice & Place Company in Liquidation.
Note: Business Rescue Should Generally End Within 3 Months, or an Extended Time as Granted by Court on Application by Practitioner.
(Days = Business Days)
Practitioner Appointed
As Soon As Practicable
Delivery up by Directors of All Books and Records.
Inform Regulatory Authorities of Commencement.
5 Days
Directors to Provide Statement of Affairs.
10 Days from Date of Appointment
First Meeting of Creditors/Employees
25 Days from Date of Appointment
Section 150(5)
Preparation and Publication of Plan
10 Days
Section 152
Meeting to Consider and Vote on Plan
Approved & Plan Implemented
or
If Rejected - Vote on Revised Plan/Apply to Court to Set Aside Inappropriate Vote/Offer to Purchase Voting Interests of Dissenting Parties.
If Rejected & No Steps Taken - BRP to File Termination Notice & Place Company in Liquidation.
