Business Rescue Practitioners

Last Updated Friday, July 17, 2020 2:45:08 PM

Business Rescue

The Companies and Intellectual Property Commission (CIPC) has, on 28 June 2017, accredited the South African Institute of Chartered Accountants (SAICA) as a professional body for business rescue practitioners in terms of Section 138(1) of the Companies Act, 2008. Business rescue, as defined by the Companies Act 2008, aims to facilitate the rehabilitation of a company that is "financially distressed" by providing for: the temporary supervision of the company and management of its affairs, business and property by a business rescue practitioner, a temporary moratorium ("stay") on the rights of claimants against the company or in respect of property in its possession and the development and implementation (if approved) of a business rescue plan to rescue the company by restructuring its business, property, debt, affairs, other liabilities and equity.

The CIPC released information on the status of business rescue proceedings.

 

Guidelines and Notices

 

Notice 35 of 2020 - New method of issuing confirmation of business rescue proceedings matters290 Kb PDF
Notice 36 of 2020 - Acknowledgement of the appointment of business recue practitioners300 Kb PDF
Notice 1 of 2020 - Business rescue filing procedure700 Kb PDF
Notice 2 of 2019 - Guideline for the Application for Licencing as a Business Rescue Practitioner49 Kb PDF
Notice 66 of 2018 - Guideline for the Application for Licencing as a Business Rescue Practitioner (withdrawn and replaced by Notice 2 of 2019)58 Kb PDF
Notice 65 of 2018 - Notice of Appointment of Business Rescue Practitioner57 Kb PDF
Practice note 1 of 2018 - Qualifications of Practitioners91 Kb PDF
Notice 47 of 2018 - Activation of new e-mail addresses for Business Rescue Practitioners filing51 Kb PDF
List of Accredited Professional Bodies with contact information200 Kb PDF
Accreditation policy for professional bodies385 Kb PDF
Notice 30 of 2017 which clarifies that 1 October 2017 is the cut-off date for registration via an accredited professional body45 Kb PDF
Guidelines, Notice 48 of 201656 Kb PDF
List of Accredited Professional Bodies112 Kb PDF

 

Articles

Article - SAICA accredited as a professional body for business rescue practitionersRead Now
Is the Diener judgment another nail in the coffin of business rescue? written by Basil HolfordRead Now

 

Supreme Court of Appeal Court Cases

 

Diener N.O. v Minister of Justice and Others (926/2016) [2017] ZASCA 180; [2018] 1 All SA 317 (SCA); 2018 (2) SA 399 (SCA) (1 December 2017) - outcome of business rescue practitioner’s claim for remuneration258 Kb PDF
Diener N.O. v Minister of Justice and Others (926/2016) [2017]  ZASXA 180; [2018] 1 All SA 317 (SCA) (1 December 20147) – dealing with business rescue practitioner’s claim for remuneration9.3 Mb PDF
Boschpoort Ondernemings (Pty) Ltd v Absa Bank Limited (936/2012) [2013] ZASCA 173; [2014] 1 All SA 507 (SCA); 2014 (2) SA 518 (SCA) (28 November 2013)63 Kb PDF

SAICA Members

 

Process for SAICA members to register as business rescue practitioners73 Kb PDF
SAICA has prepared a list of Chartered Accountants who are registered as business rescue practitioners209 Kb PDF