The Turnaround Professional Candidate (TP-C)
Please note that the information on this page is provisional until the certification programme has been officially established
A Turnaround Professional (TP-C) has some experience (but not necessarily turnaround, management experience or director experience) and lacks the examination requirement to become a Certified Turnaround Professional - Designate (CTP-D) or a Certified Turnaround Professional (CTP).
Minimum TP-C requirements
- A bachelor’s degree from an accredited university or at least five (5) years of experience in executive or senior management, interim management, consulting, loan workout/ restructuring, or in the legal or accounting professions or as a business rescue practitioner.
- A minimum of three (3) years of experience as listed above.
- No exams required.
- Attended courses approved by the Standards Subcommittee in directorship, Chapter 6 business rescue, turnaround management, and finance/accounting (the latter can be waived if holding a financial or commercial degree).
- After certification, complete at least 50 hours of continuing professional education during each two-year period, including two hours of ethics credit (see Certification maintenance).
- Provide recommendations from three professional peers of the candidate.
- Reveal any pending disciplinary action or prior public discipline, any criminal conviction, any malpractice judgment or admission of malpractice and any refusal, denial or revocation of a license to practice or certification by another professional body.
- Not subject to an order of probation in terms of Section 162(7) of the Companies Act.
- Would not be disqualified from acting as a director of the company under supervision in terms of Section 69(8) of the Companies Act.
- Agree to support and adhere to the Code of Ethics of the Turnaround Management Association.
- Payment of all required fees.
Minimum TP-C1 requirements
As for a TP-C2, plus:
- A bachelor’s degree from an accredited university or at least ten (10) years of experience in executive or senior management, interim management, consulting, loan workout/ restructuring, or in the legal or accounting professions or as a business rescue practitioner.
- A minimum of five (5) years of experience as listed above, three (3) years of which must be fulltime in turnaround, two (2) years of which must be fulltime with regard to companies suffering financial distress or in a financial crisis.
- Submit letters from at least three (3) clients confirming the turnaround nature of the assignments undertaken (clients will not be asked to evaluate the candidate’s performance).
- Submit five (5) case studies confirming the turnaround nature of the assignments undertaken.
Validity and conversion of Turnaround Professional Candidate qualifications during and after the first two years after promulgation of the Companies Act)
The TP-C1 and TP-C2 qualifications are valid only during the first two years of the promulgation of the Companies Act to allow a sufficiently large number of business rescue practitioners to be admitted should practitioners be regulated.
During this period only this qualification qualifies the holder to be a business rescue practitioner should the latter be regulated.
During this period, a holder of the TP-C2 qualification may switch to theTP-C1 qualification if the minimum requirements to become a TP-C1 are met.
After 2 years have passed since promulgation of the Companies Act, by successfully completing the written CTP examinations in management, law and finance/accounting prepared and graded by the Academic Subcommittee:
- A holder of the TP-C1 qualification will become a holder of the CTP qualification.
- A holder of the TP-C2 qualification will become a holder of the CTP-D(BR) qualification.