Following the highly regarded first edition, this second edition of Turnaround Management covers important legislative changes since 2018 and their significant effect on turnaround practice, particularly EU Directive 2019/1023 and the UK's Corporate Insolvency and Governance Act 2020. It covers, among other things:
the evolution of turnaround;
the influence of the United States Bankruptcy Code's Chapter 11 on European turnaround; and
the influence of US turnaround practice on driving change from default insolvency to a better balance of debtor and creditor interests to unlock
and preserve going-concern value in distressed businesses.
The importance of stakeholder management is emphasised, particularly in the light of new moratorium-based legislation, and how this can be leveraged to more consensual turnaround ahead of insolvency without compromising secured creditor collateral. Drawing on the author's 40-plus years of hands-on turnaround management experience, the reader is also guided through such key issues as cash control, operational change, business plan development and team building to implement the plans - all brought to life through case studies.
Author Alan Tilley is chairman of leading turnaround boutique BM&T European Restructuring Solutions. He has operated in most jurisdictions in Europe and the US, and has been president of TMA UK, a founding director of TMA Europe and vice president international of TMA Global. Additionally, as president of the European Association of Certified Turnaround Professionals, he has led the introduction of online and exam-based training and certification of turnaround professionals, with Leiden University as faculty.
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978-1-78742-983-3 (9781787429833)
Schweitzer Klassifikation
Foreword to the first edition 5
Richard Tett
Freshfields Bruckhaus Deringer LLP
Preface 7
Alan Tilley
BM&T European Restructuring Solutions
Introduction 9
1. Turnaround managers and their role in corporate rescue 21
2. The decline curve: warning signs and the slide into crisis 39
3. Crunch point: when time and money are in short supply 53
4. Basic requirements for a successful turnaround 65
5. Assessing enterprise value and business viability; consensual compositions 77
6. Addressing the underlying business problems 91
7. The turnaround business plan 99
8. Management credibility and stakeholder management 111
9. Negotiating the financial restructuring: La Seda de Barcelona 121
10. The operational turnaround: La Seda de Barcelona 135
11. International and cross-border complexities 155
12. Turnaround and non-performing loans 169
13. Changing legislation to encourage pre-insolvency solutions 177
14. Exiting the leadership role 187
15. Risks and rewards 191
16. Conclusion: the role of turnaround management in seeking to reconcile debtor and creditor interests 197
Appendix: Guidelines and Policy Recommendations 205
An excerpt from Best Practices in European Restructuring: Contractualised Distress Resolution in the Shadow of the Law
About the author 229
Index 231
About Globe Law and Business 239
