Who Is A Business Rescue Practitioner?
A company that has passed a resolution to put itself under business rescue is required to name a business rescue practitioner within five days of the resolution’s adoption.
The Business Rescue Practitioner’s job is to assist and direct the Company during the process.
Only members in good standing of the legal, accounting, or business management professions are eligible to be appointed as a company’s business rescue practitioner.An individual who has been proposed by a financially troubled company may be granted a conditional license as a practitioner.
Can Accountants Now Act As Business Rescue Practitioners?
Now, accountants may practice business rescue. For practices, this involves creating a new source of income. The UNISA Advanced Business Rescue Practice Course is available if you’re interested in taking it and is designed to help your application to become a Business Rescue Practitioner. It is supported by SAIBA and Academy One.
WorldWide Demand For Business Practitioners
The business rescue of struggling enterprises is becoming more popular around the world as an alternative to inevitable liquidation. In South Africa, Business Rescue, which enables the rescue, rehabilitation, and turnaround of businesses in financial distress, was introduced in Chapter 6 of the revised Companies Act 2008 (Act 71 of 2008). A Business Rescue Practitioner must be a current member in good standing of the accounting, legal, or business management professions in order to be appointed by the CIPC.
Business Rescue In South Africa
In accordance with Section 138(1) of the Companies Act of 2008, the South African Institute of Chartered Accountants (SAICA) has received accreditation from the Companies and Intellectual Property Commission (CIPC) as a professional body for business rescue practitioners as of June 28, 2017.
SAICA is in charge of the following as part of the accreditation process:
- Monitoring the CPD of their pertinent members;
- Giving BRPs the chance to get the pertinent CPD;
- Notifying the CIPC of CPD Compliance and Non-Compliance.
- Business rescue professionals that are SAICA registered are accountable for:
- Locating and completing the necessary CPD Maintaining records
How To Become Business Rescue Practitioner In South Africa
SAIPA was recognized by CIPC as a Business Rescue Practitioners regulation in October 2016. (BRP). Members must also fulfill a number of other, minimal criteria in order to qualify for licensing as a BRP, such as:
Academic Prerequisites
a legitimate full member of SAIPA.
A degree in business restructuring, insolvency and liquidations, or business rescue (from any recognised institution of higher learning).
Practical Knowledge
An candidate must provide evidence of at least 12 months of experience in business rescue and/or insolvency and liquidations, OR 24 months of experience in business restructuring and turnaround, in the form of a thorough CV with traceable references.
