TMA conference journal - Turnaround Management Association (UK)

TMA conference journal - Turnaround Management Association (UK)

Lancio Call for paperCongresso InternazionaleDinanzi al morire.Percorsi interdisciplinari dalla ricerca all’intervento palliativoPadova 6-7-8 Settembre 2012Il Gruppo AIP “Death & Dying studies per l’ intervento psicologico”, diretto da Dora Capozza e InesTestoni, composto da Vincenzo Calvo, Giovanna Leone, Chiara Levorato, Fabio Lucidi, CristinaMarogna, Egidio Moja, Gabriele Prati, Marco Sambin, Elena Vegni, Alberto Voci e Renzo Vianello,organizza il congresso “Dinanzi al morire. Percorsi interdisciplinari dalla ricerca all’interventopalliativo” (Padova, 6-7-8 settembre 2012). Si tratta del primo evento organizzato nell’ambito AIPsu questi temi: il 6 settembre è prevista una fase congressuale in cui saranno presentate le sezioniparallele, il 7-8 settembre ci saranno le relazioni plenarie e i simposi.Il Congresso intende delineare lo stato dell’arte degli studi e delle ricerche psicologiche relativealla morte, alla palliazione e al lutto, accogliendo i contributi di diverse discipline psicologiche e diquelle che si confrontano con loro nei territori delle medical humanities, della bioetica e delbiodiritto, nonché dei processi sociali e antropologici implicati nei processi del morire.A livello internazionale l’importanza della Psicologia in questo campo è sempre più riconosciuta.Con questa iniziativa il gruppo “Death & Dying studies per l’ intervento psicologico” intendecostituire una continuità tra ricerca internazionale e realtà italiana.In linea con gli assunti del Gruppo, gli obiettivi del Congresso sono:a) Attivare un processo di confronto interdisciplinare entro i settori psicologici, per definiresinergie e specificità rispetto allo studio e alla ricerca inerente alla morte e al morire.b) Promuovere la ricerca relativa a tali temi.c) Rafforzare la collaborazione con Associazioni che operano nel campo della morte e delmorire per costruire strategie volte a promuovere il coping adattivo e la resilienza insituazioni di perdita.d) Attivare cooperazioni con realtà sanitarie territoriali (ospedali, hospice, LEA, reti territorialiper le cure palliative ...), per promuovere l’elaborazione dei vissuti stressanti legati allamorte e l’acquisizione di competenze che implementino le capacità professionali.PROCEDURA E ASPETTI ORGANIZZATIVISono previste sezioni per le relazioni, simposi e poster.1. I richiedenti (membri dell’AIP) sono coordinatori del Gruppo AIP “Death & Dying studiesper l’ intervento psicologico”2. Il Comitato Organizzativo è composto dai Componenti del Gruppo “Death & Dying studiesper l’ intervento psicologico”3. Saranno invitati Autori di rilevanza internazionale per presentare relazioni sui temi delcongresso4. Il Congresso è organizzato insieme alle seguenti associazioni, cui viene richiesto ilpatrocinio e la collaborazione: Società Italiana Cure Palliative (SICP), Associazione ItalianaOncologia Medica (AIOM), Società Italiana PsicoOncologia (SIPO), Ordine degli psicologi

TMA SponsorsFoundation SponsorsAlixPartnersAshtonPenneyGordon Brothers GroupGoldCooper Parry LLPGlass & AssociatesLloyds TSB Commercial FinanceThe Hilco OrganizationSilverBache Treharne LLPBaker TillyBegbies TraynorBibby Financial Services LimitedBlake Lapthorn LinnellCattles Invoice Finance LimitedDavenham Group plcFive Arrows Commercial FinanceFTI ConsultingGVA GrimleyInsight AssociatesKelso Place Asset Management LimitedKing SturgeMenzies Corporate RestructuringOlswangPKF (UK) LLPPricewaterhouseCoopersRe10SalansSkadden Arps Slate Meagher & Flom LLP & AffiliatesSmith & WilliamsonSquire, Sanders & DempseyThe Insolvency Advisory Service LLPThe MacDonald PartnershipVenture Finance PlcVenture Turnaround LimitedBronzeAlexander Business Consulting LimitedAuditel Consulting LimitedExecutives Online Interim ManagementIrwin Mitchell SolicitorsK2 PartnersKingsgatesquaremile LimitedKSA TurnaroundMarriott & CoRCapitalTenon Recovery LimitedVincere Partners t. 0870 760 7116TMA (UK) would like to thank all our sponsors for their support.3

