QUESTION $1(15$ marks$)$

Smith Suppliers $($Pty$)$ Ltd $($Smith Suppliers$),$ a reputable brick supply company, has a long$-$standing business relationship with Everyday Builders, a prominent client in the construction industry.

Consistently, Everyday Builders submits requests for specific quantities of bricks, which Smith Suppliers promptly fulfils. However, despite supplying a significant amount of bricks over the past three months, Everyday Builders has failed to settle their accounts, ignoring numerous requests for payment schedules.

Although no liquidation proceedings have been initiated against Everyday Builders, rumours suggest that the company is experiencing financial challenges, raising concerns about their ability to meet their financial obligations.

REQUIRED:

Advise Smith Suppliers $($Pty$)$ Ltd on the feasibility of initiating business rescue proceedings against Everyday Builders, including the powers and responsibilities of the appointed business rescue practitioner, and outline the rights and implications for Smith Suppliers $($Pty$)$ Ltd during the business rescue process.

$(15$ marks$)$