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Fin24 reports that changes to the legal framework and regulation of business rescue, particularly the registration of practitioners, will take effect as from 1 October 2017.
Business rescue, which was introduced in SA as an alternative to insolvency, came into effect via the Companies Act in 2011. But, it has received criticism resulting from apparent flaws in the appointment process and quality of business rescue practitioners. New legislation will require attorneys, accountants, liquidators and business management professionals, who seek to practise as business rescue professionals to register via their SA Qualifications Authority- (SAQA-) approved governing bodies. Currently, business rescue practitioners are granted an individual licence by the Companies and Intellectual Property Commission (CIPC). A recent notice issued by the CIPC, however, stated that from 1 October 2017 practitioners will be required to register through their various professional bodies. Business rescue practitioners will henceforth be bound by a professional disciplinary code that will include a sanction to act on unethical conduct or inappropriate behaviour.
- Read this report in full at Fin24
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