President Elect TMA (UK)Turnaroundis a teamgameAfter several years on the board of the TMA(UK) and as a sponsor through GordonBrothers, it is a real pleasure and an honourto be asked to take over from Alan Tilley asPresident for 2007. I offer my own thanks andcongratulations to Alan for his hard work andleadership during his time as President.I am often asked why I am involved with the TMAand whether it leads to lots of lucrative businessleads. It’s a difficult question. I cannot point tomajor projects which have come into GordonBrothers directly as a result of being a TMAmember. Nor is TMA an employment exchange forturnaround professionals but I can point to thebenefit of a significant network of colleagues acrossall aspects of the turnaround and restructuringarena which have helped to improve both ourtechnical knowledge and also our positioning in,and understanding of, the marketplace in whichwe all operate.Examples of turnaround where a single “CompanyDoctor” arrives at a distressed business waves hismagic wand and moves on to his next challengeare, in truth, rare occurrences these days. Situationsare invariably more complex, involving differentstakeholders, the need for finance during theAs president of TMA International, I have had theopportunity to visit with corporate renewalprofessionals from all over the world, usually byattending one of the superb conferences organizedby TMA and its chapters.The world is getting smaller, and TMA is leading the way in facilitating newchapters as we all try to bridge the gap between cultures, legal systems andeconomic differences that exist today. As an organization where volunteerleaders in the industry continually drive results with leading-edgeeducational and networking opportunities, TMA is uniquely positioned toaccomplish these goals. This conference is a great example of those efforts.On this side of the pond, there have been some interesting developmentsover the past year. First on the list would be the changes to our bankruptcycode in 2005. This long-anticipated legislation has changed the landscapeof bankruptcy in a number of key areas, such as: the length of time adebtor-in-possession can maintain the exclusive right to file a plan ofreorganization (18 months maximum); a limitation on the time allowed toaccept/reject executory contracts, such as leases; and, the ability to provideretention bonuses for key employees, among others. The result of thesechanges is to further the desire of companies to attempt to restructureoutside of the bankruptcy arena or, if they must file Chapter 11, to do sowith a prepackaged plan allowing for a quick exit.Another continuing trend in North America is the continued high level ofliquidity in all levels of the capital structure, from senior debt to privateequity. This liquidity has resulted in ever-increasing leverage levels fornewly-minted leverage buyouts, dividend recapitalizations and growthcapital for companies. A by-product of this aggressive lending climate is theability of poorly run, over-leveraged companies to continue to receive newreconstruction and above all, specialist help for certainaspects of the project. Fixing distressed businesses isnearly always a team effort.That is why TMA as a members’ organisation isimportant. I firmly believe that, whether you are anindependent company doctor, a lawyer, a banker,interim manager, accountant or work for a companyoffering specialist consultancy services the educationaland networking benefits of the TMA are why we exist.I hope that by continuing to offer interesting andinformative regional events the number of memberswill continue to increase. Of course with a healthymembership base and good events the attraction ofbeing a sponsor is also enhanced and with that I hopeis the continuation of a virtuous circle of networkingbetween members and sponsors to mutual benefit.So I hope that we can continue to build on theexcellent membership base during 2007 and thatmembers will continue to give the board feedbackon what they as members would like to see fromthe TMA.I look forward to another year of growth anddevelopment in 2007.Andy MeehanVice Chairman Europe, Gordon Brothers GroupPresident Elect, TMA (UK)President TMA Internationalfinancing commitments from new lenders. Many problemcredits that previously have been sent to the workoutdepartment of a bank are simply being paid out by a newlender group, resulting in less demand for restructuringprofessionals. This trend may reverse itself in 2007. Basedon the TMA Trend Watch survey, over 90% of our membersexpect a significant increase in defaults by the end of 2007.One can only hope.Finally, we have seen a change in the players who lend tocompanies with an increase in the number of hedge fundsand CLO’s providing commercial loans. How these newplayers will react to a downturn in the economy and acredit crunch has yet to be seen. It is clear that with adecrease in market share of traditional banks, the bankregulators will have less influence than they have had inthe past. Additionally, corporate renewal professionalshave had to reach out to these new entrants in order todevelop business opportunities that previously came outof the workout groups at banks.We live in a dynamic world, and the corporate renewalindustry is also experiencing dramatic changes to whichwe must adapt. Perhaps the greatest value TMA can offerour members is to provide venues such as this outstandingconference to enable them to network, learn and exchangeideas as we enter the next wave of corporate restructuring.Colin P CrossManaging Director, Crystal CapitalPresident, TMA t. 0870 760 71165

InternationalTurnaround Issues& DevelopmentsConference Journal November 2006On behalf of the TMA I welcome all of the delegates to the TMA (UK)Annual Conference. The theme for this year’s conference,“innovation and turnarounds” is a timely theme indeed. With thesignificant intervention of equity funds, hedge funds and otherfunds in corporate refinancings and turnarounds, the next wave ofrestructurings will be administered by hedge fund and equitymanagers who may bring to the process a different and moreinnovative attitude than had existed when the more traditionallenders were leading the charge. Being prepared to change some ofthe more traditional methods of restructuring will be key to keepingpace with the reorganization techniques which may be utilized byfund managers who will require the turnaround professionals to bequicker, more efficient and more creative than had been ourexperience in the past.TMA International has been extremely active in its global expansion.In the past year, we have created chapters in Taiwan, South Africaand Germany. As of the writing of this article, we are also expectingto have applications for chapters in Finland and India this year. Weare in talks with turnaround professionals in Spain, Italy, Austria,Hong Kong, Brazil and Czechoslovakia. The reason TMA hasattracted top level turnaround professionals in various parts of theworld is due to the global expansion of our present members whorecognize the importance of networking, education and theenjoyment that we share in associating with the professionalsinvolved in the turnaround and restructuring industry.2006: a turningpoint in the Frenchturnaround market ?2005 ended with 50,242 businesses and companieshaving filed for insolvency in France, confirming agrowth, for the fourth consecutive year, of thenumber of insolvencies; up by 3.2% compared tothe number of insolvencies in 2004 and particularlyby 7.4% in the construction field, by 5.3% in tradeand commerce and by 4.5% in transports. 1More than 90% of these businesses and companies went intoliquidation, either immediately or shortly after the handing downof the insolvency order. The remaining 10% were restructured andcontinued to trade further to court ordered recovery plans, forsome in the hands of the original owners, but for most of them,operated by new managers and controlled by new stakeholders.On January 1st 2006, an Insolvency Reform Act, voted in July 2005 2and presented by some professionals as a piece of legislationspecially designed for Eurotunnel’s needs, entered into force.Largely inspired by the American Bankruptcy Code and particularlyby its Chapter 11 dedicated to the reorganisation of troubledcompanies, this new legislation has introduced a new preinsolvency procedure, i.e the “Procédure de Sauvegarde”, literallymeaning the Safeguard Procedure, which is considered the mostimportant innovation of the Reform Act.From my discussions with members in various parts of the world,it appears that North America may experience a recession in thefirst half of 2007. Our European members have continued to befairly busy with some of the primary industries, particularly led bythe automotive industry. The explosive growth that has been seenin China and India almost seems limitless, but as we all know,growth at such a rapid pace will often lead to a correction,significant or otherwise, at some point in time in the cycle. In all,2007 will be a most interesting year for our members worldwideand I trust each and every one of you will continue to be creative,innovative and continue to exhibit the highest level ofprofessionalism that has been the trademark of the membersof our organization.It has been my pleasure to have served the TMA as the Vice-President of International for the past two years and I look forwardto continuing to work with all of our international members in thecontinued growth of the TMA. Enjoy your conference.Bill SkellyPartner, Heelan Blaikie LLPVice President, TMA InternationalThis new procedure is meant to:i) provide legal protection to businesses and companiesfacing, or about to face, difficulties (usually but notexclusively of a financial nature) which they may not bein a position to overcome 3 , andii) be launched a step ahead of the insolvency situation;insolvency being defined as the situation where abusiness or company is unable to meet its due debtswith its available assets.The Reform Act requires that the filing for a Safeguard Procedurebe conditioned by difficulties which may lead the applicant intoinsolvency. Nothing, however, in the Reform Act is provided for asto the evidence of these difficulties at the time of the filing.Key to the Safeguard procedure is the creation of creditors’committees if the applicant’s turnover and accounts respectivelyexceed a certain amount and are certified. The committees’purpose and task will consist in the analysis of the reorganizationplan to be elaborated by the applicant and of its approvalor disapproval.As of today, approximately 150 Safeguard Procedures have beenimplemented throughout the country, out of which 3 proceduresonly have been implemented by the Paris Commercial Court, oneof them – to the benefit of Eurotunnel – having recently attractedconsiderable attention and raised numerous questions on thenew legislation.6

