Voluntary business rescue applications filed with CIPC during 24 March to 30 April 2020 will be processed by CIPC to reflect the dates on which they were filed. These applications do not have to be resubmitted. Similarly, the appointment of business rescue practitioners that were filed with CIPC during 24 March to 30 April 2020 will be endorsed with their date of filing, by CIPC.
On 1 May 2020, CIPC published Notice 23 of 2020 stating that business rescue applications filed with it between 24 March 2020 to 30 April 2020 would not be regarded as having been filed and would subsequently need to be resubmitted. As of 6 May 2020, CIPC has altered this stance.
CIPC will automatically grant entities commencing with business rescue a five day extension in respect of the appointment of a business rescue practitioner, in terms of section 129(3) of the Companies Act. Section 129(3) requires a business rescue practitioner to be appointed within five business days (or such longer time as CIPC may allow, upon application by the company) after the date on which the business rescue resolution was filed with CIPC.
Some companies who filed for business rescue during the lockdown period of 24 March to 30 April 2020 may need to apply to CIPC for an extension beyond the five days automatically granted.
