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OverviewFollowing 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. Full Product DetailsAuthor: Alan TilleyPublisher: Globe Law and Business Ltd Imprint: Globe Law and Business Ltd Edition: 2nd New edition Dimensions: Width: 16.00cm , Height: 1.60cm , Length: 24.00cm ISBN: 9781787429826ISBN 10: 1787429822 Pages: 239 Publication Date: 08 December 2023 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsForeword 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 239ReviewsReview 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 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 Author InformationTab Content 6Author Website:Countries AvailableAll regions |
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