In light of a struggling construction sector in South Africa and many companies going into liquidation or business rescue, and with the business rescue success rate only 10% on average for companies in South Africa, law firm Hogan Lovells says it is crucial for construction companies to carefully manage challenging conditions.
Hogan Lovells partner and business rescue and insolvency expert Alex Eliott tells Engineering News Online that a successful business rescue in South Africa typically takes between five and six months; however, according to chapter six of the Companies Act, it should take only three months.
In practice, however, it is not possible for a company of any size to resolve issues in such a short time.Continue Reading at Engineering News
Originally published on 27 September 2018 by:
CREAMER MEDIA ONLINE WRITER