Recently published statistics by the Companies and Intellectual Property Commission reflect 157 new filings for business rescue in the period April to August. These have affected the public sector , the private sector and close corporations . The busiest regions for filings have been Gauteng , Western Cape , Eastern Cape and KwaZulu-Natal .
The fallout from the Covid-19 pandemic will continue to be felt in the months ahead, both globally and in SA. Even with the gradual lifting of the lockdown , there will be both short and long-term economic implications as South Africans continue to grapple with an effective way to allow the economy to be kick-started in the near term.
We have already seen significant fallout caused by the harsh trading conditions caused by the pandemic and lockdown. The airline industry, together with retail and construction, are severely constrained. This has caused SAA, SA Express , Comair, Busby and Edcon to file for the business rescue process set out in the Companies Act of 2011.
The upside to all of this is that Covid-19 provides struggling, financially distressed companies the opportunity for a “fresh start” . We have recently seen the purchase by TFG of Jet Stores from the business rescue practitioners of Edcon for R480m, which should be completed by September. In addition, it has been reported that SA Express’s provisional liquidators have received offers from 17 private equity investors for the purchase of the entire operations of the airline.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tour de France faces uphill battle to stay ahead of Covid-19World’s biggest cycle race starts with strict rules to prevent spread of coronavirus
Source: BDliveSA - 🏆 12. / 63 Read more »
SA’s confirmed Covid-19 cases now at 625 056South Africa has recorded 2 505 new Covid-19 cases and 47 new deaths of the past 24 hours, the national Department of Health confirmed on Sunday. Covid19InSA CoronavirusPandemic
Source: IOL - 🏆 46. / 51 Read more »
LETTER: Covid-19 crimes are crimes against the state and societyThese criminals must be punished severely
Source: BDliveSA - 🏆 12. / 63 Read more »
Namibia allows international travel as it eases most Covid-19 restrictionsPresident Hage Geingob warns the country will have to adapt to life with the coronavirus to reduce damage to the battered economy
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: ewnupdates - 🏆 30. / 53 Read more »
Schools to reopen in Nigeria's Lagos as Covid-19 cases declineSchools will reopen in Nigeria's commercial hub of Lagos next month as part of plans to revive the economy as Covid-19 cases decline, the state governor said on Saturday.
Source: TimesLIVE - 🏆 28. / 59 Read more »