Frequently Asked Questions (FAQ)

Q:May any company apply for business rescue assistance?

A: The qualifying criteria will be that there exists a reasonable chance for the business
to trade out of it’s current circumstances

There may be various ways to achieve this result.

A business that stopped trading will normally not benefit from business rescue services
but may benefit from our legal services

Q:Will you be able to assist a business with taxation issues?

A: We will negotiate with SARS on the business’ behalf within the parameters of South
African Tax law.

Q:How do you determine the amount available for repayment to each creditor?

A: This should then be offered to your creditors on a pro rata basis. This is calculated

by doing the following:

SURPLUS INCOME divided by
TOTAL OF ALL DEBTS
multiplied by AMOUNT OWED TO
INDIVIDUAL CREDITOR

Example:

Debt 1 R1,750
Debt 2 R2,400
Debt 3 R2,000

Total Debt R6,150

Total Surplus R95 per month

Payment to Debt 1

95 / 6,150 x 1750 = R27.03 per month

Payment to Debt 2

95 / 6,150 x 2400 = R37.07per month

Payment to Debt 3

95 / 6150 x 2000 = R30.89 per month

That gives you the total that should be paid to that creditor each month.

A letter should also be sent to each creditor explaining the situation and asking them
to accept the lower payment until your situation improves and you can make the full
repayments.

Q: I don’t have current financial statements. Will you still consider my application?

A: We will take the case but will need to finalize your financials before any formal
submission of documents