ABASA progress and status

Status as of March 2007

Accomplishments to date include:

• The merits of ABASA were raised by Mervyn King and Jan van der Walt at the business rescue panel discussion which formed part of the Companies Bill conference on 20 March 2007.
• ABASA made its submission to the dti on the draft business rescue legislation as contained in Chapter 6 of the Companies Bill, 2007 on 19 March 2007.
• The Memorandum, Articles of Association and Rules of ABASA were completed (see Draft 5 in the box on the right).
• A resolution was taken to change ABARP's name to ABASA and to adopt the new Memorandum, Articles of Association and Rules.
• The amended documents were submitted at CIPRO.  There was a naming issue in that the Association of Black Accountants of Southern Africa also uses the acronym ABASA.  Nevertheless, ABASA has been registered as such.
• Introductory letters to DoJ and dti were drafted.
• ABASA has been promoted by a number of individuals giving evidence to the Ministerial committee of enquiry into the liquidation industry.
• The Interim Executive was elected on 11th October 2004.  The elected group had its first meeting on 8 November 2004, its second meeting on 17 January 2005, and its third meeting on 12 April 2005.

Previous actions were done under the auspices of the Task Group for Organising the Turnaround and Business Rescue Industries - please refer to the aforementioned for detail.