CRS Business Rescue

In-depth analysis of the business rescue provisions contained in the Companies Regulations

Regulation 132: Functions of the Business Rescue Practice Regulatory Board

(1) The Board is responsible to regulate the practice of persons as business rescue practitioners in terms of Chapter 6 of the Act, by—

(a) advising the minister on the qualifications for admission of persons to the practice of business rescue practitioner;

(b) accrediting, and suspending or withdrawing the accreditation of, persons who meet the prescribed qualifications for admission to the practice of business rescue practitioner;

(c) maintaining a register of accredited business rescue practitioners;

(d) establishing standards and codes of good practice for the conduct of business rescue proceedings;

(e) receiving and resolving complaints concerning the conduct of business rescue practitioners; and

(f) any other functions necessary or ancillary to the functions set out above.

(2) The Board may—

(a) consult with any person with a view to advising on the performance of its functions;

(b) issue, amend or withdraw information on current policy in regard to business rescue proceedings generally; and

(c) receive and deal with representations relating to any matter with which it may deal in terms of this Chapter; and

(d) impose any fee on applications for accreditation, or persons who are accredited as business rescue practitioners, as reasonably necessary to provide adequate resources for the discharge of its functions.

(3) In exercising its powers and performing its functions the Board must not express any view or opinion on the commercial advantages or disadvantages of any proposed business rescue proceedings.

Note: These draft business rescue regulations will be replaced by new draft regulations - publication date by government unknown. Amendment 83 of the Companies Amendment Act replaces the Business Rescue Practice Regulatory Board with the Commission.