Business rescue services offered

Business Rescue and Turnaround Management Masterclasses

Those interested in attending should please email Jan van der Walt at for purposes of a provisional attendance list.

These two Masterclasses are complimentary.

The standard will be at a higher level than the turnaround professional certification programme of the Turnaround Management Association - Southern Africa in that basic knowledge and skills are assumed to have been mastered. Additionally, the scope will be wider - including what one needs to know about business rescue that is not evident from reading Chapter 6. Yet the courses will be of value to both novices and veterans.

The Business Rescue Masterclass covers the legal framework of Chapter 6 turnaround (turnaround in terms of the business rescue provisions of Chapter 6 of the new Companies Act).

It does not, however, cover generic turnaround management of a company under business rescue practitioner supervision as such, which is addressed during the Turnaround Management Master Class the following day.

The Turnaround Management Masterclass covers the turnaround management of under-performing and financially troubled companies in the informal sector (management correction and workout), as well as Chapter 6 turnaround (Business Rescue) of financially distressed companies.

This class is important for business rescue practitioners since experience in turnaround practice determines whether a practitioner is classified as a junior (less than 5 years' experience), experienced (at least 5 years' experience) and senior (at least 10 years' experience) business rescue practitioner.

Business Rescue Masterclass (Day 1)

Objective

To understand the legal and practical implications of new business rescue legislation as contained in Chapter 6 of the Companies Act No. 71 of 2008 and the Companies Amendment Act No. 3 of 2011, amplified by business rescue regulations as contained in the Companies Regulations, 2011 and reviewed in the King III business rescue recommendations.

Business Rescue Programme

Part 1 deals with the context of business rescue legislation and the business rescue industry:

The context of business rescue legislation - intent, justification, paradigms on the treatment of commercially or factually insolvent companies, timeline of financial distress (management correction, workout and "Chapter 6 business rescue), advantages and disadvantages over informal sector turnaround, pre-packaged business rescue, business rescue success rates overseas (adoption/confirmation of the business rescue plan, implementation. overall), characteristics of companies that are likely to succeed in business rescue.
The fledgling business rescue industry in South Africa - history of business rescue legislation development in South Africa (drivers, players and business rescue draft legislation changes), trends in overseas jurisdictions and how South African legislation compares, the industry players going forward, current state of affairs.

Part 2 covers the process, players and implications for stakeholders:

Business rescue process flow, dual gateway to commencement, commencement requirements and objection, investigation of the affairs of the company, developing the business rescue plan, adoption of the business rescue plan, implementation of the business rescue plan, termination of the business rescue process. business rescue timeline analysis
The business rescue practitioner - registration and regulation at CIPC, appointment, termination, qualifications, tariff of fees, claims ranking, powers, duties, responsibilities, liabilities.
Implications for stakeholders - shareholders, directors, managers, creditors, employees - rights, protection, roles in the business rescue process, director liabilities and duties, ranking of claims.

Part 3 summarises insights, learnings and advice:

Characteristics of business rescue, strengths, weaknesses and issues.
Recommendations for the business rescue industry.
Recommendations for financially distressed companies.
Recommendations for secured creditors of financially distressed companies.

Turnaround Masterclass (Day 2)

Objective

To learn how to conduct informal sector turnaround of under-performing and financially troubled companies, as well as Chapter 6 turnaround (business rescue) of financially companies.

Turnaround Management Programme

The context of turnaround - levels of corporate renewal (business transformation, turnaround, Chapter 6 turnaround) and the timeline of financial distress (management correction, workout, Chapter 6 business rescue, liquidation).
Level of knowledge development in turnaround - evidenced-based knowledge based on academic research versus popular practitioner opinions, controversies.
Turnaround stages - recognising the need, situation assessment, qualitative and quantitative viability assessment, turnaround planning, emergency management, restructuring and recovery.
Turnaround strategies - reversing causing of distress, shrinking into profitability, corporate portfolio reduction and strategic repositioning, reorganisation strategy, operational turnaround strategy (revenue enhancement, cost and asset reduction).
Turnaround management models.
Turnaround management - stabilisation, fixing the business in strategic, organisational and operational terms, leadership, stakeholder management and turnaround project management.

General course information

Approach

The bias will be towards evidence-based turnaround and business rescue knowledge from scholarly research, but supplemented with practitioner opinions and popular textbook content.

Pre-reading of selective pre-distributed course material is required to obtain full value from the Masterclass.

Delegates will receive the full course material on a CD rather than in hardcopy format in a file. Attending with a notebook computer is therefore advisable.

Date, venue and duration

These two one day Masterclasses, including lunch, will be offered in Johannesburg on a Thursday and Friday, but no dates have been set yet. The first classes will probably take place in July 2011.

Those interested in attending should please email Jan van der Walt at for purposes of a provisional attendance list.

Facilitator

Jan van der Walt has been strongly involved in submissions and workshops on new business rescue legislation and regulations, including membership of the King III Business Rescue subcommittee, and is the author of this website. As a veteran turnaround practitioner, his experience is now supplemented by his doctoral research in turnaround and business rescue.

Cost

R3 000 per workshop day plus VAT (R6 000 plus VAT for both workshop days).

Delegates need to arrange for own transport and accommodation.

Who should attend

Turnaround practitioners and consultants.
Business rescue practitioners - experience in turnaround practice determines whether a practitioner is classified as a junior (less than 5 years' experience), experienced (at least 5 years' experience) and senior (at least 10 years' experience) business rescue practitioner.
Secured creditors.
Corporate turnaround managers and interim managers.
Managers and directors of financially troubled companies.
Managers and directors of companies in Chapter 6 business rescue.
Attorneys, accountants, financial advisors and others who provide professional services to financially troubled companies and the funders of such companies.
Workout / restructuring executives of banks and Development Fund Institutions.
Investment executives of institutional investors, venture capital and private equity investors, development funds, etc.
Those new to the turnaround and business rescue industry wishing to achieve a quantum leap in knowledge.