Business rescue may be used to restructure South African state-owned companies

Lerothodi Mohale, Senior Associate, CDH, South Africa

The year 2021 marked ten years since the introduction of a new restructuring and administration regime in South African law, known as "business rescue", by the Companies Act, 2008. Since 1 May 2011, when the business rescue provisions of the Companies Act became effective, many private companies have gone into business rescue. However, it was only until 2019 that an unprecedented ’Titanic-and-iceberg’ moment hit South African state-owned companies