The core purpose of Turnaround Management Association of Southern Africa is strengthening the economy through the restoration of corporate value.
Corporate renewal enables economic growth, and allows financially distressed businesses to be saved, thereby continuing in the economic mainstream, preserving jobs and paying taxes.
TMA-SA aims to equip its members with skills and knowledge for the first three stages of corporate decline in the timeline of financial distress. These are management correction, informal creditor workout, and business rescue:
- Improved business transformation and turnaround of declining and under performing businesses through:
- earlier and improved management-led correction by timeously acting on early warning signals, with the objective of avoiding the need for lenders such as banks to intervene through workouts.
- More successful informal creditor workout, should problems worsen and become more acute, with the objective of avoiding the need for formal business rescue.
- More successful business rescue in terms of Chapter 6 of the Companies Act No. 71, 2008, of companies that are in financial distress, but economically viable, with the objective of avoiding liquidation. Business rescue represents the formal sector application of turnaround.
TMA SA is not active in liquidation - the fourth stage of the timeline of financial distress. We do welcome however, those insolvency professionals that wish to become active in business rescue.
The vision of Turnaround Management Association - Southern Africa (TMA SA) is to be recognised by the Southern Africa business community as the pre-eminent organisation in which professionals from all disciplines engaged in the corporate renewal activities of business transformation, turnaround and business rescue choose to associate, market their services, and develop their professional skills.
TMA SA’s mission is to serve as a forum for professionals from all disciplines engaged in the corporate renewal activities of business transformation, turnaround and business rescue to enable networking, to promote high standards of practice and foster professional development through education as well as well as through knowledge capture and dissemination, and to enhance the image of TMA-SA members.
TMA SA’s members represent turnaround and corporate renewal professionals of all disciplines.