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Vol 24 No 9 Sept/Oct 2019

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The Anti-Suit Injunction

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Turnaround Management: Unlocking and Preserving Value in Distressed Businesses

ISBN13: 9781787421684
Published: March 2019
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardback
Price: £95.00

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Over time, business distress has become more common and more unpredictable. European restructuring’s default position has historically been insolvency, but all too often this has destroyed value and brought little, if any, unsecured creditor recovery.

Influenced by US Chapter 11 and “debtor in possession”, restructuring professionals sought better ways to enhance value preservation. As a result, consensual turnaround and restructuring ahead of insolvency is becoming Europe’s new default position.

This practical book draws upon the author’s 25 years’ experience in turnaround management and guides the reader through the key issues including staunching cash burn, creating cash generation, identifying viable business elements, eliminating loss-making sectors and excess cost, and identifying a revised strategy, a credible business plan and the management team to implement them.

The importance of stakeholder management is emphasised and covers the role of creditors, suppliers, customers and employees, as well as a comprehensive explanation of how new sources of finance and debt rescheduling can leave a balance sheet consistent with the business plan. In short, Turnaround Management is the perfect guide to help you navigate the benefits of turnaround rather than insolvency.

Author Alan Tilley is currently chairman of BM&T. Before this he was managing director Europe at Glass & Associates. He is a chartered accountant, a certified turnaround professional and has won a number of turnaround awards. Alan has also held key positions at TMA Global, TMA UK, TMA Europe and the European Association of Certified Turnaround Professionals.

Insolvency Law
Background to turnaround and the evolution of turnaround management
The Decline Curve, what to do and when; Change management, performance enhancement, turnaround or insolvency.
Warning signs and the slide into crisis; when time and money are in short supply
Crunch point; who calls the shots when liquidity has gone
Can the business be saved outside of insolvency? Basic requirements for a successful turnaround
Keeping the ship afloat; managing the immediate liquidity crisis
Assessing enterprise value and business viability
Addressing the underlying operational problems
Management credibility and stakeholder management; communicate, communicate, communicate!!
The turnaround business plan; “No hockey stick forecasts please!”
Negotiating the financial restructuring
International and cross border complexities
Exiting the leadership role
Risk and rewards
Conclusions; can debtor and creditor interests ever be properly reconciled?