False. In South Africa, business rescue proceedings can be initiated for companies that are financially distressed, but it is not limited to only those that are in severe financial distress. The Companies Act allows for business rescue proceedings when a company is financially distressed, which is defined as being unable to pay its debts as they become due, or likely to become insolvent. However, companies may also seek business rescue proactively to restructure and improve their financial situation, even if they are not in acute distress.
only individuals who is financially distressed can use business rescue proceedings in Sourh africa
true or false
1 answer
1 answer