Business Rescue Flashcards
1
Q
what is business rescue?
A
this is the process of facilitating the rehabilitation of a company that is financially distressed
2
Q
what does financial distress mean?
A
the company is facing financial challenges and will become insolvent in the next 6 months.
3
Q
why isn’t business rescue for all companies?
A
business recue is not for chronically ill companies it is for companies that can be viable again and courts should decide that.
4
Q
what is a special resolution?
A
5
Q
what does the process of liquidation involve?
A
it is in 3 stages
1. put it under supervision
2. put a temporal pause on the creditors’ claims
3 creating and carrying out a plan
6
Q
A
