Exit routes include a share sale, business or asset sale, intra-group reorganisation, closure, business rescue, liquidation or deregistration. Each route has different company, tax, competition, labour, exchange-control, licence and creditor consequences.

A share sale normally preserves the employing and contracting entity but requires analysis of transfer restrictions, change-of-control clauses, regulatory approval, beneficial-ownership updates and merger notification. An asset or business sale requires a transfer plan for contracts, permits, property, employees, IP, data, inventory and liabilities. Section 197 of the Labour Relations Act can transfer employment automatically where a business is transferred as a going concern; it should be analysed early rather than treated as a closing formality.

South African company law provides a business-rescue process for a financially distressed company where there is a reasonable prospect of rescue, under supervision of a business-rescue practitioner and a statutory plan. Liquidation may be voluntary or court-driven depending on solvency and circumstances. Directors should seek advice early when financial distress develops; continued trading, creditor preferences and asset movements can expose the company and decision-makers.

A solvent closure still requires an orderly run-off. Resolve employees, customers, creditors, leases, stock, tax returns, customs and regulator accounts, licences, bank accounts, data and records. CIPC deregistration does not substitute for paying liabilities or completing required tax and regulatory processes.

For a foreign investor, repatriation should be planned with the authorised dealer and supported by sale or liquidation documents, corporate approvals, tax evidence and the original capital record. Cancel or transfer licences only through the proper authority, update CIPC beneficial ownership and securities records, and address Information Regulator, POPIA, IP and property obligations.

Use a completion matrix with responsible owners, conditions, filings, funds flow and post-completion actions. An exit is complete only when control, value, liabilities, employees, regulatory status and records have all moved or closed as intended.