Considering the early stage of implementation of the Reform Actand the limited number of Safeguard Procedures on foot today, it istoo early to assert how quickly, if at all, this new procedure willeffectively help to limit the number of large insolvencies in France.In any event, most of the ingredients for the creation of a dynamicturnaround market in France are now there:A new legislation designed for the turnaround of largecompanies;Qualified turnaround professionals; andA growing number of experienced investors acquainted withdistressed M&A deals.Anker SørensenMedus Devaux SørensenChairman, TMA France1La Tribune, Note d’Infos, mars 2006, p 7;La Tribune 9 mars 2006, p 92Loi de sauvegarde des Entreprises du 26 juillet 20063Article L 620-1 of the Commercial CodeTurnaround Issues &Developments in SpainTwo main issues are driving the Turnaround Industry in Spain: the rising of PrivateEquity Funds investing in the Spanish market and the New Insolvency Act, whichcame into force on Sept, 1st 2004.Private Equity FundsFor the last 10 years, Spain has been the fastest growing economy in the EU.Since 1996, when we had our last economic crisis, we have observed greatgrowth in the Private Equity industry: for the last 12 years, an average interannualrate increase of 24% in investments and funds raised. It is true that ifwe analysed the investment volume, Spain (with €2bill invested at the end of2004), is only the 4th market, after the UK (€19 bill), France (€5.2 bill) andGermany (€4 bill), and it is the 5th in the ranking, if we compare the amountinvested with the GDP (0,24% compared with an European average of 0,=.35%being the UK rate 1,=.10%).During the last 20 years the number of PE funds in Spain has multiplied by 6,increasing in 2005 to126 funds. The investment volume raised in 2005 was€4,=.1 bn compared with €46 m. in 1986. Most investments are in the midmarkettrench with volumes between €10 and €100 m.Today it is important to mention that PE fund managers are much more opento admitting when they have a problem within their portfolio and thatsomething needs to be done, which is why they rely on turnaroundprofessionals to solve their portfolio “sick” companies.A new Insolvency Act since 2004Two years ago, a new Insolvency Act came into force, replacing legislationdating as far back as the 19th century. It provides the opportunity to structurea rescue of a company or otherwise, quickly liquidate it. Under the new Act,company directors must file for court protection within two months from thedate they become aware of the company insolvency, otherwise they riskpersonal liability. Also, the Act encourages creditors to claim their bills, givingthem preferential treatment to 25% of the first applicant’s claim. In the end,with the previous conditions, what the legislator tries is to force companydirectors or “de facto” managers to act as soon as they realize they have aproblem to find ways of overcoming the business problems, otherwise theyface personal liability.The new instrument used to bring the company back to its feet after comingto court to protect itself from creditors is the Company VoluntaryArrangement (CVA). The CVA must be a rescue plan, done by the company andagreed with creditors to turnaround the company business. The companiesneed to develop new strategies in such special situations and the increasingtrend toward consensual restructuring, has sparked opportunities forturnaround professionals in our Country.A shining future for ourIndustry in SpainThe traditional LBO industry is peaking. Firms areraising and returning a record amount of cash,financing remains strong, deals keep getting bidup to even double digit multiples, the default rateis very low… Some may think it is the calmbefore the storm, but the truth is turnaroundactivity in Spain is at an all-time low, with lowinterest rates, low credit spreads and stockmarkets at a five year high.But many think the rate of leveraging for PE dealsin untenable in the longer term. With a rise ininterest rates and a drop in consumer spendingcombined with bad management so far hiddenby benign trading conditions, the opportunity forturnaround professionals will eventually start toshow. Many of Spanish manufacturing and retailcompanies have a very high fixed cost base and itcan be very difficult to reduce that. On top ofthat, many are also dependent on raw materials,such as oil, gas or steel, whose prices are rising.In the end, in a fiercely competitive environment,creating tangible operational improvements isessential, and that is when you need goodturnaround professionals helping you.Carlos GilaManaging Partner, Munoz y t. 0870 760 71167

