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TMA SA News and Updates

By Alex Eliott, from Eliott Attorneys | BlackBox Law Until today, a person who has tested positive for Covid-19 has been forced to go into isolation, not to mention bear the social stigma of carrying the disease that has caused so much trouble around the world. This isolation is a…
Well, hard as it is to believe, here we are at the end of February already. Memories of the Festive Season now fading as we get back into the swing of things. The good news is that our Covid-19 infections have fallen dramatically, and new infections are now below 1000…
Call for volunteers to serve on the TMA-SA Committees With the new direction, the TMA-SA is taking we would like to extend an opportunity to all of our members to volunteer to serve on one of the many TMA-SA’s committees. This is an exceptional opportunity for like-minded individuals with a…
Welcome to the first issue of Your Perfect Practice for 2021. Last year was a real rollercoaster which had a dramatic impact on us all at various levels. I hope that you managed to have a well-earned break over the Festive Season and that you are now refreshed and ready…
TMA-SA is extremely proud to announce the publication of an article by George Nell, a current TMA-SA Member on the business rescue of SAA on page 6 of “Insol World”, an international publication by Insol International.”>Read the full article here
A step towards possible reform As the country emerges out of the Covid-19 lockdown, it is evident that many companies were not able to survive the almost six-month period of limited income. Some industries never had any income at all until the announcement of Level 1 restrictions. This has placed…
Dear TMA-SA Member.The TMA-SA is a member of the Business Rescue Liaison Committee (BRLC) of the Companies and Intellectual Property Commission (CIPC).The BRLC has established a sub-committee to consider and make recommendations to the Department of Trade and Industry (DTI) on amendments to Chapter 6 of the Companies Act.The TMA-SA…
Tough Questions to the Business Rescue Practitioner of SAA MEDIA RELEASE - SUNDAY INDEPENDENT 12 December 2019 From: Alastair Macduff Director: Unleash Business Services Dear Les I would like to congratulate you on your appointment as the business rescue practitioner (“BRP”) of SAA. It is satisfying that a member of…
INDUSTRY BODY SUPPORTS THE PRESIDENT’S ATTEMPT TO SAVE THE NATIONAL CARRIER The Turnaround Management Association of Southern Africa supports the decisive step by President Ramaphosa to place South African Airways into Voluntary Business Rescue in an attempt to turn the seriously distressed national carrier around. This vote of support by…
Group Five creditors committee independent chairperson a first for the country. Haroon Laher of law firm Fasken, who is the independent chairperson of Group Five’s committee of creditors in the company’s business rescue process, is helping to forge a new path for business rescues in South Africa.Laher is the first…
New owners aim to recapitalise and stabilise the business, while former owner faces fraud charges. Christmas has come early for Hamleys South Africa – the local franchise operations of the world’s oldest toy store chain – as it has been saved through the business rescue process after facing closure earlier…
Clothing retailer Edcon narrowly avoided liquidation early in 2019 when its creditors and landlords threw it a R2.7bn lifeline. It was too big to fail because its collapse would have put 140,000 jobs on the line. Similarly, business rescue practitioners are working around the clock at construction firm Group Five…
Delay in cognition by management is likely to see a firm’s distress worsening and the turnaround potential of a firm eroded. This inertia and resistance to change are further likely to result in antecedents absent in the required cognition of distress to trigger turnaround actions.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY (SAQA) In accordance with the National Qualifications Act, Act No 67 of 2008, the SAQA invites comment from interested parties on the application(s) received from the: • Turnaround Management Association Southern Africa [TMA-SA]• Employee Assistance Professionals Association of South Africa (EAPA-­‐SA) – additional professional designations SAQA…
The 1973 Companies Act has as a central tenet the maintenance of capital. This tenet informed the basic approach to the way share capital was structured, and was the reason why shares could not be subscribed for at a discount and why a company could neither acquire its own shares…
"WHERE TO DRAW THE LINE” Duties of a Business Rescue Practitioner A business rescue practitioner (“BRP”) must investigate the company’s affairs, business, property and financial situations shortly after he has been appointed.  The BRP gets the company with the financial situation that exists at the time of business rescue, namely…
Business rescue has been in operation since May 2011.  The current statistics indicate that since May 2011, approximately 2040 entities have been placed into rescue.  Of these, approximately 1 100 are still in business rescue.  The statistics indicate that approximately 280 were substantially implemented. The purpose of this article is…
BUSINESS rescue legislation has opened many new avenues for underperforming or distressed businesses in South Africa, according to the Turnaround Management Association - Southern Africa (Chapter) (TMA-SA). “Business rescue is the legal process in which a financially distressed company is given a ‘breathing space’, a moratorium, to organise its affairs,…
THE turnaround of Eagle Software’s fortunes is a good example of a successful business rescue operation. Eagle Software was founded in February 1995 by five IT industry experts to offer specialised information technology consulting to the South African large scale private and public sector computer departments. The company revolved to…
THE turnaround of Eagle Software’s fortunes is a good example of a successful business rescue operation. Eagle Software was founded in February 1995 by five IT industry experts to offer specialised information technology consulting to the South African large scale private and public sector computer departments. The company revolved to…
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