Reaching out to government
On 6 November 2006 Ntombi Langa-Royds and Jan van der Walt of the Turnaround Management Association - Southern Africa made presentations to:
- Tshepo Mongalo (Project Manager: Company Law Review) of the Department of Trade and Industry.
- A number of directors of National Treasury.
The presentation covered the following:
- Turnaround situations.
- Causes of distress.
- Turnaround strategies.
- Turnaround industry in South Africa.
- Turnaround industry driving forces.
- Turnaround industry constraints.
- Government interventions - new business rescue legislation, new Companies Act, business rescue funding, labour legislation, taxation.
Email received from National Treasury: "Thank you for taking the time to meet with us - we were very impressed with the quality of the presentations. I trust that we will work well together on a going forward basis and that we can play a part in assisting the turnaround of South African businesses".
National Treasury has requested TMA-SA to conduct a survey regarding the chances of success of the different stages in the timeline of financial distress. The survey is being formulated.
In addition, National Treasury has requested TMA-SA to be available to play a facilitating role between a number of government departments.
The Department of Trade and Industry announced that new business rescue legislation will be promulgated in October 2007. The dti also requested TMA-SA to make a proposal regarding business rescue legislation, including certification of supervisors.
Reaching out - lenders and investors, and service providers functions
TMA-SA is planning a social function with bankers and the private equity community in Johannesburg during 2007, followed by a similar function for service providers - consultants, turnaround practitioners, insolvency practitioners, lawyers, etc.
The objective is not only to introduce TMA-SA, but also to hear first hand from guests how TMA-SA can better serve them.
The first quarterly newsletter will be published in 2007 only.
This newsletter, will be available as a glossy print publication, for public distribution, as well as in electronic format.
Date of next general meeting of members and election
The next general meeting of TMA-SA members will probably take place in March or April 2007.
At the meeting, TMA-SA members will:
- Vote for the approval of amended Articles of Association and By-Laws (see below).
- Elect the 2007 Board of directors.
Amended Articles of Association and By-Laws
The revised Articles of Association and By-Laws, for approval by members at the general meeting of members in 2007 (see above) are essentially completed.
The revision has been prompted by TMA-SA now an affiliate of TMA rather than a Chapter, allowing us more flexibility, and the need to cater more explicitly for BEE within our structures without past Chapter-related restrictions.
The amended documents will be distributed to members to preposition them and solicit comments when ready
This newsletter was brought to you by Turnaround Management Association - Southern Africa - the forum for turnaround and corporate renewal professionals in Southern Africa, established for purposes of information exchange, knowledge capturing, networking, education and raising the standards of turnaround.