Here is a comprehensive list of the various funding schemes and grants that you can take advantage of.
The role PATC will play:
- Only after you have gone through this list yourself, they must highlight to us which they think they might be able to benefit from.
a. The list specifies what criteria you will need to meet and under what circumstances.
At PATC, we assist with business rescue, which is defined by the Companies Act 2008 with an aim to facilitate the rehabilitation of a company that is “financially distressed,” by providing for:
- the temporary supervision of the company and management of its affairs, business and property by a business rescue practitioner,
- a temporary moratorium (“stay”) on the rights of claimants against the company or in respect of property in its possession and the development and implementation (if approved) of a business rescue plan to rescue the company by restructuring its business, property, debt, affairs, other liabilities and equity.
Kindly Note: This is a LOAN. It is NOT a ‘free’ Grant. If applied for and offered, the loan repayment will be favourable and interest rates as low a prime less 5%, however it is a loan.
Small businesses (under R50m turnover) who are negatively affected are entitled to get assistance from the DSBD website. It is early days, so I am unsure exactly how it works and who qualifies and or under what circumstances precisely. However, what is very clear is the list of information that is needed. Pay special attention to the Qualifying Criteria, as without this, you will not be able to move forward. (more…)
Upon closer inspection of the official statement from the office of the President, this is my interpretation on it and not official advice.
- Using the tax system, we will provide a tax subsidy of up to R500 per month for the next four months for those private-sector employees earning below R6,500 under the Employment Tax Incentive. This will help over 4 million workers.
During the process of strategic planning, budgeting for the long-term should be a major consideration. Trying to plan for long-term expenses often proves difficult for many people. Here are the basics of how to budget for long-term success.
The first thing that you will need to do to plan is to decide exactly what you want to accomplish. If you have no idea where you are going, then you will have no idea when you get there. Financial planning is all about setting and achieving small goals. Therefore, it is critical to sit down and decide exactly what types of financial goals you would like to accomplish. Break it down into segments. For example, you need to decide how much money you want to have one year from now. (more…)
Solvency & Liquidity Test
A test required by the Companies Act which requires the directors of a company to assert that the company can meet all its expenses out of its incomes for the next 12 months (liquidity) and that its assets are more than its liabilities (solvency). This test must be conducted before the paying of a dividend, a share buy-back or a loan to a director. (more…)
What Is Financial Distress?
Financial distress is a condition in which a company cannot generate revenue or income because it is unable to meet or cannot pay its financial obligations. This is generally due to high fixed costs, illiquid assets, or revenues sensitive to economic downturns.
Ignoring the signs of financial distress can be devastating for a (more…)
At PATC, we define corporate governance as the system of rules, practices and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community. Since corporate governance also provides the framework for attaining a company’s objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure. (more…)
PATC defines company records as any documents, accounts, books, writing, records or other information that a company is required to keep in terms of the Companies Act 71 of 2008, or any other public regulations.
The Companies Act states in Section 24 that records should be retained in writing or in a form that can be converted into a written format for a period of seven (7) years unless a longer period is stated in other legislation. (more…)