When a business is in serious trouble, then you may want to make last attempt to have an intervention. This means that it may be making great losses, it may not be a going concern anymore or its problems are just too large.
A turnaround strategy and plan (the rescue plan) needs to be initiated by filing for business rescue at CIPC. A business rescue practitioner is then appointed to the company who then takes full charge of the company.
The business rescue practitioner is well trained and comes up with a plan. If the plan is solid then it will be implemented, otherwise, if the company cannot be saved then the liquidation process will start.