Insights in the Business Rescue stream.
Post-commencement finance ranks ahead of most pre-commencement claims. It does not rank ahead of everything. The misconceptions about the priority stack are where creditors get surprised, and where plans lose votes they should have won.
Boards facing a distressed situation often reach for the section 129 filing before they have a defensible view on the reasonable-prospect test. The independent business review is what produces that view, and skipping it produces filings that fail.
Post-commencement finance keeps rescues alive. Section 135 makes it possible; it does not make it automatic. When a company can attract PCF, when it cannot, and what structures actually work in African markets.
A section 150 rescue plan either wins its section 152 vote or it does not. What distinguishes plans that win from plans that lose is rarely the headline recovery number; it is the anatomy underneath. Four disciplines that separate a defensible plan from a plan awaiting a rejection.
Business rescue practitioner remuneration follows a gazetted tariff, unless a court adjusts it on application. The mechanics matter to creditors because practitioner fees are a preferred claim under section 143. A short guide to how fees are set, contested, and communicated.
The first meeting of creditors under section 147 is not the plan meeting. It is the practitioner's first formal appearance, and it sets the tone for every negotiation that follows. What creditors expect, what the practitioner should and should not commit to, and how the advisor team prepares.
Two doors open a business rescue in South Africa. A board can walk through the first voluntarily under section 129; a creditor, employee, or shareholder can force the second through court under section 131. Choosing the wrong door, or waiting too long to choose either, costs the company options.
The first ninety days after a Business Rescue Practitioner is appointed decide whether a company survives, is sold as a going concern, or slides to liquidation. Written from the seat of the strategic and financial advisor who sits alongside the practitioner.