Valuation practices under business rescue circumstances in South Africa

IF 1.2 4区管理学 Q3 ECONOMICS

South African Journal of Economic and Management Sciences Pub Date : 2021-04-26 DOI:10.4102/SAJEMS.V24I1.3721

S. Conradie, C. Lamprecht

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引用次数: 3

Abstract

South African companies in financial distress may file for business rescue in terms of Chapter 6 of the South African Companies Act No. 71 of 2008. The Companies Act (RSA 2008:s150[b][vi]) requires, among other things, that an appointed business rescue practitioner (BRP) prepare a business rescue plan to show the benefit of adopting the business rescue plan as an alternative to immediate liquidation. The business rescue plan should indicate to the creditors that a company is worth more ‘alive’ than ‘dead’. In other words, that if the creditors file for immediate liquidation, they will receive less than they would receive through a reorganisation (in South Africa [SA] referred to as a business rescue) (Altman & Hotchkiss 2006:8). Thus, showing the benefits in the form of a valuation of the company in business rescue becomes a vital aspect of a restructuring process, since the estimated value of the company determines the size of the pie to be divided between the creditors and, if possible, the shareholders (Altman & Hotchkiss 2006:103; Harvey 2011:181; TMA-US 2016:202).

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南非商业救助环境下的估值实践

陷入财务困境的南非公司可以根据2008年第71号《南非公司法》第6章申请商业救助。《公司法》(RSA 2008:s150[b][vi])要求，除其他事项外，指定的企业救助从业者(BRP)准备一份企业救助计划，以表明采用该企业救助计划作为立即清算的替代方案的好处。企业救助计划应向债权人表明，一家公司“活着”比“死了”更有价值。换句话说，如果债权人申请立即清算，他们将获得比通过重组(在南非[SA]被称为商业救助)获得的要少(Altman & Hotchkiss 2006:8)。因此，在企业救助中以公司估值的形式显示收益成为重组过程的一个重要方面，因为公司的估值决定了债权人和(如果可能的话)股东之间分配的蛋糕的大小(Altman & Hotchkiss 2006:103;哈维2011:181;TMA-US 2016:202)。

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来源期刊

South African Journal of Economic and Management Sciences Multiple-

CiteScore

2.30

自引率

9.10%

发文量

审稿时长

52 weeks

期刊介绍： The South African Journal of Economic and Management Sciences (SAJEMS) is a leading South African-based publication for interdisciplinary research in the economic and management sciences. The journal publishes and disseminates high-quality academic articles that contribute to the better understanding of the interaction between economic, environmental and social perspectives as applicable to the broader management sciences in an African environment. The editorial board therefore invites authors to submit their research from areas such as economics, finance, accounting, human capital, marketing and other related disciplines that break down common intellectual silos and prepares a new path for debate on the operation and development of sustainable markets and organisations as relevant to the broader African context.