Turnaround Issues & Developments in ItalyConference Journal November 2006While the landmark event of 2006 for the Italian restructuring industry has most certainly beenthe completion of the legal framework reform process, equally important changes in theprofessional community have emerged around the formation of a new restructuring industry.Changes to the “Royal Decree 267/1942,” the main law regulating bankruptcy matters dating backto the pre-war and pre-republican period, led some notable commentators to state that Italian lawhad finally evolved “from bankruptcy law to the law of corporate reorganizations.” However, subtlechanges have been occurring within the entire Italian business community for some time.For example, the Cirio and Parmalat cases, albeit different in their originsand administration, proved to the public that even in cases where fraudplagued the corporation, there is value in keeping a company operatingand proceeding in an orderly restructuring of claims versus simplyliquidating its assets. This concept might sound fairly obvious elsewhere;however, that wasn’t the case in Italy as recent as just a few years ago. Themost recent official Italian study in 2003 on bankruptcy proceedingsdepicted a rather grim picture: close to 100% of all troubled companiesresulted in liquidations (vs. reorganizations) with an average payout tosecured creditors of 23% and to unsecured creditors of 4%, with caseslasting an average of 7 years 1 or more.Cirio and Parmalat also brought to Italy new specialized players, mostnotably distressed debt investors that had very seldom ventured into theItalian market. Together with their legal and financial advisers, they startedto scan the market, discovering many other investment opportunities.In addition to changes in procedures, we believe the new rules that havereduced the scope of the “claw back” action, particularly against lenders,will profoundly change this environment. Historically, no one was willingor in the position to lead a restructuring when financial distress becameapparent, and previous rules effectively impeded or made extremelydifficult to provide rescue financing. Today, that has changed.Many believe that the new found attractiveness of the Italian market stemsfrom the combined impact of:Basel II and IFRS on a fairly fragmented banking sector, only recentlyfocused on the “cost” of NPLs both in terms of management time andcapital absorbed – providing for ample supply;The rising presence of private equity investors interested in“turnaround stories” – providing for focused demand;More contemporary bankruptcy laws fostering, where value-added,corporate re-organization;The appearance of specialized advisers that can offer the requiredcapabilities – both operational and financial – to conduct aturnaround process.Certainly some cultural barriers will require more time toget accustomed to the changes – for instance, the wholeconcept of allowing for a “fresh start.” But the socialenvironment is rapidly evolving.Another barrier to restructuring services – which is noexception in Italy – is price, given that services are notalways well-understood and compared with alternativeoutcomes. Obviously, clients use such factors ascredentials, price, experience, reputation, and industrypresence to select professionals, all extremely relevant tothis field. To this extent AlixPartners has in manyinstances succeeded by tying some of its compensationto certain tangible results to be achieved – for example,debt renegotiation in financial restructuring, cashreleased in a working capital reduction, and shareholderwealth in certain situations, among others.Giuseppe FarinacciDirector, AlixPartners1ISTAT (National Bureau of Statistics of Italy) 2003 studyon bankruptcy proceedings with, describing data upto 2001; overall length of bankruptcy proceedingsdepends heavily on the length of related civilproceedings.8

Membership reportTMA (UK) has an active and growingmembership. As membership is open to anyindividual with an interest in the Turnaroundcommunity, the members come from a broadrange of backgrounds and comprise:1. Accountants2. Asset based lenders3. Bankers4. Consultants5. Financial Advisors6. Insolvency practitioners7. Interim managers8. Lawyers9. Surveyors10. Turnaround practitionersWith such a broad geographic and professional mix, the TMAcommunity provides excellent networking opportunities for all ofthose engaged in the membership.Membership benefitsAs a member of the TMA you have access to a range of benefits:EventsIndividuals participate through a programme of monthly seminars &other events, across nine regional bases, including London. Theformat varies from a speaker presentation to panel discussion, oftenincluding high profile case study examples.These events (free to members) offer members and their guestsparticular opportunities for networking, referrals of businessopportunities together with the gaining of a broader understandingof turnaround management outside their own focus and knowledge.This year some 35 events are being held, attracting over 1,500 guests.ConferenceThis Conference brings together members, sponsors and guests whoare acknowledged as leaders in their fields and offers a substantialdiscounted entry price to all members.Web DirectoryAs a TMA member, your details are automatically available on ourwebsite,, providing a summary of your skillsexperience and contact information, accessible by any on-line userthrough our unique ‘find a contact’ facility. This allows any on-lineuser to identify a Member by name, keyword, area or skill set fromthe home page on the website, which is accessed by some 50,000users per annum.TMA International also maintains an on-line Directory of Membersand Services for access by members worldwide.The Turnaround GuideThe Turnaround Guide, is a hard copy directory whichincludes all members contact details and is sent to over7000 professionals in the industry.Other benefitsAdditional UK membership benefits include:1. On-line management of your details to ensure accurateand up-to-date information is always available.2. Access to all event handouts, slides and informationon-line via the members area of the website.3. Access to up to date information on developments inthe Turnaround market via the TMA (UK) Membersnewsletter and the electronic US based quarterlynewsletter – TMA International News.4. The opportunity to become involved with any officialposts within TMA (UK).5. The opportunity to enhance your profile within theTurnaround market as a speaker at any of our events,or an author for newsletter or website articles.6. Access to INSOL (International Federation of InsolvencyProfessionals) special interest section at reduced rates.In addition as a UK member you enjoy membership of TMAInternational which gives access to additional publications,updates and reports.Joining InstructionsWe are delighted that you are attending this conference.If you would like to join our membership please completethe form overleaf (or download one from our website)choose your method of payment and return to the TMA.We look forward to welcoming you at a membership eventin the near future.Liz WalkerIndependent Turnaround PractitionerMembership Director, TMA (UK) t. 0870 760 71169

Membership formTitleNameCompanyAddressCity County PostcodeTelephoneMobileE-mail (business)FaxWebsiteEmail (home)Membership is on an individual basis only and is non-transferable.Membership category (tick one)Conference Journal November 2006Annual (net) Annual (VAT) Annual (gross) ✓Member £175.00 £30.63 £205.63Full-time student £50.00 £8.75 £58.75Method of payment (tick one)Visa Mastercard Switch Delta Visa ChequeCardholder nameCard numberM M Y Y M M Y YStart date Expiry Date Switch issue numberTotal: £SignatureCheques to be made payable to Turnaround Management Association (UK) and posted to the address below.Optional (tick all that apply)Please send me a Corporate Sponsorship Information PackPlease call me about Event SponsorshipI would be interested in speaking at a TMA (UK) event – please call mePost or fax to:Turnaround Management Association (UK)81-82 Gracechurch StreetLondonEC3V 0AUTelephone/Fax: 0870 760 7116Email: membership@tma-uk.orgRates quoted whilst accurate at the time of this journal going to print, are subject to on-going review.10

