Strauss Daly | Business Rescue and Insolvency
Our business rescue and insolvency services are designed to address and alleviate the pressures and challenges of financial strain, helping your business regain stability.
Struggling with company insolvency?
Overwhelmed by corporate debt restructuring needs?
Concerned about potential business liguidation?
From company rescue efforts to business liquidation, our services include all aspects of financial recovery and restructuring, including corporate debt restructuring. We specialise in these core services:
Mark is a Director at Strauss Daly Attorneys who specialises in business rescue and insolvency law. His vast experience and knowledge of insolvency, liquidations, business rescues, turnarounds, and compromises with creditors allows him to give valuable advice to all parties affected. He holds a B. Comm, LLB, and a Postgraduate Diploma in Income Tax, and often presents on business rescue to various bodies of creditors. A leader in his field with a passion for navigating complex business rescue plans, Mark often represents clients as a Liquidator and Trustee in insolvent estates and has extensive experience as a Senior Business Rescue Practitioner.
Innovation: We are always looking for ways to enhance efficacy and develop innovative legal solutions.
Agility: Our quick adaptability to changes in financial and legal environments ensures that our clients receive the most relevant and effective service.
Expertise: With a vast range of specialised legal services under one roof we can ensure that every aspect of your case is meticulously handled.
Business rescue is a process aimed at saving a financially distressed company through restructuring and repayment plans. Liquidation is the process of selling a company’s assets to repay creditors.
The directors, shareholders, or creditors of a company can all initiate business rescue proceedings.
The main objectives of business rescue are to:
A business rescue practitioner is an independent professional appointed to oversee the business rescue process. Their duties include:
The business rescue practitioner must try to protect the interests of employees as much as possible. However, there may be some job losses if the company needs to restructure.
The business rescue process is intended to be relatively quick, typically lasting between three and six months. However, it can be extended if necessary.
The main test is whether your liabilities (debts) exceed your assets (what you own). The inability to pay bills might be a sign, but not the only one.
The process involves applying to court, appointing a trustee to handle the estate, selling assets, and distributing funds to creditors according to a specific order.
Creditors have rights to information about the insolvency process, voting on decisions, and receiving a portion of the proceeds from asset sales.
Business rescue is an option, as is negotiation with creditors or voluntary liquidation. Consulting a business rescue practitioner or attorney is recommended.
Since opening its doors in 1984 Strauss Daly has grown, evolved and modernised to become one of the most prominent and progressive legal firms in South Africa. With a reputation for delivering excellence, our firm boasts strong countrywide representation while expanding into the rest of Africa. Through our Business Partners we now also have a footprint in Mauritius, Windhoek and Namibia. Strauss Daly has a track record of providing exceptional legal services across South Africa and specialises in business insolvency and recovery strategies.
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Your path to financial recovery begins here. Contact us today to find out how our expert insolvency lawyers can assist you.