Insolvency practitioners and their lawyers are the hyenas of the economic system that our laws attempt to regulate.
One does not have to like their occasional cackle or bloody jaws; they are an important part of the ecosystem.
But, to extend the animal metaphor, if they collude with lions to corral their prey and feast not upon the sick and weak, but cut off the escape of the viable, they step out...
This case exposes systemic vulnerabilities in South Africa’s insolvency framework, where powerful creditors and rescue practitioners can manipulate outcomes to their advantage. The strongest version of the narrative—advanced by the BRPs—is that THL’s rescue failed due to insurmountable financial and industry challenges, leaving liquidation as the only lawful option. However, the pattern of behavior suggests a more troubling dynamic: Vision and the BRPs initially acted in concert, pressuring the ...