Regional Events OverviewThe merging of ideas from a broad range offields can result in some of the most usefulinnovations. Henry Ford constructed his carassembly line technologies by adapting thoseused for meat packaging. What is even moreremarkable is that leading edge developmentsin computer programming are now arisingfrom the study of how ant colonies organisethemselves!In trying to present a compilation of events for our members in2006, whilst we haven’t commissioned the services of DavidAttenborough, we have sought to harness expertise from a varietyof disciplines, delivering a programme full of innovations,practical insights and considerable interest! We’ve had theopportunity to hear perspectives and advice from leadingcorporate recovery lawyers, accountants, private equity investors,insolvency practitioners, entrepreneurs, restructuring experts,actuaries, human resource advisors, bankers,motivational/behavioural specialists and captains of industry.It has been a record year for the number of events held, totallingsome 35 with feedback expressing the value of the wide range oftopics covered. At a national level, the impact of legislation onturnarounds such as the new TUPE regulations (transfer ofundertakings, protection of employment) has been discussed, ashas legislation on businesses with pension deficits. Some seminarshave allowed us to gain a deeper understanding of the issuesfacing particular industries, for example, the risks in assessing thefinancial health of retail organisations. Other events haveexamined individual cases, with turnaround practitioners sharingtheir experience gained from high profile successful restructuringsto the lessons learnt from corporate failures such as MG Rover. Allin all, something of interest for everyone!TMA Sponsorship OverviewWell its TMA conference time again andpersonally I am looking forward to the excellentevent planned by our conference team, whounder the guidance of Mark Lowther, have done asterling job putting together a high quality event.As in any voluntary organisation the directors and contributors to theTMA give their time and efforts free of charge. We are supported bythe fantastically capable Pauline North and Hayley Kinlan.Hayley and I are primarily tasked with driving sponsorship of TMA(UK). We currently have more than 50 Sponsors whose support, bothin terms of income and through the promotion of our eventsincluding this conference, allows us to operate so effectively.If you are involved in Turnaround in the UK then sponsoring TMA (UK)is a proven way of promoting your business to the wider network ofturnaround specialists, bankers, lawyers, company doctors, assetbased lenders and also to distressed business owners, investorsand directors.Why do people join and Sponsor TMA? Well I think that’s bestanswered by my own experience. I am a member, sponsor anddirector of TMA because I feel strongly about turnaround in the UK,I derive professional benefits from my membership, I learn fromevents and conference and I have obtained work opportunities frommy input.As a sponsor and member I can thoroughly and personallyrecommend being a part of the fast growing TMA network.Innovations often come not just from intensive brainstormingsessions, but from situations that lead to chance encounters withunfamiliar ideas. TMA events, to which all are welcome and free tomembers, provide a wealth of such opportunities, enablingnetworking and knowledge sharing with a variety of professionals ina relaxed, enjoyable way. Regular events are held in London, Leeds,Bristol, Manchester, Southampton, the Midlands and, new for 2006,Brighton, Exeter and Reading have also been added to the venueschedule. As a continuously expanding organisation, we welcomeinterest from those who would like to organise events in newregions. A particularly enjoyable occasion this year was the inauguralTMA Golf Day in Oxford, which will now become an annual fixture.Turning an organisation round is often an intense, complex andexciting challenge. It is evidence that the actions of a few skilledindividuals can make a real difference to the outcomes of many. Oneof the areas creating considerable debate at our events this year hasbeen that of motivation and behaviour. Unfortunately, we oftenencounter organisations that, having been caught earlier in theirdecline, could have benefited from a much greater range of optionsfor their future. There is frequently however, a considerablereluctance to ask for external help until an organisation is in severefinancial distress. Even once our work is begun, a fear of change isever-present in the organisations we commit to improve, withresistance a common inhibitor to the speed of performanceimprovement. Overcoming these barriers is an often overlookedaspect of turnarounds that can make such a positive difference tooutcomes. During 2006, speakers expert in the psychology ofturnarounds and motivation have provided us practical andinspiring ways that can help us change not only the companies wework with, but also ourselves. If you’d like to join an association thatembraces innovation and constantly strives to support its membersin their quest to succeed, make a change and join the TMA today.Now there’s a thought!Tyrone CourtmanPartner, Cooper ParryRegional Events Director, TMA (UK)Packages include Foundation Sponsor level (we have only limitedopportunities available) which allows the following benefits; Twoyear exposure to your brand at all networking events, conferencesand in all written communication with no competition in yoursector; detailed profiles in the Annual TMA (UK) guide and allwritten publications (like this one); free brand recognition andprofile on the excellent TMA (UK) website; free events attendanceacross nine regions and at this conference.Corporate sponsorship provides benefits on three levels; Gold,Silver and Bronze. The lowest level is only available for smallfirms with less than ten permanent employees and costs as littleas £500 per annum.Gold and silver sponsorship is available with greater benefits at£5,000 and £1,500 per annum. The benefits include freeattendance at regional networking events; your corporate detailsin the Annual TMA (UK) guide and online; free places at theconference (each worth over £400) and listing at all of our eventsand in the conference journal as a sponsor. With the guide alonebeing published free to over 7,000 people each year this isexcellent reach for your investment in TMA.If you are interested in any of our sponsorship opportunities, orwould like to host one of our networking events, then please callHayley Kinlan on 01438 833009.Keith StevenDirector, KSASponsorship Director, TMA (UK) t. 0870 760 711611

