March 4, 2021

Business Rescue: A Solution for Sinking Ships

Lukas Swart talks to James Kennedy about his experience as a business rescue practitioner.
The Gross Profit Podcast
The Gross Profit Podcast
Business Rescue: A Solution for Sinking Ships
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Show Notes

Show Notes

Lukas Swart from Swart & Associates talks to James Kennedy, CEO of ProcurementExpress.com, about his experience as a business rescue practitioner. If you’re unsure about what this profession entails – stick around. He gives some insights into the companies they work with and their communication with all stakeholders, from banks and creditors to tax officials and investors. Lukas also talks about his other passion – providing a haven for big cats at Ubuntu Wildlife Sanctuary. Tune in for a fascinating conversation!

Key Points

  • Hear about our guest’s background and extensive entrepreneurial experience. 
  • The pros and cons of being an accountant in practice versus being out in the industry. 
  • Lukas shares the difference between the finance industries in South Africa and Ireland. 
  • Why our guest prefers working with and helping companies in trouble. 
  • The concept of business rescue and what it takes to become a practitioner. 
  • The points of criteria when assessing whether a company qualifies for business rescue. 
  • Two ways of getting your company approved for business rescue. 
  • An interesting fact about who a business rescue practitioner really works for. 
  • Lukas walks us through their communications with a company’s creditors. 
  • Hear about the effort and detail that go into a business rescue plan. 
  • Secured creditors versus the tax man: who gets paid first?
  • How practitioners deal with irregularities and suspected fraud. 
  • The challenge of getting all stakeholders on board and restructuring the business. 
  • Hear about Ubuntu Wildlife Sanctuary and what they stand for and hope to achieve. 
  • How they get the rescued animals across from abroad and the red tape involved. 
  • The high costs of transporting, rehabilitating, and feeding big cats.  
  • Find out how Ubuntu Wildlife Sanctuary is funded and about their volunteer program. 

Key Links

GivenGain 

Swart & Associates

Ubuntu Wildlife Sanctuary 

SalesForce

The Gross Profit Podcast

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