Corporate Renewal Solutions Blog

View of and news about the topics and industries of corporate renewal, business transformation, turnaround and business rescue in South Africa.

Friday, February 23, 2007

Online business rescue legislation discussion forums launched

Go to the Business rescue discussion forums.

Purpose of the business rescue discussion forums

Initial purpose

These forums deal with draft business rescue legislation as contained in Chapter 6 of the Companies Bill, 2007.

The initial purpose of the forums is to solicit comment and discussion for purposes of generating feedback to the dti on the draft legislation before the deadline of 19 March 2006.

All registered forum members share in the information and opinions posted in the open forums, which cover business rescue information sources, discussion of the Bill in general, and separate discussions of each section of the Bill.

The Turnaround Management Association - Southern Africa (TMA-SA) and Association of Business Administrators of South Africa (ABASA) have established their own closed forums for their Working Committees.

Other organisation are welcome to establish their own private forums - simply contact the Administrator from within the forums to set this up.

Ongoing purpose

After the dti feedback deadline, the purpose of the forums will be:

  • To serve as a debating forum for all those interested in the legislation - turnaround and insolvency practitioners, creditors such as banks, lawyers, government, judiciary and academics.
  • Ongoing information exchange and building of a body of knowledge that is shared by all forum members.
  • Helping to educate and prepare the business rescue industry about legal implications of the draft legislation.

The business rescue legislation discussion forums are open to all

Anybody with an interest in the business rescue provisions contained in Chapter 6 of the Companies Bill, 2007 can register.

Once in the Business rescue discussion forums, please read the sections on "About the business rescue legislation forums" before registering and posting.

You are welcome to register as a forum member if you are affected by or interested in draft business rescue legislation as contained in Chapter 6 of the Companies Act, 2007.

Anybody can register - you don't need to belong to an association or professional body.

Simply click on the "Register" icon at the top of the forums page for a simple registration process that will enable you to access the forums.  There is no charge.

Note that these forums will be of little value if members merely read the posts of others.   Therefore, please participate by posting your own opinions and questions, and replying to posts of others!

Who should be interested in registering?

  • Service providers to distressed companies - turnaround and insolvency practices, consultants, lawyers, accountants ("Role of the supervisor" and "Development of the business rescue plan").
  • Lenders to distressed companies - banks ("Rights of creditors", "Post-commence finance").
  • Investors in distressed companies - private equity investors ("Rights of shareholders").
  • Labour unions and employee organist ("Rights of employees"). Government and judiciary. Academics / faculty and students.

What can be discussed in the business rescue legislation forums?

There are a number of categories containing either open or closed forums:

  • Open forums - anybody can view forum topic headings, and can read topics, but only registered forum users can post topics and reply to posts:
    • Forums in the category "About the business rescue legislation forums", which explains how to register and use the forums.
  • Forums for registered users - anybody can view forum topic headings, but only registered forum members can read topics, post topics and reply to posts:
    • Forums in the category "Business rescue legislation information sources" where one can download the Companies Act, 2007, and read about the timeline of financial distress, business rescue, and business rescue legislation.
    • Forums in the category "Business rescue legislation: General discussion", which is for higher level discussion of the business rescue legislation in general (as opposed to the discussion per individual section of Chapter 6 of the Companies Bill, 2007 which follows thereafter).
    • Forums in the category "Business rescue legislation: Part A - Business rescue proceedings" which contains individual forums for sections 130 - 140 of the Bill.
    • Forums in the category "Business rescue legislation: Part B - Supervisor's functions and terms of appointment" which contains individual forums for sections 141 - 146 of the Bill.
    • Forums in the category "Business rescue legislation: Part C - Rights of affected persons during business rescue" which contains individual forums for sections 147 - 152 of the Bill.
    • Forums in the category "Business rescue legislation: Part D - Development and approval of business rescue plan" which contains individual forums for sections 153 - 157 of the Bill.
  • Closed forums - anybody can view forum topic headings, but only members of the closed forums can read topics, post topics and reply to posts - these forums are private and secure:

Go to the Business rescue discussion forums.

 

This turnaround news flash was brought to you by CRS Turnaround - turnaround management consulting firm rescuing distressed companies and improving results of underperforming companies in South Africa.

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