Sponsorship formCompany nameContact namePositionAddressCity County PostcodeTelephoneMobileFaxEmailCompany website addressThis is to confirm that we wish to sponsor TMA (UK)Gold sponsorship at £5,000.00 + VATConference Journal November 2006Silver sponsorship at £1,500.00 + VATBronze sponsorship at £500.00 + VAT ** Available only to those organisations with 10 or less permanent employeesPlease invoice toNameCompany nameAddressCity County PostcodeTelephoneFaxSignatureDateM M YYPost or fax to:Turnaround Management Association (UK)81-82 Gracechurch StreetLondonEC3V 0AUTelephone/Fax: 0870 760 7116Email: membership@tma-uk.orgRates quoted whilst accurate at the time of this journal going to print, are subject to on-going review.12

What good is a plan of action ...... without the action?AlixPartners is the industry standard for getting results incorporate restructurings. We provide a range of capabilities to deliveroperational improvements and restore corporate performance.• Hands-on restructuring advice• Global crisis management and interim executive capability• Working capital enhancement• Footprint rationalization• Align IT with business objectivesWe drive results to the bottom line.Call Peter Fitzsimmons at +44 (0) 20 7098 7400for a confidential, no-obligation discussion.www.alixpartners.comChicago Dallas Detroit Düsseldorf London Los Angeles Milan Munich New York Paris San Francisco Tokyo

AshtonPenneyMarket leaders in interimmanagement solutions forTurnarounds & ChangeManagementConference Journal November 2006Turnaround & Change Management PracticeMarket Report – 2005-2006A pivotal year for AshtonPenney – our first year as a public company –and a year of rapidly changing attitudes in the stakeholder community.One good piece of news for the TMA Conference is that we have seenclear trends towards earlier stakeholder intervention. As with all serviceproviders in this industry, the sooner an interim executive is bought into implement change, the more likely the successful outcome.The past twelve months have witnessed a consolidation in ourtraditional markets but with many exciting developments emergingfrom stakeholder activity in hedge funds, the changing attitudes ofbanks – in terms of people issues anyway – and increased activity inprivate equity, both with distressed investors and traditional buy-outsneeding support and innovative response. However without the retailsector and the NHS we would have been taking longer holidays…NHSTo state the obvious, NHS trusts are very different from private sectororganisations. In particular there is an ingrained culture of publicservice not profit generation, national agreements on pay and workpractices, a traumatised workforce following years of change and newtargets and above all else and an insatiable demand from patientswhich will always outstrip the available budget.What is required of turnaround practitioners here are the interpersonalskills to project manage rapid and substantial operational changewithin this environment. For most turnaround professionals withoutrecent public sector experience success is likely to be elusive. MostNHS trusts have belatedly realised this and are now demanding suchexperience. In response Ashton Penney is rapidly building a team ofsuch practitioners who we expect to remain in demand throughout thepublic sector for the foreseeable future.Widespread acceptance of the role of theCRO – a classic use of interim managementSector skillsFew would deny the advantages of having aCRO or another key individual involved in aturnaround having demonstrable experience inthe sector concerned. Until recentlystakeholders have relied loosely onrestructuring firms’ reputation for positiveoutcomes or the availability of an individual (orindividuals) whom they know and trust to deliverthe goods. We are now finding a materialincrease in the demand for sector skills whenasked to take an assignment brief. Or moreexactly, we are asked by the stakeholders’appointee to find executives with the sectorskills which they lack or cannot resource. As aresult we have now organised our consultingteam into industry groups in much the sameway as the global executive search firms.Similarly, we are responding to the growingrequirement for multi-disciplinary teams,especially in larger appointments.In 2006 the retail sector has taken up much ofour time in the Turnaround Practice. Thus far wehave been able to cope with the demand. If,however, any reader of the TMA ConferenceJournal knows a retail specialist seeking workplease get them to contact us straight away!Our thanks to TMA members and sponsors foroffering AshtonPenney significantly moreopportunities in the past year than ever before.Unsurprisingly AshtonPenney continues to bedelighted to be a Foundation Sponsor ofTMA (UK).The Chief Restructuring Officer as a title has only arrived in the UK inrecent years. The role of the CRO is now widely understood and hasgiven rise to the small number of expert, high profile boutiquesespecially handling larger turnarounds. But does the CRO work for thecompany or the stakeholder that is instrumental in appointing him/her?This has been raised at conferences and seminars before without, inour view, a totally satisfactory answer.When AshtonPenney is asked to provide an interim CRO we areproviding – categorically – an independent executive who is workingalongside the management team. The bill is paid by the company eventhough it is being funded by stakeholders. Should the CRO’srelationship with the stakeholder be the same as that of an adviserto the shareholders of a company in an undistressed situation?Probably.Contact: Jon White or Andrew HuntT: 020 7337 6900E: j.white@ashtonpenney.comW: www.ashtonpenney.comInterim Management Solutionswww.ashtonpenney.com14

