It may be argued that the indirect costs of financial distress are substantially higher than the direct costs. Consequently, indirect costs of participating in a formal turnaround may hinder the success of a reorganisation attempt. This study set out to explore the indirect costs financially distressed firms face as a consequence of participating in business rescue in South Africa. Due to the implicit nature of these costs, the focus was placed on investigating and identifying the sources of the indirect costs associated with business rescue. This study employed a qualitative research design, whereby semi-structured interviews were conducted with 13 business rescue practitioners. The study confirmed that firms may experience six difficulties during business rescue. However, there are several factors that influence the severity of these difficulties. Conversely, it appears that indirect costs may also offer firms several benefits. The results of the study may assist affected parties, as they offer some insight and clarity on the indirect costs of business rescue. Understanding indirect costs may assist stakeholders involved in the process to find strategies that will help to preserve the value of the firm and reduce the negative impact for all stakeholders involved.

中文翻译：

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探索企业营救中的间接成本

可以说，财务困境的间接成本大大高于直接成本。因此，参加正式周转的间接成本可能会阻碍重组尝试的成功。这项研究着眼于探讨陷入财务困境的公司因参与南非商业救援而面临的间接成本。由于这些成本的隐性性质，重点放在调查和确定与业务营救相关的间接成本的来源上。这项研究采用了定性研究设计，对13名商业救援从业人员进行了半结构化访谈。该研究证实，企业在营救业务过程中可能会遇到六个困难。然而，有几个因素会影响这些困难的严重性。相反，间接成本似乎也可以为企业带来一些好处。研究结果可能会对受影响的各方有所帮助，因为他们对业务营救的间接成本提供了一些见识和清晰性。了解间接成本可能会帮助参与过程的利益相关者找到有助于保留公司价值并减少对所有利益相关者的负面影响的策略。