The South African Institute of Chartered Accountants (SAICA), the South African Institute of Professional Accountants (SAIPA) and the Institute of Accounting and Commerce have been accredited as professional bodies for business rescue practitioners by the Companies and Intellectual Property Commission (CIPC).
The South African Companies Act defines the business rescue’s aim as the support to a company financially distressed through the supervision of the company and the management of its affairs, business and property by restructuring its business, property, debts, affairs as well as its other liabilities and equity.
SAICA project director on governance and non-IFRS reporting Juanita Steenekamp said: “Currently business rescue practitioners apply directly to the CIPC for an individual license to practice as a business rescue practitioner. In future professional bodies will be accredited and in turn their members will then be licensed by the CIPC. No person will be licensed if they are not a member in good standing of a professional body accredited by the CIPC.”