Our Track Record

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Engaged’s Track Record

February 2024
Business Rescue – Ansarada DealMakers Annual Awards 2023

In collaboration with Chrisyd Advisory Services and ENS Attorneys, Engaged received the Ansarada DealMakers award for Business Rescue Transaction of the Year 2023. Cast Products South Africa, the largest foundry group in SA, 85% owned by the IDC unbundled from Scaw Metals in 2018 and lost approximately R1,7 billion in 4 years. It was placed in voluntary business rescue with Engaged and Chrisyd Advisory Services in January 2022. Johan du Toit and Refilwe Ndlovu were appointed joint business rescue practitioners. An R3bn balance sheet restructure was successfully undertaken, preserving jobs as well as retaining manufacturing capacity in SA.

July 2023
Business Rescue & Restructuring – Agriculture Group of Companies comprising 13 Citrus Farms

The group of farms was placed in business rescue in October 2021. The companies faced cash flow pressure, over-leveraged balance sheets, and were unable to meet their debt repayments. An extensive reconstruction of the financial records was undertaken. The business rescue plan was approved by creditors in December 2021. Certain non-core assets were disposed of during 2022 to generate cash for debt repayment and to continue farming activities. The imposition of new restrictions on the import of SA citrus by the European Union in July 2022 posed challenges. Rapidly increasing input costs for farmers resulted in a substantial decline in profitability and a sharp decrease in the realisable value of the farms. The sales in July 2023 resulted in the settlement of both secured and post-commencement creditors at 100c/Rand.

February 2024
Business Rescue – Ansarada DealMakers Annual Awards 2023

Engaged, in collaboration with Werksmans Attorneys, was nominated for the 2023 Business Rescue Transaction of the Year at the Ansarada DealMakers Annual Awards. Dewcrisp Western Cape (Pty) Ltd was placed in business rescue in August 2023 while the company experienced severe financial distress. At the time, the company faced three liquidation applications that had been brought against it by creditors. Through extensive operational restructuring, the business rescue practitioner enhanced profitability and safeguarded many jobs.

May 2022
Business Rescue & Restructuring – Chicken Pullet Company

In 2022, a chicken pullet company was placed into business rescue. The business rescue practitioners were requested by the owners of the chicken pullet company and their financiers to intervene as the business was not profitable. The business rescue process included a thorough financial analysis that provided stakeholders with an unprecedented level of detail and insight into the company’s historical performance, enabling informed decision-making. The business rescue practitioners negotiated with key customers on pricing ensuring a mutually beneficial supply of quality pullets, stabilising the business and resolving impasses between the company’s financiers and the shareholders. Extensive financial modelling demonstrated to the company’s financiers the required levels for profitability and the additional funds required to achieve scalability. After presenting all relevant information, a joint decision was made to place the business on the market for sale which is believed will realise the most favourable outcome for all parties involved. The exercise included detailed balance sheet and cash flow analyses, insights into various debt instruments and facilities, and opining on proposed debt and/or equity-raising initiatives.

February 2023
Independent Business Review – Private Hospital Group

During 2023, Engaged conducted a very detailed independent analysis of the performance of a private hospital group operating across South Africa. The analysis culminated in a comprehensive report providing stakeholders with an unparalleled level of detail and insight into the historical performance of the group, broken down on a hospital-by-hospital basis. This level of information enabled stakeholders to make decisions with a depth of understanding previously unattainable.
The exercise included a thorough analysis of the group’s balance sheet and cash flow, as well as insights into the various debt instruments and facilities. Additionally, the report offered an opinion on the proposed debt and/or equity-raising initiatives.

January 2022
Business Rescue & Turnaround – Cast Products South Africa

Appointed as joint business rescue practitioners in January 2022, Johan du Toit and Refilwe Ndlovu of Chrisyd Advisory Services undertook the business rescue and turnaround of Cast Products South Africa, the largest foundry group in South Africa. Unbundled from Scaw Metals in 2018 and owned by the IDC, Cast Products incurred losses of approximately R1,7 billion over 4 years. It was placed in business rescue under the supervision of Engaged and Chrisyd Advisory Services. Through a highly operational and production-focused turnaround, the company’s financial performance improved from an average monthly loss of R40 million to achieving profitability in November 2022. The business rescue practitioners are currently seeking a strategic equity partner to take the business forward.

February 2022
Business Rescue – Ansarada DealMakers Annual Awards 2021

Engaged, in collaboration with Deloitte, was nominated in the Top 4 for Business Rescue Transactions of the Year at the Ansarada DealMakers Annual Awards 2021 on Tuesday 22 February 2022 – thanks to our client, Consolidated Steel Industries!
We are immensely proud of the work accomplished for Consolidated Steel Industries (CSI), marking one of our most formidable turnaround successes to date. Much commendation goes to CSI’s management team, whose prompt actions led to a remarkable transformation of its fortunes, restoring the company to financial strength again.