Malcolm MacAulayChief Executive EuropeGordon Brothers InternationalTel: +44 (0)207 290 DuckworthManaging DirectorSHM Smith HodgkinsonTel: +44 (0)161 233 2900neil.duckworth@shm-group.comUnderstanding the value, underwritingthe risks, managing the outcomeGordon Brothers International is delighted to continue itssponsorship of TMA here in the UK.This is an extensionof a long and mutually beneficial relationship with the TMAin the USA and by bringing that relationship and our businessto the UK several years ago we like to think that we havecontributed to a number of innovative techniques in theturnaround and restructuring industry on this side ofthe Atlantic.We continue to provide our specialist asset dispositionand appraisal services to turnaround managers, recoveryprofessionals and investors in the retail sector as well asacting as an investing principal ourselves in a turnaroundsituation. Read on for the summary of the Ihr Platzcase study.Meanwhile, our SHM Smith Hodgkinson division has achievedsimilar successes. Alongside its ‘total assets solutions’ forcommercial and industrial fixed assets, their appraisal anddisposition, SHM has supported businesses through underwritingthe financial risk of the disposition and in many cases providingmuch needed cash injections in advance of a sale of noncore assets.Our unique contribution is the marriage of unrivalledappraisal skills and operational expertise in Europe withthe balance sheet of a group with more than 100 yearsof history. We develop solutions, which align our interestswith those of our clients, taking on the risk and complexity,which can distract from the main tasks facing therestructuring professionals.For each project we develop tailored asset disposition andcash generation solutions that support the turnaroundstrategy, dealing with suppliers, staff, lenders, landlords andother stakeholders.We also interim manage retail operationsand advise on realisation strategies.Cross-sector expertiseOur resources are available through our sectorcompetencies in:• Retail and Consumer• Commercial and Industrial• Real EstateGordon Brothers International and SHM Smith Hodgkinsonprovide services for virtually every class of asset, including:• Asset Appraisal• Securing Assets• Asset Disposition• Asset Based Finance or Guarantees• Equity and Debt Funding2006 Case studiesDuring the last year there have been a number of interestingprojects, which the group has worked on, but two inparticular have relatively new aspects, which relate to theTMA conference theme of innovation.1. Retail case studyIhr Platz, a 700 store German drugstore chain had suffereddeteriorating performance for a number of years. GBIco-invested with Goldman Sachs in a controlling interestof the company’s debt.The company was put through oneof the first structured insolvencies that the Germanrestructuring regime had seen, enabling the closure of some80 stores while the debt holders retained effective control.After the formal insolvency procedure a new executive teamhas been recruited, supervised by GBI and Goldman Sachs,each bringing their specialist skills to focus on the company,and the turnaround continues with the aim being to get thetrading fundamentals of the company to acceptable levels.2. Commercial and Industrial: New product launch by SHM,Residual Value GuaranteeSince SHM was acquired by GBI we have introduced theability for the division to underwrite its asset dispositionson behalf of clients by either guaranteeing the sale proceedsand/or actually providing cash advances ahead of the assetsale.The important point being that all such projects areopen book and governed by the professional standards ofthe RICS, to which all the senior SHM professionals belong.In 2006 we have launched a product whereby SHM isprepared to underwrite a portion of its valuation of assetscarried out for leasing companies and other asset basedlenders.This works when the borrower subsequently defaultson a loan and the lender commissions SHM to sell assets,which we previously valued at the outset of the loanagreement. In the event that the sale fails to realise theanticipated value, SHM makes good the shortfall up to theagreed amount.The application of this technique enablelenders to arrange finance in potentially difficult situationsand also, post default a restructuring professional can lookwith certainty on the asset valuations in place.UK – London • Manchester • Birmingham • Leeds Europe – Cologne • Paris • Belgrade • BucharestAmericas – Boston • New York • Chicago • Monterey Asia – Kuala Lumpur •

TurnaroundManagementAssociation UKAccreditationConference Journal November 2006Arrangements are being finalised to launch aUK accreditation programme in the nearfuture. Final negotiations are being held withUK sponsors and ACTP US with a formal launchplanned for later this year.The benefits of accreditation for professionals in the restructuringindustry have long been recognised. For users of turnaroundservices it provides confirmation of assessed experience and ability.For turnaround professionals it provides a best practice body ofknowledge which can be the route to gaining/confirmingknowledge, experience and keeping abreast of new developmentsthrough continuous education and assessment. In short itengenders respect for turnaround professionals, be they practicingconsultants, bankers or other professionals in the corporaterenewal industry.The accreditation programme was first developed by ACTP US in1993. ACTP UK will be linked to ACTP US by a licensing agreementto provide an internationally recognised qualification. ACTP isindependent of TMA with have separate Boards and Standardscommittees. ACTP UK has selected Durham Business School to actas Faculty and to develop and deliver the course material,examinations and CPD programmes.The accreditation programme will have two levels. Firstly,Associated Membership (an interim step) which will be based onexaminations and aimed at younger professionals who may beworking for turnaround consulting firms or in supportingprofessions, such as law, accounting, banking, investment,valuation etc. Secondly, Fellowship which will requiredemonstrated practical experience (five years) and comprehensivecase study and reference support.At the launch of ACTP UK it is planned to announce the names ofbetween 10 and 15 senior turnaround professionals who will befast tracked to achieve accreditation in 2007. This will ensure ACTPUK has credibility from the start.Although the process of establishing ACTP UK has taken longerthan we anticipated a number of important innovations have beenadopted as a result of our discussions and negotiations with ACTPUS. In particular the US undertook a strategic review which led tothe expansion of the programme and the inclusion of the twolevels of accreditation. The concept of Associate Membership,which we suggested, will provide an important entry route foryounger professionals into the turnaround industry and be avaluable support as the industry continues to expand and thrive.In addition the Durham Business School course material will beavailable via a virtual learning platform which will also be madeavailable to subscribing TMA (UK) members and provide resourceand research material.In developing ACTP UK we have been focused on ensuring that theturnaround industry projects the highest ethical and professionalstandards. We are confident we will achieve these importantobjectives.Bob TilleySenior Associate, Glass & Associates EuropeChairman, ACTP UK Standards Committee16

