Who is Les Matuson appointed as Rescue Practitioner by Bankrupt South African Airways?
South African Airways is officially in business rescue and just assigned Mr. Les Matuson from Matuson Associated as the rescue practitioner.
The Board of Directors of South African Airways (SAA) filed the notice of commencement of business rescue proceedings was filed with the Companies and Intellectual Property Commission (CIPC) on 5 December 2019, as per Chapter 6 of the Companies Act 2008 (Act 71 of 2008).
Matuson & Associates is a firm of senior business and consulting professionals, specializing in corporate restructuring services, including turnarounds, performance improvement services, and business rescue appointments.
Matuson & Associates has expertise across a broad range of industries and disciplines and over 70 years of combined related experience.
Moreover, as a firm driven by relationships, it has longstanding and well-developed associations with Banks, Credit Insurers and most importantly, our clients.
Les is a highly respected business advisor and turnaround specialist, and Senior Business Rescue Practitioner. He has been active in this field for almost 35 years and has supervised and maximised recoveries in many large, high profile corporate matters.
Les founded Matuson & Associates after recognising the opportunity to provide advice and hands on support to organizations facing operational and financial crises situations demanding immediate action, objectivity and tangible results.
Matuson & Associates is one of the premier South African turnaround, and Business Rescue practices. The company enjoys a reputation for providing leadership, problem solving and value creation to under performing and robust companies across the industry spectrum. The firms focus is on preserving and maximizing enterprise value for all stakeholders while dealing with a wide range of complex issues.
Les has worked on some of the largest corporate restructuring matters in South Africa, in both a formal (legal) and informal processes.
Les’ most recent engagement is to lead the Business Rescue of Ellerine Furnishers which was the furniture retail arm of the failed African Bank. The Ellerine Furnishers group had over 1 000 retail furniture stores across 6 countries in Sub–‐Saharan Africa. According to the Companies and Intellectual Property Commission (“CIPC”), the Ellerine Furnishers Business Rescue is the largest Business Rescue in South African history.
Les has considerable private equity experience, having sat on the board of Gensec NSA Private Equity Fund, focusing on restoring value to the underperforming private equity investments.
Les’ relentless pursuit of excellence and his commitment to the industry has led to numerous accolades, including the Turnaround Management Association (“TMA”) Recognising two of his Business Rescue Plans For retail companies at the TMA’s 2014 Annual awards ceremony.
Les has worked across a broad range of industries and sectors with a significant focus on the retail industry. He is also a well-regarded industry speaker and commentator.
A business rescue practitioner’s (BRP) tasks are complex, vaguely stated and involve a wide range of competencies not accessible to the average business person. Details about what exactly BRPs do during a rescue need to be determined in order to guide licensing and build a qualifications framework for the education of BRPs.
Through an adapted ‘interview to the double’ (ITTD) process, information that 47 BRPs gave as instructions to a ‘double’ was elicited. All these instructions were framed as practices and praxis, then categorized into activities associated with the tasks as identified by the practitioners. Fifteen activities were derived from the practices and praxis in support of five tasks, namely: taking control, investigating the affairs, compiling a rescue plan, implementing the plan and complying with the statutory process. Five activities, namely: analyze feasibility, meet with stakeholders, analyze viability, prepare the rescue plan and follow a statutory process, contributed 55% of what BRPs do, thus guiding the findings to give structure and direction to establishing what the educational requirements for BRPs should