Date: April 19, 2020
Author: John Henning
Partnering for Success
G&A Compass has partnered with Sagacity Corporate Services to carry out the actual business rescue proceedings.
Sagacity Corporate Services is an association of individual Professional Chartered Accountants who are licensed as Business Rescue Practitioners and who are supported by a dedicated professional backup team working together to provide Business Rescue Services to Companies that are financially distressed.
The Sagacity members have the knowledge and support and access to a vast body of knowledge and know-how with which to prepare and publish compliant workable business rescue plans in terms of Chapter 6 of the Companies Act for the Companies to which they have been appointed as the practitioner.
The Professional members of Sagacity are experienced and have access to a wide range of support from the professional support staff including accounting, corporate governance, tax, process engineering and planning, and project management. Together they understand the challenges and compliance requirements imposed on a practitioner by the Companies Act and have access to a library of case law dedicated to business rescue. They are equipped to meet these challenges and compliance requirements.
Each member is expected to abide by the standards of service, code of professional conduct and code of ethics of SAICA and Sagacity.
Coming on board as a new BRP
Sagacity has a structured admission process for CA’s and AGA’s that are considering venturing into the field of business rescue.
Firstly, an interview will be conducted to determine your experience and ability and capacity for conducting business rescue operations. You will then undergo training with the professional G&A Compass Associates responsible for this function. You will then be assessed as to the capability that is demonstrated and, if you are not already registered you will be assisted to apply with CIPC and you may be engaged in a support role to assist in having CIPC accredit you.
The management committee of Sagacity will review the process and if you are successful you will sign an Associate agreement – a copy of which will be made available at the start of the process. You will then be able to use the branded Sagacity logo and have access to all the professional support team and technology and knowledge base and you will then progress with receiving leads and assignments as they present themselves.
Annually you will need to undertake at least 12 hours verifiable CPD and 8 hours non-verifiable CPD to remain a registered Business Rescue Practitioner and the professional associate responsible will conduct the appropriate CPD and issue certificates of attendance.
Seminars and marketing functions may be held, and your willingness to attendance would be beneficial in developing the brand and awareness and supplying leads for securing business rescue work.
As a member of Sagacity you will be:
- part of a well-run and operating professional association without losing your independence
- access business rescue opportunities through the collective marketing efforts of the professional association
- share in using the specialist technology and body of knowledge to which the professional association has exclusive access
- enhance your professional profile and exposure through the broader offering which is possible through the professional association
- be assured each associate subscribes to the SAICA and Sagacity’s code of professional conduct and code of ethics