“An audit, or independent review, engagement no longer needs to just be an annual grudge purchase” says Wendy Simmons, Audit Manager at Hobbs Sinclair Incorporated, a Cape Town-based accounting and auditing firm. “When we engage with a client for an audit, or independent review, [depending on your “Public Interest Score”, as defined in the Companies…
Details“Venture capital embraces tax breaks” – A recent article written by Stephen Timm of BDlive which includes commentary by a director of Hobbs Sinclair, Mr. Neill Michael Hobbs.
DetailsIn order to have a healthy working capital, a business needs to make sure that it has enough capital to pay for day-to-day running costs.
DetailsPlease click on the following link to listen to the interview
DetailsAny risk-averse investors will be keenly interested in venture capital as an addition to their investment portfolios. The low-yielding BOND market, fully priced property market and volatile stock market have resulted in private equity becoming the flavour of the month.
DetailsIt 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.
DetailsNeill 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.
DetailsApproximately 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.
Details45 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.
DetailsHobbs 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.
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