Neill Hobbs, an Accountant at Hobbs Sinclair, has seen the effects of the new Companies Act from the perspective of a business rescue practitioner -and they’ve convinced him that the amended legislation is a boon for companies.
When investing into Africa, some are of the opinion that companies and investors should not be using off-shore tax structures to avoid paying tax in Africa as this dilutes investment, and minimises income in countries that need it most. However, Mauritius proves it is a good course to consider, and a credible one at that, if the sheer numbers of investors are an indication
Many businesses, especially start-ups or relatively young businesses, make the mistake of not developing a culture of profit-making from day one. A profit culture is one that puts the need for profit at the centre of all decision-making with an understanding that every rand that the business spends needs to have a return.
Why do you need an accountant? When I ask this question, the response is usually pretty much the same – everyone has their own perception of what we do and how we do it, but seldom do they know why we do what we do.
There is a huge difference between training and trying. The dictionary tells us that trying is “an attempt or effort to do something” whilst training is “being taught through sustained practice and instruction”. At Hobbs Sinclair we are a training institution. We have training contracts, a full-time training officer and a training programme that analyses needs and plans for the instruction of every employee.
Consult a business rescue practitioner if you are in the slightest doubt about where your business is heading!
Approximately 1000 companies go into liquidation per month, but only 45 seeking business rescue, which says to me that new legislation is being overlooked!
Business rescue has suffered criticism, but the focus should be on the successes not the failures. Getting to grips with the practical application of this new and complex legislation has been daunting and exciting, and there is still much to contemplate.
45 out of 1000+ companies going into liquidation per month seek business rescue indicates new legislation is being overlooked.
In South Africa business rescue initiatives have worked particularly well where the directors have understood the provisions of the New Companies Act and applied for business rescue in good time. Unfortunately, in many instances business rescue has been used as an alternative to liquidation, a last resort when the company is unsalvageable. According to the latest CIPC survey, 55% of business rescues have achieved a positive result.
Hobbs Sinclair were given the opportunity to promote their brand in the Cape Town market by taking part in the CTCAA’s Annual Charity Auction, which was held on 18 July 2013 at BMW Auto-Atlantic, Foreshore, Cape Town.
Business Rescue has been in place for two years now and we have been privileged to have completed a number of Business Rescue assignments. We invite you to join us for a free workshop on Business Rescue, taking place at the Southern Sun Hotel, Newlands on 25 July 2013. The format will be an open…
“Business Rescue is working and it is here to stay.” This is the message from Senior Business Rescue Practitioner, Neill Hobbs, director of Hobbs Sinclair Business Rescue Services (Pty) Ltd. To date, Hobbs Sinclair has achieved a seventy percent success rate in nearly twenty Business Rescue projects.