Application for License as Business Rescue Practitioner
A person may be appointed as a business rescue practitioner of a company only if that person is a member in good standing of a legal, accounting or business management profession.
A conditional license as a business rescue practioner will only be issued to a person who has been nominated by a company that is financially distressed.
To apply for a license as a business rescue practitioner, follow these steps:
Register as a Customer
To view information on how to register as a customer, click here. If you are already registered as a customer, and know your customer code and password, proceed to step 2.
Apply for a license as business rescue practitioner
Print and complete form Cor126.1
The following form and supporting documents are required by the (Companies and Intellectual Property Commission (CIPC) for issuing a License for Business Rescue Practitioners. All documents must be submitted via e-mail to CoR126.firstname.lastname@example.org.
Documents to be submitted:
- COR126.1 Form (duly completed dated and signed).
- Proof of filing fee of R500;
- Customer Code (clearly indicated on the top right hand corner of the form).
- Certified ID or passport copy of the applicant.
- Certified copies of suitable educational qualifications, in either Legal, Accounting or Business Management.
- Letter of good standing from Accredited Professional Body.
- A comprehensive résumé (CV) containing full and detailed particulars of the applicant’s history and relevant practical experience working in a distressed business environment and demonstrating relevant turn around experience.
- Supporting documentation to substantiate the factual information in respect of the history and relevant practical experience, (provide references).
- Certified copy of a valid TAX clearance certificate (individual).
- A Sworn statement in terms of Section 138 stating that the applicant:
- Is not subject to an order of probation in terms of section 162 (7);
- Would not be disqualified from acting as a director of the company in terms of section 69 (8);
- Is of sound financial status and not insolvent in terms of section 138; and
- That the applicant was never refused membership before or his/her membership was either suspended or revoked by the professional body, (if so provide reasons)
- The applicant must adhere to the concurrent application of Section 5(6) of the Companies Act 71 of 2008 as amended, in case of a listed entity.
- Personal contact details containing e-mail address and cell phone number.
NB: A person who knowingly provides false information to the Commission commits an offence.
Service turnaround time: 5 working days after lodging the Notice of Beginning of Business rescue proceedings.