Duties and Responsibilities of Business Rescue Practitioners
During the course of business rescue proceedings, the business rescue practitioner has the following duties and responsibilities:
- To investigate the company’s affairs, business, property and financial situation to establish whether there is a reasonable prospect of the company being rescued;
- To discontinue the business rescue proceedings if the practitioner is of the view that there are no prospects of the company being rescued or if the company is no longer financially distressed;
- To develop a business rescue plan to be considered by affected parties;
- To implement a business rescue plan that has been adopted;
- To direct management to remedy any material omission;
- To forward evidence of any reckless trading, fraud or other contraventions to the appropriate authority for investigation.