May 2021
Business Rescue & Turnaround – SAFE Farm Ventures

Appointed to assist with the independent restructuring and turnaround of SAFE Farm Ventures, a prominent fruit farming and exporting enterprise in the Western Cape with creditors in excess of R400m.  An unexpected liquidation application was served by a minor creditor shortly after commencement, which ultimately required a business rescue court application to be launched on an urgent basis.  The draft business rescue plan was compiled in 3 days for it to form part of the court application, in which the employees were the applicant.  The court ruled in favour of the applicant and the company was placed in business rescue under our control (Warren Castle and Liam Royce).  It is understood that this is the first matter in which ABSA Capital agreed to fund the cost of the legal action to place a company in business rescue.

February 2021
Business Rescue – CC Cranes Group of Companies

Johan du Toit and Ian Fleming were appointed joint business rescue practitioners of CC Cranes group of companies, a crane hiring business instrumental in the construction of large wind farms. Investec stands as the major creditor, with total creditors amounting to approximately R450 million. The business rescue plan was published in April 2021, envisioning a return of 100c/Rand to all creditors, including the shareholders.

September 2020
Panel Appointment

Engaged was appointed to the Turnaround and Value Add Panel of the Public Investment Corporation (PIC).

July 2020
Business Rescue – Consolidated Steel Industries (Pty) Ltd.

Sello Mkhondo and Ian Fleming were appointed as business rescue practitioners of Consolidated Steel Industries (Pty) Ltd (CSI).  With creditors in excess of R1 billion and pre Covid-19 turnover of circa R2,6 billion, the company was a leading national role player in industrial roofing, stainless steel, and aluminium distribution.  Supported by Deloitte Restructuring and Deloitte Capital in the business rescue, the business rescue plan was approved on 27 August 2020, with 98% of creditors voting in favour of the plan, just 6 weeks after the company went into business rescue. Following ongoing consultation with key creditors and employee representatives, the business rescue plan was already implemented to a large extent by the time it was approved and adopted.  A deal for the sale of the majority of Stalcor’s assets, one of the two primary CSI divisions, was concluded in October 2020, just two months after the approval of the business rescue plan. The sale of the Stalcor assets enabled the BRPs to fund the losses incurred by the other primary division between October 2020 and January 2021 as a result of national steel supply shortages.  The other primary division, Global Roofing Solutions, was acquired by Rockwood Private Equity effective 1 July 2021, following a return to consistent profitability facilitated by the business rescue team and management in February 2021.

March 2020
Business Rescue – PSV Holdings Ltd.

Appointed as joint business rescue practitioners (Ian Fleming and Peter Gordon) of PSV Holdings Ltd, an industrial holding company listed on the alternative exchange of the JSE.  Substantial implementation of the business rescue plan is imminent as of June 2021.

August 2019
Curatorship – Medical Aid Scheme

Appointed as curator (Ian Fleming assisted by Ian Fuller) of a medical aid scheme with approximately 28,000 members and beneficiaries. By October 2021 (after 20 months under curatorship) the solvency ratio of the scheme had improved from 6,6% at commencement of curatorship, to 30%.  Achievement of the mandatory solvency ratio of 25% (our main KPI) was achieved well ahead of the target envisaged by the turnaround plan. At the AGM in June 2021 new trustees were appointed, upon which the curatorship ended.

March 2019
Business Rescue – Property Development Company

Appointed as joint rescue practitioners (Ian Fleming and Peter Gordon) to undertake the business rescue of a property development company with assets in excess of R250 million, in which a JSE-listed REIT has recently acquired the claims of the major creditor.  As of June 2021, the majority of the assets were sold, and the business rescue completion is imminent in line with the approved business rescue plan.

April 2019
Business Rescue – Telecommunication & Fibre Company

Appointed as the joint business rescue practitioners (Ian Fleming and Peter Gordon) of a telecommunication and fibre company with creditor exposures in excess of R130 million.  The business rescue plan was approved in June 2019 with secured creditors expected to get 100c/Rand, and unsecured creditors between 24c and 34c/Rand.  The business rescue plan envisaged a managed wind-down of the company, and the majority of assets were sold in accordance with the requirements of the plan within eight months of adoption thereof, with creditors’ dividend pay-outs having commenced as envisaged by the plan.  The final tranche of assets was sold in April 2020 and all classes of creditors were paid the dividend envisaged by the business rescue plan.

