About Sturns

STURNSCOM­PANY PROFILE

What is STURNS?

STURNS is a respected busi­ness res­cue prac­tice, offer­ing busi­ness res­cues to finan­cially dis­tressed com­pa­nies, in-​house train­ing and sem­i­nars. Although we oper­ate across diverse mar­ket seg­ments, our busi­ness res­cue ser­vices are tai­lored to the spe­cific require­ments of small, medium and large enter­prises. In accor­dance with the Com­pa­nies’ Act, we enable numer­ous ben­e­fits to a com­pany, includ­ing a mora­to­rium on legal proceedings.

Our approach to the busi­ness res­cue pro­ce­dure is guided by a unique value-​added con­cept, the SEA­CAM approach. Three cru­cial aspects of an ail­ing busi­ness are eval­u­ated: sys­tems and con­trols, cor­po­rate gov­er­nance and man­age­ment. These key areas are assessed, upgraded and incor­po­rated into the busi­ness, ensur­ing its long-​term sus­tain­abil­ity while pro­tect­ing the inter­ests of share­hold­ers and cred­i­tors alike. Our ser­vices range from a com­plete busi­ness turn­around to a work-​out or set­tle­ment between an asset-​based organ­i­sa­tion and its creditors.

Our mis­sion

We strive to offer a supe­rior, eth­i­cal ser­vice to all stake­hold­ers in the busi­ness res­cue process.

Our vision

We are dri­ven to trans­form finan­cially unsta­ble con­cerns into prof­itable, long-​term businesses.

The busi­ness res­cue process

Busi­ness res­cue is a legal process in accor­dance with Chap­ter 6 of the Com­pa­nies’ Act that aims to res­cue and reha­bil­i­tate com­pa­nies in finan­cial distress.

A Com­pany is placed into busi­ness res­cue, vol­un­tar­ily or by order of the Court by appli­cants such as direc­tors, cred­i­tors, employ­ees or trade unions act­ing on behalf of employees.

An inde­pen­dent busi­ness res­cue prac­ti­tioner, with full con­trol of the com­pany, is sub­se­quently appointed. Meet­ings are held to for­mu­late a com­pre­hen­sive busi­ness res­cue plan that the company’s cred­i­tors must agree with. Once the cred­i­tors have assented by vote, the prac­ti­tioner imple­ments the busi­ness res­cue plan in an attempt to save the com­pany from liquidation.

Only once the com­pany is oper­at­ing effec­tively is the busi­ness released from busi­ness res­cue and allowed to trade independently.

The ben­e­fits of busi­ness rescue

The process offers a mora­to­rium on all legal pro­ceed­ings against the com­pany, enabling the busi­ness or its debt to be restruc­tured. Busi­ness res­cue not only facil­i­tates a com­pro­mise with the company’s cred­i­tors but pre­vents a third party from imple­ment­ing liq­ui­da­tion pro­ce­dures or seiz­ing its assets.

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