|Firm||IABC Accounting Incorporated|
OFFICE SUITE CF-2, BLOCK C – FIRST FLOOR, GALLAGHER BUSINESS EXCHANGE OFFICE PARK, 688 GALLAGHER AVENUE, HALFWAY HOUSE. 1685.
|Languages||English (in order of proficiency)|
|Tel||011 312 9250|
|Cel||073 555 7775|
|Fax||011 312 7014|
Completed a Masters coursework in Business Administration (“MBA”) at the University of KwaZulu Natal, Cum Laude (With Distinction). Other qualifications include a Bachelor of Accountancy (B.Acc) degree (with credit) obtained from the Copperbelt University (CBU) in Kitwe, Zambia.
Also completed the Association of Chartered Certified Accountants ("ACCA") programme and board exams and subsequebtly qualified for Membership in 2003;
Mwendabai is a:
Registered Business Rescue Practitioner with the CIPC;
Registered Tax Practitioner, General Tax Practitioner South Africa (“GTP(SA)”) with the South African Institute of Tax Practitioners (“SAIT”);
Licenced Independent Reviewer and Registered Accountant;
Fellow of the Association of Certified Chartered Accountants (“ACCA”)(UK);
Associate Member of the Zambia Institute of Chartered Accountants (“ZICA”);
Full member of the Institute of Internal Auditors South Africa (“IIA(SA)”),
Full member of the Institute of Risk Management South Africa ("IRMSA"),
Certified Business Advisor (full member) of the Institute of Business Advisors South Africa ("IBASA");
Certified Sage Evolution Consultant (Evolution Premium Certified Professional)("EPCP").
Completed a Masters coursework in Business Administration (“MBA”) at the University of KwaZulu
Natal, Cum Laude (With Distinction). Other qualifications include a Bachelor of Accountancy (B.Acc) degree (with credit) obtained from the Copperbelt University (CBU) in Kitwe, Zambia.
IABC is a registered firm, registered with the following professional bodies and holds full practicing licenses:
FOCUSFull Accounting & Taxation, Audits & System Controls, Financial Mgmt and Business Development and Support (Business Plans, Financial Projections etc)
IABC Accounting Inc. is a member firm of IABC Group and a firm of Chartered Accountants and Management Consultants offering a wide range of professional services to small and medium sized enterprises. Services range from: Full Book-keeping & Accounting Services Preparation of IFRS Financials & Audit Files Sage Pastel Evolution, Sage Pastel Accounting and Sage Pastel Payroll & HR Sales & Support (Including Implementations & Customization) Accounting Information Systems and Business Information Systems Implementations Tax Practitioner Services - Sars Returns, Provisional Tax, Business Income Tax, VAT, PAYE, UIF, SDL, Tax Clearance Certificates Registration of CCs, Pvt Companies & Trusts Full Accounting Officer Services Business Plans & Financial Projection Services Business Valuations & Due Diligences Risk Management & Internal Audit Services Statutory (External) Audit Services Workshops and Conferences Speaking Onsite and Classroom Based Training: Certified to Train ALL Sage Pastel Systems, Sage Business Intelligence, ICB Accredited Theory Provider, Microsoft Courses, Corporate Custom Tailored Training Interventions Across Many Disciplines
EXTENSIVE INDUSTRY EXPERIENCE
IntelliLogic Africa Business Consulting ("IABC") group of consulting businesses offer a broad range of fully integrated services in areas of consulting and financial advisory. IABC’s integrated approach to offering powerful business solutions for organisations combines insights and innovation from multiple disciplines with business and industry knowledge to help client organisations excel. Every of IABC’s services give you the depth, dimension and experience you need to innovate and grow. The founder and management consultant of IABC is a chartered certified accountant who also holds a master of business administration degree from University of KZN Graduate School. He has extensive experience in accounting, finance, Taxation, Marketing, business management & research obtained from public accounting practice (Deloitte & Touché as well as Grant Thornton, and has also worked extensively as a financial analyst for a large oil multinational and further worked as a strategy analyst at one of the major banks in the country before venturing full time into consulting and practice. Contact us today: Tel: +2711 312 9250 (Switchboard); Tel: +2711 023 5530; Cel:+2773 555 7775. E-mail: email@example.com or visit us: http://www.iabcgroup.co.za for more information.
Intellogic Africa Business Consulting ("IABC") is founded & managed by Mwendabai Kalaluka, a Chartered Certified Accountant who also holds a Masters of Business Administration from University of KZN Graduate School. He has extensive experience in Accounting, Finance, Taxation, Marketing & Research obtained from Public Accounting Practice & has also worked extensively as a Financial Analyst for a large Oil Multinational and very recently as a Strategy Analyst at one of the big banks.
IABC Accounting Inc. is a member firm of IABC Group and a firm of Chartered Accountants and Management Consultants offering a wide range of professional services to small and medium sized enterprises.
