BUSINESS: Survey shows that Business Rescue in SA is experiencing lack of trust

According to a report conducted by consulting and advisory firm Deloitte, Business Rescue in South Africa suffers from a lack of trust. This is mostly due to the poor success rate and the absence of adequate abilities among rescue practitioners (BRPs) to manage the enterprises.

The survey polled 111 executives and restructuring professionals in South Africa, Kenya, and Nigeria between January and February of this year.

Only about 30 business rescue practitioners, according to 77% of respondents, are adequately skilled and qualified to do their jobs.

Deloitte’s turnaround and restructuring leader is Jo Mitchell-Marais.

“If we break that down even more, 90 percent of the business rescue practitioners polled agreed with that.” And then there’s the question of what we can do about it. We also inquired as to what the most urgent and necessary improvements are. The necessity for regulation came through loud and clear. As a result, CIPC must do its duties. Second, there was the opportunity to work with possibly more senior business rescue professionals. There are no books on how to deal with financial difficulties. “A lot of it is learned on the job,” Mitchell-Marais explains.

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