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Moneyweb reports that according to Rory Voller of the Companies and Intellectual Property Commission (CIPC), companies across the board have felt the disruption that Covid-19 has had on trading conditions.
Delivering a presentation to MPs on Tuesday, the commissioner said there had been an increase in the number of companies applying for business rescue. Over 140 businesses have gone into business rescue during the current financial year, with 37 companies having applied for business rescue since the beginning of the first phase of SA’s national lockdown in March. Among the more prominent companies that have gone into business rescue in this period are retailer Edcon, airline Comair and horse racing company Phumelela Gaming and Leisure. “It’s across the board. We have smaller companies and larger companies that are facing a particular crisis,” Voller indicated. CIPC offices have had limited operations due to the lockdown and have not been able to process all applications that have been made. Voller also advised that it had been decided to not invoke reckless trading provisions against companies whose liquidity and solvency was compromised due to non-trading as a result of the national disaster caused by Covid-19.
- Read the full original of the report in the above regard by Tebogo Tshwane at Moneyweb
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