Turnaround professional qualifications and designations
Please note that the information on this page is provisional until the certification programme has been officially established
|Qualification/ designation||Exams required||Eligibility criteria in term of a qualifications and experience|
|Certified Turnaround Professional (CTP)||CTP exam plus attendance course in directorship||CTP|
|Certified Turnaround Professional - Designate (CTP-D)||CTP exam plus attendance course in directorship||CTP, but without the experience requirement|
|Honourary Certified Turnaround Professional (HCTP)||Waived||CTP, plus lifelong contribution to turnaround; by invitation only|
|Turnaround Professional Candidate (TP-C)||No exams.||CTP, but without the CTP exams requirement|
Differences in turnaround professional qualifications and designations
- The Certified Turnaround Professional(CTP) qualification is the flagship turnaround qualification of the Turnaround Certification Governance Board that requires appropriate turnaround experience as well as having passed the CTP exams.
- The Certified Turnaround Professional - Designate (CTP-D) qualification provides recognitions to those that have passed the CTP exams, but who don't yet have the appropriate turnaround experience to be a CTP.
- The Honourary Certified Turnaround Professional (HCTP) qualification, for which the CTP exams are waived, provides recognition to turnaround industry veterans, is by invitation only and requires a life-long contribution to turnaround.
- The Turnaround Professional Candidate (TP-C) designation is valid only up to one year after the first CTP exams, expected to be written in late 2011. It is meant to provide recognition for for those with required CTP experience but who have not written the CTP exams yet.
Disclosure of turnaround professional qualifications and designations
The Rules and Regulations compel all certified members irrespective of qualification or designation to disclose to prospective clients the nature of their certification qualification, including the educational, experiential and exam status of the member, as well as experience gained after certification.
The need for directorship knowledge
In terms of Section 140(1)(a) of the Companies Act No. 71 of 2008 a business rescue practitioner will have full management control of the company in substitution for its board and pre-existing management, and in terms of Section 140(3)(b) will have the responsibilities, duties and liabilities of a director of the company. This implies that the business rescue practitioner must have management and directorship experience.
To this end, and to allow the CTP ualification to be a future business rescue practitioner accreditation qualification, a attendance course in directorship, approved by the Standards Subcommittee, is required in addition to passing the three CTP exams.
Turnaround professional qualifications and designations and admittance to be a business rescue practitioner
Qualifications to be admitted as a business rescue practitioner in terms of Section 138 of the Companies Act No. 71 of 2008 and Regulation 133 of the draft Company Regulations, 2010 do not allow for turnaround professional qualifications.
Regulation 133(1), however, stipulates that the Business Rescue Practice Regulatory Board must recommend to the Minister within two years of the implementation of the new Companies Act, minimum qualifications for accreditation of persons as business rescue practitioners.
TMA-SA will apply to the Business Rescue Practice Regulatory Board that the CTP qualification, or at least having passed the CTP exams, be a minimum qualification for accreditation of persons as business rescue practitioners.