South Africa lagging behind when it comes to cross-border insolvency
by Eric Levenstein, Director and Head of the Insolvency, Business Rescue & Restructuring Practice and Nastascha Harduth, Director of Werksmans Attorneys Breaking news out of India, is that the Indian Government is about to adopt the United Nations Commission on International Trade Law (UNCITRAL) Model Law of Cross Border Insolvency (Model Law). The Model Law […]
Status of Business Rescue in South Africa
by Eric Levenstein, Director, and Head of Insolvency, Business Rescue & Restructuring practice, and Malachizodok Mpolokeng, Candidate Attorney of Werksmans Attorneys With the year 2021 in the rear-view mirror, one reflects on the Covid-19 pandemic, its associated waves, lockdowns, and restrictions, as well as a struggling world economy, which have all contributed to challenging conditions […]
The correct approach to corporate rescue explained in Zimbabwe
Article by Fidelis Manyuchi, Senior Associate at Scanlen & Holderness – Zimbabwe A brief commentary on the Metallon Gold Zimbabwe (Pvt) Ltd & Ors v Shatirwa Investments (Pvt) Ltd & Anor SC 107/21. The concept of corporate rescue, also known as business rescue was introduced to Zimbabwe in 2018, through the Insolvency Act [Chapter 6:07]. […]
The fundamentals of corporate rescue proceedings in Zimbabwe
Article compiled by Tanaka Kachara, Associate at Scanlen & Holderness in Zimbabwe What is corporate rescue? Corporate rescue means proceedings to facilitate the rehabilitation of a company that is financially distressed. The concept of corporate rescue was introduced into our Zimbabwean law by the enactment of the Insolvency Act [chapter 6:07] (hereinafter referred to as […]
Schemes of Arrangements and Business Rescue Proceedings in Zambia
Introduction The unprecedented impact of the Covid-19 pandemic has been far reaching. From governments to small and medium scale enterprises, the effect of a global pandemic has left the world wondering what an economic recovery looks like. World and business leaders are navigating a complex range of seamless issues that include keeping their employees and […]
The basics of Business Rescue in South Africa
Restructuring of companies in financial distress is on the increase globally. In line with this trend, Chapter 6 of the new Companies Act, No. 71 of 2008 (the Act) introduces business rescue to the South African business landscape. South African companies that are financially distressed in South Africa now have an opportunity to reorganise and […]
Insolvency Law in Mauritius
FINACORP SERVICES LTD v. DISTILLED SPIRITS HOLDING 2020 SCJ 162 (Supreme Court of Mauritius) This is an appeal from a decision of the Judge of the Bankruptcy Division granting the application made by the respondent pursuant to section 181 of the Insolvency Act to set aside a statutory demand which the appellant had caused to […]
Annual guide to Insolvency in Africa
There are diverse challenges and risks which any investor, financial institution or international corporate might face in investing in any jurisdiction around the world. Particularly, in emerging markets like those found in Africa, it is important to understand the limitations, scope and efficacy of the insolvency regimes applicable in each jurisdiction and the ability to […]
Botswana: How to be a prudent creditor
Has someone owed you money for some time, offering unfathomable excuses? Fear not, this article aims to help. Rule number one is whenever you loan anyone any amount of money, reduce the agreement to writing. By putting an agreement in writing you eliminate the risk of potential disputes. In your agreement, always ensure that there […]
Botswana: Insolvent Debtor? Consider your options
Often, when creditors are faced with an insolvent debtor which is a company, there is a misconception that the only option is to place the company under liquidation. There are alternatives which could avert the need for liquidation which, as we know, has disastrous consequences such as retrenchments and very little prospects of recovery, in […]
