On 21 April 2020, just over a week before the anticipated end of the South African national lockdown, President Cyril Ramaphosa announced further economic and social relief measures in response to the COVID-19 epidemic. This comes at a time when South Africa teeters towards a food and humanitarian crisis of “biblical proportions”.
|Top of mind questions for businesses:|
||What is the timeframe for qualifying businesses to access the funds under the economic measures?|
||Will businesses, irrespective of whether they are able to access these measures or not, survive the COVID-19 financial impact?|
||Can business rescue or liquidation be of benefit in this precarious financial environment?|
In this series of bulletins, the Corporate Restructuring & Insolvency team will address some key issues that captains and decision makers must consider in deciding which bankruptcy regime to adopt.