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CIPC: Date of the business rescue status report form (CoR125.1)
- 05 November 2025
- Miscellaneous
- South African Accounting Academy
Summary:
The Companies and Intellectual Property Commission (CIPC) has issued Practice Note 5 of 2025 regarding the date of the business rescue status report form (CoR125.1).
Article:
“Section 132(3) of the Companies Act provides that if a company’s business rescue proceedings have not ended within three months after the start of those proceedings, or such a longer time as the court, on application by the practitioner, may allow, the practitioner must:
- Prepare a report on the progress of the business rescue proceedings, and update it at the end of each subsequent month until the end of those proceedings; and
- Deliver the report and each update in the prescribed manner to each affected person, and to the:
- Court, if the proceedings have been subject of a court order; or
- Commission, in any other case.”
The Companies and Intellectual Property Commission (CIPC) has observed some confusion by some Business Rescue Practitioners regarding the date of the report. Some write on the form the date of completing the form whereas the date on the form refers to the date of the report. We have attached the form as part of this notice as an example.
The CIPC hereby urges BRPs to ensure that the COR125.1 forms are duly completed and contain the correct date.
This practice note is issued in terms of Regulation 4(1)(b) of the Companies Regulations of 2011 which stipulates that a regulatory body may issue a practice note in respect to a matter within its authority which sets out a procedure that will be followed by that regulatory agency; a procedure to be followed when dealing with that regulatory agency or the regulatory agency’s interpretation of or intended manner of applying a provision of the Act or the Regulations.
Click here to download Practice Note 5 of 2025:
https://www.cipc.co.za/wp-content/uploads/2025/10/Practice-note-5-1.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Companies Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer and accountant, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements/practice notes issued by CIPC as the regulator.
- Where you perform these compliance tasks on behalf of your client, you need to ensure that you comply with all relevant notices/enforcements/practice notes and that you are aware of the latest media statements issued by CIPC as the regulator.
- Business Rescue Practitioners must publish a Business Rescue status report – as and when required.
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the Companies Act, and all relevant notices/enforcements/practice notes and to be aware of the latest media statements issued by CIPC as the regulator.