Bratac means Business Rescue and Turnaround Consultants.
The new Companies Act 71 of 2008 which came into effect in 2011 made provision in Chapter 6 for Business Rescue and Compromise with Creditors (for detail refer S129 to S155 of the Act).
Bratac is one of few Business Rescue consultancies that is run by a registered Chartered Accountant (at date of writing there only 14 CAs in the country registered as Senior Business Practitioners). Most other business rescue practitioners are lawyers or other professionals.
The immediate implication of this is that, as far as possible, we take a business approach to rescuing the organisation. Our primary concern is ensuring minimal (preferably no) loss of employment and securing the business as a going concern into the future.
Other approaches are liquidation, but our approach is to avoid that as far as possible. We do not do liquidations and thus do not earn liquidators fees.
Our record so far is 100%, albeit it off a rather low base. The problem is that most business entrepreneurs don’t want to admit that they need assistance and, even more so, do not want to relinquish control, for however short a period, to the business rescue practitioner.
A further significant element of our offering is negotiating offers of compromise with SARS. Once again, our track record is exemplary. We have saved our clients tens of millions of rand, thus ensuring that they can continue in business and save jobs.