Registered Business Rescue Practitioner

Navigating Complexity.
Restoring Value.

Strategic Business Rescue and Turnaround Management
for South African Corporates.

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30+ Years Executive Leadership
CA (SA) Chartered Accountant since 1994
Chapter 6 Registered BRP Practitioner
Multi-Sector Steel, Mining, Aviation & More
Mike Benfield – Business Rescue Practitioner
Mike Benfield CA (SA) | Registered BRP

About MJBusiness Rescue

Strategic Leadership in
Corporate Recovery

At MJBusiness Rescue, we do not merely manage insolvency — we engineer recovery.

Founded by Mike Benfield, a registered Business Rescue Practitioner and Chartered Accountant (SA) with over 30 years of executive leadership, we provide a specialised bridge for South African companies navigating financial distress.

Our approach is rooted in the belief that a business in distress requires more than just a legal shield — it requires a practitioner who understands the "hard hats and heavy steel" of the South African industrial landscape.

Mike Benfield's Career Highlights

  • ●
    Former Group CEO – Macsteel Service Centres SA

    Oversaw South Africa's largest merchandiser and distributor of steel products.

  • ●
    Former CFO – Metorex (Mining Group)

    Deep insights into the unique solvency challenges of mining and metals sectors.

  • ●
    Chartered Accountant (SA) since 1994

    Articles at Arthur Andersen; pivotal roles at Investec Bank and Ster-Kinekor.

  • ●
    Cross-Sector Expertise

    Steel, mining, engineering, aviation, logistics, entertainment and banking.

Schedule a Confidential Assessment

Our Core Philosophy

The Power of Presence

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Accountability & Honesty

Successful business rescue requires an open and approachable practitioner who breaks down barriers between creditors and management.

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Strategic Supply Chain Insight

Having managed complex logistics across Southern Africa's heartland, we understand the critical links between suppliers, manufacturers, and customers that must be preserved.

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Sustainable Outcomes

Our goal is not just the approval of a plan, but the "substantial implementation" that ensures a company continues to exist as a solvent, job-creating entity.

What We Do

Core Services

In the high-stakes environment of Chapter 6 proceedings, you need a practitioner who has sat in the CEO's chair.

01

Business Rescue Appointments

Taking full management control under Chapter 6 of the Companies Act. We act decisively to stabilise operations, protect assets, and engage all stakeholders from Day 1.

02

Pre-Rescue Assessment

"Feasibility" checks to determine if rescue is viable before filing. Includes a confidential evaluation of the "Reasonable Prospect" test for boards and executives.

03

Turnaround Strategy

Operational restructuring for companies not yet in formal rescue. We diagnose systemic issues and design recovery plans that are both legally sound and operationally viable.

04

Independent Reviews

Objective solvency and liquidity stress-testing for boards. Providing the financial stability and strategic reporting required for critical decision-making.

Key Outcomes We Deliver

✓
Better-than-Liquidation Dividends

We prioritise saving the business, but if that is impossible, we ensure a higher return for creditors through a controlled wind-down.

✓
Job Preservation

Utilising Mike's experience managing thousands of employees, we actively consult with unions to minimise retrenchments.

✓
Post-Commencement Finance (PCF)

Leveraging Mike's debt-raising experience to secure the vital new capital needed to keep the doors open during the rescue process.

Proven Performance

Strategic Turnaround & Recovery

The success of a Business Rescue is not measured in filings, but in the restoration of a company as a sustainable "going concern."

Steel Sector

Steel Sector Transformation

Context

At the helm of a leading Steel Service Centre group, navigating intense volatility in the global steel market.

Challenge

Managing a massive, capital-intensive operation with diverse workforce and high exposure to fluctuating commodity prices.

Intervention

Implemented a "discipline-first" leadership approach, breaking down internal silos and fostering a culture of accountability. Optimised supply chain and managed relationships with thousands of customers across the SADC region.

Result: Sustained the group's market dominance through strategic operational efficiency, ensuring the company remained the backbone of South Africa's manufacturing and construction supply chain.
Mining Sector

Mining Sector Debt Restructuring

Context

As CFO of a Base Metal Miner operating across Southern Africa with diverse copper and cobalt interests.

Challenge

Frequent liquidity crises due to high fixed costs and volatile pricing, requiring rigorous financial oversight to manage cross-border debt and operational funding.

Intervention

Managed Group budgeting and regulatory reporting with focus on prudential limits and capital requirements — the same financial metrics that define a modern Business Rescue Plan.

Result: Provided the financial stability and strategic reporting required for the board to make critical decisions, ultimately preserving the group's value for shareholders and creditors alike.
Cross-Sector

The "Jack of All Trades" Advantage

Mike's experience spans Steel, Mining, Engineering, Aviation, Logistics, Entertainment and Banking. This broad exposure allows MJBusiness Rescue to handle atypical business rescues that other practitioners lack the operational background to manage.

We apply professional and energetic rigor to every rescue, ensuring that all stakeholders are protected transparently — regardless of the industry or complexity of the case.

Discuss Your Situation

Transparency & Compliance

Active Rescue Portfolio

In Business Rescue, transparency is a legal requirement. This portal provides stakeholders with access to all required documentation for active proceedings.

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Current Active Rescues

Documentation for active proceedings will be published here as required under Chapter 6 of the Companies Act. Each project page will host:

  • Notice of Commencement (CoR123.1)
  • BRP Appointment Certificate
  • Monthly Status Reports
  • Draft Business Rescue Plan

Stakeholders with queries on active proceedings should contact us directly.

Stakeholder Enquiry

Free Preliminary Assessment

Does Your Company Meet the
"Reasonable Prospect" Test?

Mike Benfield offers a confidential pre-filing assessment for boards and executives who are unsure whether their company qualifies for Business Rescue under Chapter 6 of the Companies Act.

Early intervention is almost always more effective than delayed action. Contact us before the situation becomes critical.

Contact Mike for a Strategy Session

Signs You May Need Business Rescue

  • Unable to pay debts as they fall due
  • Liabilities exceed assets
  • Creditors threatening legal action
  • Cash flow projections show inability to continue
  • Key contracts at risk of cancellation
  • Board facing solvency concerns

Acting early preserves more options for recovery.

Get in Touch

Initiate a Confidential Consultation

All enquiries are treated with the strictest confidentiality. Mike Benfield responds personally to all initial consultations.

Contact Details

Principal Mike Benfield CA (SA)
Email mike.benfield@mjbusinessrescue.co.za
Location Johannesburg, South Africa
LinkedIn linkedin.com/in/mike-benfield-2663a414
Registration Registered BRP – Companies and Intellectual Property Commission

All matters handled under strict legal privilege and confidentiality.

We will respond within one business day. All information is strictly confidential.