This study examines the determinants of business rescue (BR) outcomes in South Africa, with cases from the airline industry, an industry severely impacted by the COVID-19 pandemic. Drawing insights from the learning theory, the study examines how systemic barriers, enablers, practitioner experience and BR strategies influence BR outcomes based on the BR practitioners’ (BRPs) perspective. The study employed a quantitative research approach based on data gathered through a structured questionnaire and regression analysis. The findings reveal that while BR is relatively successful in securing better creditor returns and mitigating liquidation, its success is often shaped by enabling factors like governance agility, stakeholder cooperation and strategic competence of the BRPs. Stringent regulations, financial constraints, poorly designed strategies, poor stakeholder communication and external shocks like COVID-19 emerged as critical barriers. Senior BRPs’ experience also contributes as a factor to successful outcomes. The study positions BR as not just a legal process but as an adaptive learning system where all stakeholders engage in contextual and strategic learning under unprecedented challenges. The findings advocate for policy reforms that institutionalise learning through enhanced policies, continuous mandated BRP training and transparent stakeholder coordination, to build corporate resilience. The study is limited by small sample size and reliance on self-reported data, limiting its generalisability to other contexts.