Business rescue practitioners obligations
Business rescue
The Companies and Intellectual Property Commission (CIPC) has, on 28 June 2017, accredited the South African Institute of Chartered Accountants (SAICA) as a professional body for business rescue practitioners in terms of Section 138(1) of the Companies Act, 2008.
As part of the accreditation process SAICA is responsible for the:
- Monitoring of the CPD of their relevant members;
- Providing opportunities for BRP's to obtain the relevant CPD;
- Reporting CPD compliance and non -compliance to the CIPC.
SAICA registered business rescue practitioners re responsible for:
- Identifying and completion of the relevant CPD
- Keeping records
The CPD requirements expected from business rescue practitioners are:
- Minimum of 20 hours of relevant professional development activity during every calendar year, of which –
- a minimum of 12 (of the above 20 hours) hours must be verifiable; and 4 hours must be directly related to business rescue
- a minimum of 8 hours of learning (verifiable /non- verifiable) must be completed during each of the years.
- From the 12 verifiable hours four hours must be directly related to business rescue and the other eight hours can be CPD that is related to the concept / process of business rescue, such as accounting, taxation, management accounting, human resources, management and related labour and other legislation.
- The CPD policy requires that the accredited body requires its members to record their CPD and furnish details to the accredited body if required.
Members /associates registered as business rescue practitioners with SAICA must declare their compliance with 20 hours business rescue specific CPD. SAICA on a sample basis, verify member’s compliance to the CPD requirements via an annual declaration. Business rescue practitioners must capture and keep a record of the required specific CPD in a form of a PDF, word or excel spreadsheet format.