The Association of Business Administrators of South Africa is an industry-proposed regulatory body for supervisors in terms of draft new business rescue legislation as contained in Chapter 6 of the Companies Bill, 2007. It will set criteria for membership and have the power to discipline members.
Note that the originally expected term of "Business Administrator" has been replaced by "Supervisor" in the Companies Bill and that ABASA will probably change its name accordingly
ABASA was set up on request from individuals in government (but not by government itself). It is an outcome of the Task Group for Organising the Turnaround and Business Rescue Industries, which had grass-root involvement from 100 participants from all constituencies in the turnaround and business rescue industries in South Africa.
ABASA is a registered Section 21 company, and an interim Executive is in place.
While awaiting a decision on regulation, ABASA is there to provide advice if advice is asked from government, and will support and lobby for new business rescue legislation.
ABASA has been awaiting the publication of draft new business rescue legislation before requesting regulatory powers through government legislation - either as self-regulatory or regulated by dti or DoJ.
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.
Download the draft legislation from the box on the right, or read it, together with comments and questions, at business rescue legislation.
Should you become a member of ABASA or or TMA or both?
To make this decision, please see ABASA and TMA-SA.
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Business rescue legislation documents
The documents listed below are Draft 5 (submitted to CIPRO):
Rules Draft 5 (312k)