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Turnaround Management: Unlocking and Preserving Value in Distressed Businesses, 2nd Edition

Turnaround Management: Unlocking and Preserving Value in Distressed Businesses, 2nd Edition

Author: Alan Tilley
Publisher: Globe Law and Business
ISBN: 9781787429826

Previous Edition ISBN: 9781787421684
Published In: December 2023
Format: Hardback , 239 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

List Price: HKD 1,885.00

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Description
Contents
Author
Reviews

Details

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.

Foreword to the first edition

Richard Tett, Freshfields Bruckhaus Deringer LLP

Preface

Alan Tilley, BM&T European Restructuring Solutions

Introduction:

1. Turnaround managers and their role in corporate rescue

2. The decline curve: warning signs and the slide into crisis

3. Crunch point: when time and money are in short supply

4. Basic requirements for a successful turnaround

5. Assessing enterprise value and business viability; consensual compositions

6. Addressing the underlying business problems

7. The turnaround business plan

8. Management credibility and stakeholder management

9. Negotiating the financial restructuring: La Seda de Barcelona

10. The operational turnaround: La Seda de Barcelona

11. International and cross-border complexities

12. Turnaround and non-performing loans

13. Changing legislation to encourage pre-insolvency solutions

14. Exiting the leadership role

15. Risks and rewards

16. Conclusion: the role of turnaround management in seeking to reconcile debtor and creditor interests

Appendix: Guidelines and Policy Recommendations

An excerpt from 'Best Practices in European Restructuring: Contractualised Distress Resolution in the Shadow of the Law'

About the author

Index

Alan Tilley - Bryan Mansell & Tilley

Review from previous edition:

Tilley is the quintessential hands-on operational turnaround professional. As such, his book reads like a battle cry in the war to preserve value.

- John Willcock, Global Turnaround

Review from previous edition: The book is a very useful tool when addressing underlying business problems, managing managers’ overconfidence, developing a turnaround business plan, identifying a revised strategy and what it needs to get the management team to implement these plans, including some war stories, eg La Seda de Barcelona.

- Professor Dr Bob Wessels

Review from previous edition: In summary, a very useful and worthy text, not simply for the “war stories”, but especially for the distillation of experience and reference to developments in a number of jurisdictions, lending this work a very strong comparative feel.

- Paul J. Omar, Eurofenix, the journal of INSOL Europe