Liquidation winds up an insolvent or deadlocked company, realises its assets, and distributes to creditors. Business Rescue (Chapter 6 of the Companies Act) is an alternative - a court-supervised rehabilitation attempt before liquidation. The test for business rescue is reasonable prospect of rescue, tested by the court. Both options have strict timelines and technical requirements.
When to hire a liquidation & business rescue attorney
- Your company is insolvent and cannot trade its way out.
- A creditor has served a Section 345 demand.
- You want to place a customer or competitor into liquidation.
- Business rescue is being considered as an alternative.
- You are a creditor in an existing liquidation and need to prove claims.
What to expect
Voluntary liquidation: board resolution, Master of the High Court filing, liquidator appointment. Compulsory: creditor application to the High Court. Business rescue: resolution by the board or court application. Practitioners take control, halt litigation (moratorium), and either rescue or liquidate. Timelines: business rescue 3-12 months, liquidation 1-5 years.
Typical fees
Voluntary liquidation: R25,000-R80,000. Compulsory High Court application: R60,000-R250,000. Business rescue plan: R100,000-R500,000+. Creditor claim proving: R5,000-R30,000.
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