In the past, business rehabilitation mechanisms have not worked well in South Africa. Fortunately, Chapter 6 of the new Companies Act 71 of 2008 introduces a more modern and flexible business rescue procedure. The new Act requires the appointment of business rescue practitioners to oversee the rescue procedures. Having a successful and effective rescue procedure is of great importance to the economic growth and stability of the country. Key to this will be ensuring that business rescue practitioners have the necessary skills and qualifications to undertake the business rescue.

The process for accreditation of Business Rescue Practitioners is still under way and licensing will not be automatic or guaranteed. Nonetheless, the Com-panies and Intellectual Property Commission regards the completion of a relevant training course/sufficient knowledge of business rescue as an important factor when considering an application for registration. Other factors include experience of business management and sound professional standing.

We can :

1. Explain the concept and role of business rescue;

2. Explain in detail the relationship between corporate governance and business rescue;

3. Draw up and implement strategic plans/turnaround strategies for companies in distress; and

4. Provide advice to attorneys, accountants and other professionals appointed as business rescue practitioners.

5. Be nominated to be appointed as Business Rescue Practitioners.

 

Visit www.brportal.co.za for more information and updates on Business Rescue in South Africa.

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