Publication of Business Rescue Plans
The Companies and Intellectual Property Commission (CIPC) has issued Practice Note 3 of 2024, on the importance of publishing business rescue plans (BRPs) on time, as required by Section 150(5) of the Companies Act, 71 of 2008. CIPC observed that many BRPs are failing to meet this deadline, causing unnecessary delays in the business rescue process.
Section 150(5) of the Companies Act states mandates that business rescue plans must be published within 25 business days after the appointment of the business rescue practitioner (BRP), unless extended by:
A court application by the company, or
The majority of creditors' voting interests.
The CIPC urges all affected or interested parties to report non-compliance to:
VNkohla@cipc.co.za, or
MMalinda@cipc.co.za
Ensure your clients involved in business rescues meet the publishing deadlines to avoid penalties and delays. For further inquiries, contact the CIPC.
