Turnaround and business rescue news
What's happening in the turnaround and business rescue industry?
May 2010: Reckless trading and the personal liability of directors
May 2010: Final business rescue legislation
May 2010: Book: Turnaround Management and Corporate Renewal Book by Neil Harvey
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June 2011: Accreditation of professions and licensing of business rescue practitioners (7 June 2011 update)
The following message from CIPC was received by Corporate Renewal Solutions on Friday 20th May 2011 regarding licensing of business rescue practitioners:
"Please note that guidance and information on the filing of requests to be licenced as a business practitioner will shortly be made available on the CIPC website. It will be appreciated if you can advise your members or clients to submit formal requests in the prescribed manner as will be outlined in the website. "
On Wednesday 25th May 2011 a representative of CIPC informed Corporate Renewal Solutions that they are awaiting the Commissioner's signature on the Practice Note. Business rescue practitioner applications already received, however, are processed and individuals are directly contacted about further information required.
On Monday 6 June a representative of CIPC informed Corporate Renewal Solutions that the Practice Note ought to be published by Friday 10th June 2011.
For more information with teething problems with the implementation of business rescue legislation, see Accreditation of professions and licensing of business rescue practitioners.
How to apply to be registered as a business rescue practitioner
Step 1: Register as a CIPC customer at CIPC Customer Registration.
Step 2: Log in with your username and password.
Step 3: Deposit R500 into your CIPC virtual bank account. See CIPC Banking Details.
Step 4: Refer to the Practice Note (expected to be published on 10 June) on how to proceed to register.
It is understood that the following information will be required in the application (but wait for the Practice Note):
- What classification applying for e.g. senior, experienced, junior practitioner.
- CV (demonstrate experience).
- References.
- Contact details.
- Certified copies of qualifications.
- Certified copy of ID.
The Business rescue practitioner application form can be downloaded from Application for license as a Business Rescue Practitioner, after which a Certificate of Practitioner license will be issued.
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One article and one publication have been published on the topic of reckless trading and personal liability of directors:
May 2011: Final business rescue legislation
Final business rescue legislation associated with the new Companies Act can be downloaded by following these links:
- Business rescue provisions in Chapter 6 of the Companies Act No. 71 of 2008
(323k). - Ondernemingreddingbepalings in Hoofstuk 6 van die Maatskappywet No. 71 of 2008 (333k).
- Business rescue provisions in Chapter 6 of the Companies Amendment Act No. 3 of 2011 (279k)
- Business rescue provisions in Chapter 6 of the Companies Amendment Act No. 3 of 2011 (English/Afrikaans version) (792k)
- Business rescue provisions in Chapter 6 of the unofficial LexisNexis Consolidated Companies Act (105k)
- Business rescue provisions in Chapter 6 of the Companies Regulations, 2011 (62k)
- Companies Act No. 71 of 2008 (829k).
- Mastskappywet No. 71 of 2008 (545k).
- Companies Amendment Act No. 3 of 2011 (2 000k).
- Companies Amendment Act No. 3 of 2011 (English/Afrikaans version) (5 920k).
- Unofficial LexisNexis Consolidated Companies Act (945k).
- Companies Regulations, 2011 (951k).
May 2011: Turnaround Management and Corporate Renewal Book by Neil Harvey
A description of the book and purchasing information is available from Turnaround Management and Corporate Renewal.
Corporate Renewal Solutions (CRS) is proud to have sponsored 1/3 of the publishing cost of this book.
Ntombi Langa-Royds, chair of CRS, contributed the chapter "Human Resources Leadership in a Turnaround".
Jan van der Walt, CEO of CRS, contributed the following four chapters:
"The Turnaround Management Association - Southern Africa (TMA-SA)"
"Turnaround Situations".
"Operational Aspects of a Turnaround".
"A Turnaround Practitioner's View on New Business Rescue Legislation".
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