Our vision of this section of our web site is to be seen as major role player in the establishment and functioning of a vibrant corporate renewal, turnaround and business rescue industry in South Africa through serving as a news and communication medium, and facilitating interaction between stakeholders.
The first step towards achieving this vision was to provide information relevant to turnaround industry stakeholders on a continual basis.
This comprises of of our views as well as contributions by industry stakeholders - as per the menu on the left.
An important past contribution was providing the communication backbone for 100 industry stakeholders participating in the Task Group for Organising the Turnaround and Business Rescue Industries in 2004.
Another important contribution was hosting the web site material of Turnaround Management Association - Southern Africa - Southern Africa from March 2005 to April 2006 when it set up its own web site domain.
Our mission is to promote the South African turnaround, corporate renewal, and business rescue industries as a web site publication.
Our original mission statement has largely been absorbed into the mission statement of the Turnaround Management Association - Southern Africa - Southern Africa (TMA-SA) when the latter was formed in March 2005.
Accordingly, our revised mission statement reads as follows:
This section offers turnaround-related forums and chat, news, and information regarding turnaround events, opinions, links, publications, business rescue legislation and associations, which can be accessed via the links in the menu on the left.
The views expressed here on the turnaround industry in South Africa are those of CRS Turnaround.
The turnaround industry in South Africa is a professional community of turnaround and corporate renewal professionals who share a common interest in strengthening the economy through the restoration of corporate value.
Turnaround industry structure provides information about the firms and professionals participating in the turnaround industry, as well as turnaround industry driving forces and constraints.
South Africa has an active, albeit hitherto fragmented turnaround management industry, working with underperforming and distressed companies in the informal turnaround sector i.e. outside of insolvency legislation.
Two factors caused the industry to organise itself.
Firstly - although South Africa has a rich history of successful turnarounds, there were also many notable failures.
Overseas experience has proved that bringing together turnaround professionals from all disciplines, including government, management and banks, to work towards common goals, leads to earlier and improved corrective action by management, more successful informal creditor workouts and a higher success rate of business rescues.
Secondly - with judicial management generally a failure, South Africa does not presently have a true statutory business rescue mechanism.
As a result, many distressed companies, which could possibly have been rescued, are liquidated by default, contributing to South Africa’s already high rate of unemployment (see liquidation statistics).
This is set to change, however, with the proposed introduction of new business rescue legislation which will provide distressed companies with a second chance.
As a result, the following industry initiatives were put in place to organise the industry:
This was a CRS Turnaround initiative, which spawned the next two initiatives.
This too was a CRS Turnaround initiative and TMA-SA formed part of this turnaround industry in South Africa section until April 2006, when it was migrated to its own web site.
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