Losing money – any amount – is something no one wants to go through. When Steinhoff fell from grace, many South Africans lost money. By far the biggest loser in the scandal is Christo Wiese. The former Shoprite chairman lost a whopping R60bn in the debacle. “I had to...
In the past, public sentiment towards business rescue hasn’t been great. Often, it’s been seen as akin to euthanasia of a terminally ill patient in their already dying moments, in which employees and creditors have no option but to accept their apocalyptic fate. It...
Engaged Business Turnaround recently co-presented a webinar on business rescue with the Department of Trade, Industry and Competition. These DTI research forums are held quarterly to look at what is happening in practice and inform legislation. With Business Rescue...
Level 1 isn’t going to save the tourism and hospitality industry, business rescue is. Watch this Newzroom Afrika interview on how the tourism industry has been battling to deal with the effects from COVID-19 and what business rescue as a mechanism can offer the sector...
Consumers can kiss contingent business interruption insurance goodbye, as major insurers review contract wording. Two of SA’s biggest insurance groups, Santam and Momentum Metropolitan Holdings, have both told the FM that contingent business interruption (CBI)...
SA’s gross domestic product shrank 7% in 2020, compared with a 0.2% expansion in 2019, according to a report released by Statistics South Africa. That’s the biggest decline since 1920, yet the drop was smaller than what the National Treasury forecast in its annual...
Santam awaits the outcome of a court decision on the liability period for business interruption claims before insurers and hospitality players will know the full quantum of claims. With the issue under dispute, court processes will now dictate how long it will be...
Ten months ago, many in the tourism industry were panicking. With no forward bookings, the industry was wondering how it would survive. It developed social media initiatives to keep spirits up and allow businesses to hang on, but in the long run survival seems to...
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