November / December 2018
Business Review – Retail Company

Assisted one of the major investment banks with an independent business/financial review into the dealings of a retail company allegedly in debt to the bank for an amount of some R600 million. The bank applied for liquidation of the debtor company shortly after the completion of our review.  The matter was fraught with hostilities, complexities and sensitivities which required careful navigation.

October 2018
Business Rescue- KZN-based Engineering Company

Commenced business rescue of a KZN-based engineering company to which three of the major banks had exposure.  A key element of the turnaround was tax compliance, which was achieved within a month of the business rescue plan having been approved.  This enabled the company under our guidance to benefit once again by having the ability to be awarded tenders from corporations and parastatals. Substantial implementation was filed in 2021.

August 2018
Turnaround – Manufacturing Company

Commenced informal turnaround assistance to a manufacturing company with a turnover of approximately R120 million.  With a management team that weathered a storm of adversity since being placed in control, the role of Engaged was to provide strategic operational insight and assistance and exercise a duty of care in favour of the key creditor.  The key creditor was guided by Engaged through advice and insight into the status quo and the way forward, and by April 2020 Engaged concluded its mandate with the company has turned the corner towards sustainable profitability.

September 2018
Business Rescue – Crushing & Screening Company

Commenced business rescue of a Mpumalanga-based crushing and screening company operating in the coal mining industry.  The business rescue plan was approved by creditors in November 2018.  This matter is the first business rescue for Engaged where Nedbank is the major creditor.  It is currently envisaged that secured creditors will receive 100c/Rand, unsecured creditors 40c/Rand and that the rescue will be substantially concluded within 24 months of commencement.  With the business rescue perceived by many as a no-hoper at commencement, Nedbank has already been repaid more than 90% of its claim.

August 2018
Purchase of Claims – Gold Mine

EBT purchased the claims of creditors in a gold mining company liquidation.  EBT then obtained a court order which suspended the liquidation, and the company was placed into business rescue (under an independent practitioner).  EBT subsequently applied for a declarator in the Pretoria High Court for the liquidation to be set aside (as opposed to “suspended”), and for the mining right to be declared valid.  The business rescue plan was approved in late 2020, and the mining right was successfully executed in early 2021.  The mine was sold in line with the business rescue plan, mining activity has recommenced, and creditors are likely to be settled in line with the approved business rescue plan.

April 2018
Business Rescue – Game relocation business near Newcastle, KZN

Commenced business rescue of a game relocation business near Newcastle, KZN.  The business rescue plan was approved in July 2018.  This matter was the first business rescue for EBT where First National Bank was the major creditor.  Secured creditors have already been settled to a large extent via sales of non-core assets, and the company appears to be on track towards solvency and profitability.

February 2018
Business Rescue – Retail Franchise

Commenced business rescue of a retail franchise in Newcastle, KZN.  Business Rescue plan was approved in April 2018.  The success of the business rescue plan allowed the secured creditors to recover a large portion of their exposure to the group of companies, which in turn resulted in the secured creditor advancing additional PCF to assist with the turnaround of the franchise.  Substantial implementation was filed in October 2019 after the largest creditor had been repaid in excess of 70% of its debt.

April 2017
Recovery – Johannesburg security company

Recovery of approximately R22m (for ABSA) from a Johannesburg security company.  Managed the wind-down of the debtor book (under ABSA debtor finance facility) and packaged/marketed the company’s contracts for sale.  Recovered 100% of ABSA’s exposure.

January 2017 – Present
Business Rescue – Coal Mining


Turnaround & partial wind-down of a Mpumalanga/KZN based coal and anthracite mining operation consisting of 10 companies. Bank exposure approximately R18 million. The companies were placed in business rescue under Ian Fleming’s supervision in May 2017.  The business rescue started out as a managed wind down (sale of assets) in which the bank was likely to receive 100c in the Rand.  In the face of lower-than-expected values being realised on auction for key properties sold as part of the plan, the scope of the rescue had to be extended to take control of an associated group of companies via a complex process of litigation, in order to set up a mining operation and realise the assets held by those companies.  With the blessing of the group’s creditors, Engaged provided the majority of the litigation- and other funding that the rescue required in order to succeed.  Despite the prolonging of this matter due to litigation, creditors are still due to receive 100c/Rand.

March – July 2016
Independent Business Review – Joinery business, KwaZulu Natal


Independent Business Review, (requested by Absa, of a KZN-based joinery business with a turnover of approximately R200 million. Subsequent appointment as turnaround officers. Following commencement of turnaround mandate, pervasive large-scale fraud was uncovered and assessed no reasonable prospect of rehabilitation in light of the real extent of losses that the company was experiencing.  Under Ian Fleming’s guidance, the company was put into voluntary liquidation. Absa recovered their full exposure, a debtor finance facility of approximately R20 million, within months.