Turnaround Management Association - Southern Africa

News from the forum for turnaround and corporate renewal professionals - established for purposes of information exchange, knowledge capturing, networking, education and raising the standards of turnaround in Southern Africa.

Sunday, November 19, 2006

TMA-SA newsletter - November 2006

 

Turnaround Management Association

 

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.

on Improving turnaround and business rescue in South Africa - how government can contribute, and how TMA-SA can assist.

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.

Quarterly newsletter

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.

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