Services range from:
IABC is a registered firm, registered with the following professional bodies and holds full practicing licenses:
Business Partnerships and Other Accreditations
IABC is an accredited theory provider with the Institute of Certified Bookkeepers (“ICB”), accredited to offer all the ICB’s theory courses. IABC is an Accredited Training Centre (“ATC”) for ALL Sage Pastel Products (Sage Pastel Evolution, Sage Pastel Accounting, Sage One and Sage Paste Payroll & HR), accredited to offer onsite training on the entire listed product range of Sage Pastel. Further IABC is a certified and accredited business partner for Sage Pastel, certified to sale, implement, support and train on all the Sage Pastel software/ systems.
|Average Hourly Fees||R300 - R500
Please note that this is an indicative rate and may vary according to task. Please request a quote for exact amounts.
|Software Supported||Sage Evolutions (Certified), Sage Accounting & Payroll & HR (Certified), YellowPayroll (Certified), SAP (Certified), ACCPAC, JD Edwards,|
|Number of staff||6 - 10|
The contents and information provided in this article are generalised and must not be acted upon as legal advice
“This article makes extensive reference to the study conducted and report written by Professor Marius Pretorius of Business Enterprises at University of Pretoria (Pty) Ltd (“the study”), undertaken for the CIPC, entitled “Business Rescue Status Quo Report”, issued and published on 30 March 2015.
A not so new landscape has been created by the New Companies Act presenting lucrative business opportunity not only for the legal fraternity but business and finance and accounting professions. Business rescue has for some time now been ignored under the misunderstanding that it’s a turf for the legal profession, but this is far from true as Business Rescue above all else requires key business and entrepreneurial skills in addition to Finance, Taxation and Legal skills.
Financially distressed companies in South Africa now have an opportunity can opt to reorganise and restructure through Chapter 6 of the amended Companies Act, No 71 of 2008. This has far-reaching effects on creditors, financial institutions, shareholders, employees and restructuring specialists.
Kindly note that Section 66 (1A) of the Close Corporations Act 69 of 1984 provides that the business rescue provisions of the Act apply equally to close corporations as they do to companies.
To fully determine what causes firms to enter into business rescue and how business rescue is initiated, it’s of fundamental importance to comprehend the terms and provision including key definition, as contained in chapter 6 of the Companies Act, No. 71 of 2008, amended.
The key TEST to determine whether an entity should enter is that of financial distress which the Act has defined under section 128(1)(f), subject to two (2) conditions below, as: “financially distressed, in reference to a particular company at any particular time, means that; (i) it appears to be reasonably unlikely that the company will be able to pay all of its debts as they become due and payable within the immediately ensuing six months; or (ii) it appears to be reasonably likely that the company will become insolvent within the immediately ensuing six months”.
It would then be safe to say for an entity to consider entering into Business Rescue (“BR”) the company must be "financially distressed". This means that it is reasonably unlikely that the company will be able to pay its debts as they become due in the next 6 months, or, it is reasonably likely that the company will become insolvent in the next 6 months. If a company is financially distressed and the directors/members do not file for BR, they can attract personal liability, according Pat Pattinson.
The ultimate goal of business rescue is to reach a commercial and viable solution, culminating in the rescue of the company as well as maximising the likelihood of its continued existence on a solvent basis.
However the following conditions are also deemed to hold:
Oakdene Square Properties (Pty) Ltd v Farm Bothasfontein (Kyalami) (Pty) Ltd 2012 JPR 0239 (GSJ), the court considered the plausibility of business rescue in an instance where liquidation was preferable. In this instance, the court dismissed the application for business rescue and held that a liquidation of the company would achieve a similar result to that of a business rescue. This judgment makes it clear that prior to a company, or an
affected person being placed in business rescue, consideration should be given to the nature of the company, the extent to which business rescue is the appropriate procedure for that company and the extent to which business rescue would be more beneficial for the company than liquidation. If the answer to the latter questions is in the affirmative, business rescue proceedings are likely to be successful. If not, liquidation may be the preferred alternative. The term reasonable prospect is further defined under key terms and phrases as well as introduction of the concept of;
It is important to note that when referring to insolvency, the Act has two considerations for insolvency;
The measure of solvency according to the Act refers to the second definition.
The test of reasonable prospect above entails that business rescue is meant for economically viable companies only, and that economically unviable companies entering the process, when allowed, is the cause of its high failure rate overseas, as well as locally.
Note that depending on circumstances surrounding the business rescue, in terms of how the BR proceeding are instituted, whether voluntary or by the courts (in favour of affected person), the Business Rescue Practitioner (“BRP”) will be appointed by either the company or by the court. However, further note that any BRP appointment has to be ratified by the court.”
Section 138 of the Act regulates the qualifications required for a business rescue practitioner. In order to qualify as a business rescue practitioner a person must be –
From this it appears that a person must satisfy both the above requirements for appointment. But Regulation 126 of the Act states that a person who is part of an accredited profession need not be licensed by the CIPC (Regulation 126(2)). The CIPC has further indicated that it is, at least for the meantime, accrediting certain professions for the purposes of business rescue appointments and instead is appointing and licensing business rescue practitioners on an ad hoc basis in accordance with section 138 (1)(b).