It comes as no surprise that the hospitality industry has suffered from the great World Cup hangover, resulting in a few casualties in the restaurant and hotel arena. One such hotel has been fortunate enough to escape liquidation thanks to the business rescue process. Unbeknown to many, Shelley Point Hotel, Spa and Country Club on the Cape West Coast has been under business rescue since July last year.
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.
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.
To lend support to Nelson Mandela’s initiative, our Hobbs Sinclair team spent their 67 Minutes for Mandela, at Athlone North Primary School.
An enjoyable day was spent painting the front of the school’s library and donating books. We thoroughly enjoyed the day interacting with the staff and children. The day was part of the Hobbs Sinclair Corporate Social responsibility programme. We are planning to go back and help the school in the near future.