Business rescue law does not go far enough.

Byline: Sanchia Temkin

Business rescue law does not go far enough litigation IF SA's new business rescue process is seen not to work effectively, the resultant negative foreign perceptions could deter international investors, says litigation Best Lawyer Haroon Laher, a director in the litigation department of law firm Bowman Gilfillan. As one of SA's leading insolvency lawyers, Laher is about to become closely involved with the business rescue element of the new Companies Act.

Laher points out that one of the prime requirements of the foreign investor is the protection he would enjoy in the event of a liquidation or a business rescue. If he is told that such a process could take years, he would be at least partly deterred from coming here with his money. Laher fears that the upcoming business rescue legislation does not go far enough. He is also concerned about the capacity of the courts to deal speedily with matters of business rescue and …