CIPC Clarifies Reporting Date on Business Rescue Status Reports

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The Companies and Intellectual Property Commission (CIPC) has issued Practice Note 5 of 2025 to clear up confusion among Business Rescue Practitioners (BRPs) regarding the correct date to use on the Business Rescue Status Report Form (CoR125.1).

Under section 132(3) of the Companies Act, BRPs are required to submit a progress report three months after the start of business rescue proceedings and to update it monthly until the process is completed. These reports must be sent to all affected persons and either to the CIPC or the court, depending on how the proceedings were initiated.

🚨Date on CoR125.1 is not the date of completing the form.

The CIPC has noted that some practitioners incorrectly record the date of completing the form rather than the date of the actual report. The Practice Note emphasises that the date field on Form CoR125.1 must reflect the report date, the date the report covers, not the day it was filled in or submitted.

The Commission urges all BRPs to ensure their reports are accurate, timely, and correctly dated to maintain proper compliance and transparency in business rescue proceedings.