Winning paper – TMA’s ‘Carl Marks Student Paper Competition’‘The Role of the InstitutionalEnvironment in Corporate Failureand Restructuring’The published URL from which people can download the whole paper is on the TMA website at trends have led to wide differences in creditor andshareholder rights between common and civil law jurisdictions andtheir associated trends in corporate ownership structures andgovernance. The so-called “Anglo-Saxon model” of widely dispersedownership that is reliant on professional management to protect itsinterests does not reflect the environment in which the majority ofthe worlds corporation operate. Consequently, while analysis offailed companies usually focuses on failures in managementcompetency and corporate strategy, it sometimes fails to reflectthat these problems are often second-order effects of this widergovernance environment on capital structure decisions andcorporate strategy.Given that senior management may be fully aware of their ownrights and those of the shareholders and lenders when settingstrategy, it is arguable that the strategies that they set, and risksthat they take, assume either some level of personal protectionfrom adverse consequences, or that their own private benefits fromtheir actions somehow exceed what they might gain frommaximizing returns to shareholders.An example of this is that some civil law countries offer lessprotection to creditors and shareholders than do common lawcountries. This may lead to larger banking syndicates which aimto deter strategic default or debt renegotiation by ownermanagement,rather than closely watch what the management do;and to the dominance of large minority shareholders that have anincentive to monitor managements’ behaviour. However, thesearrangements are only partial substitutes for investor protection,particularly when split capital and pyramid structures are present.This is particularly true in family dominated companies, where thehigh concentration of power within the family and the lack oftransparency may lead to expropriation of outside investors. Whenminority shareholder rights are restricted, shareholder blocks canbe ineffective in restricting poor management’s value-destroyingbehaviour. In such cases, just fixing the strategy doesn’t work.When companies in this environment fail, governance structurescan complicate the restructuring process, particularly for crossborderrestructuring. Jurisdiction-shopping by the debtor;secondary debt trading changing the legal perspective of thedebtholders; and strategic gaming by management andstakeholders can have an impact on the outcome. In fact, it maymake sense to view the financial restructuring process as thesolution to two separate processes. One process is what might becalled “fundamental uncertainty” i.e. how much is this companyworth, and the other process is caused by “strategic uncertainty”i.e. what is the impact of the beliefs of each participant bothabout company, AND the beliefs and likely behaviour of everyother participant.When everyone can see that the company will either be saved, orbe closed, regardless of their own actions, then the outcome is notin doubt. The process becomes more interesting when the outcomefor the company is also dependant on whether all lenders attemptto exit, or none do, and there are useful parallels here with bothbank-runs, and with speculative attacks on exchange rates. In thesecases, stakeholders are concerned about the impact of potentialdifferences between their own information; private informationowned by others, and information in the public domain on howother stakeholders will behave. In financial restructuring, thesecondary debt market can provide some information about thebeliefs of others, but some additional mechanism is needed toresolve the coordination problem.That mechanism is the CRO, and when information is welldistributed,then the coordination problem becomes one ofnegotiation. However, because of the importance of higher-orderbeliefs among stakeholders, the high reputation of the CROinvolved becomes a critical issue. While US and more recently.UK experience has demonstrated the advantages of this system, itis particularly important in circumstances when neither the banksnor the market for corporate control can remove entrenchedmanagement.Two lessons emerge from all this. Firstly, significant opportunitiesexist for turnaround professionals and for investors whounderstand how the differences in political systems ultimatelyplay-out in corporate failure and rescue. Secondly, the fact thatthese problems originate from historic political systems makes verydifficult designing optimal bankruptcy codes that can tackle theseissues if they ignore this wider context, and just attempt to imposea global uniform solution. Governments’ role is to develop anenabling environment for restructuring, perhaps includingobligations about the distribution of information in arestructuring, but beyond that, policy choices should favourprivate sector solutions over direct intervention.Bryan LewinLondon Business School(Since completing his MBA Bryan now works for KPMG) t. 0870 760 711617

Conference Journal November 2006The Post Modern TurnaroundBalancing the restructuring of businesses with the building of relationshipsCorporate underperformance and difficultyrepresents and requires dramatic andaccelerated change particularly at the height ofa crisis. At this crisis point a technical or expertintervention and strong, clear leadership isprobably entirely appropriate to the context.However this is an assumption and an approach that probablyneeds regularly checking out. Are the presenting issues the realproblem? Is the standard approach the right way forward? Is therean opportunity to be innovative?During a crisis employees managed in the right way can finduntapped levels of creativity, energy and sacrifice beyond theactions of a single company doctor.In the new paradigm perhaps the turnaround practitioner is moreof an innovative coach that adapts to circumstances as opposed toa referee that only requires strict adherence to the rules. Goldcannot be produced from base metal by brutality and machismoalone – it requires skill, invention and finesse.Of course turnaround is not just about tackling poor managementor underperforming staff (if that is the case) it is also aboutmanaging the interests, expectations and anxieties of a wide rangeof stakeholders.Making sound, informed and effective decisions means turnaroundpractitioners should draw not just on the traditional hard inputs(cash flow forecasts, balance sheets etc.) but also soft data.This soft data includes understanding and identifying howindividuals, teams and organisations respond under distress. Withthis knowledge appropriate strategies can be put in place thatcompliment financial restructuring and ultimately improve thelikelihood of a successful intervention.As the immediate crisis subsides research, writing and case studieswould suggest that real sustainable change and the competitive reinventionand re-generation of an organisation are best, but notalways, achieved by retaining employee (& stakeholder) goodwillthrough engagement and humanity.Humanity should not be confused with avoiding difficult decisions– it is a participative process that focuses on issues, valuesindividual contributions yet tackles what needs to be tackled inthe best interest. It allows people to disagree without beingdisagreeable.Other research findings would indicate that sustainable recoveryis not just about cutting costs – it is also fundamentally aboutgrowth, possibility and potential and focusing aggressively onmarkets and marketing opportunities.In conclusion the skilled and modern turnaround practitionercombines the application of expertise and authoritative decisionmaking with the confidence to improvise, pay attention tobehaviour & relationships and encourage staff to takeresponsibility for sustainable renewal.One might also expect that the same practitioner would be awareof their own assumptions, preferences and anxieties and throughthis knowledge and reflective practise become increasingly moreeffective and fulfilled in their work.Mark LowtherPartner, Parry Lowther ConsultingConference Director, TMA (UK)18

TMA (UK) programme of events 2007JanuaryApril March FebruaryMonday 01 08 15 22 29Tuesday 02 09 16 23 30Wednesday 03 10 17 24 31Thursday 04 11 18 25Friday 05 12 19 26Saturday 06 13 20 27Sunday 07 14 21 28Monday 05 12 19 26Tuesday 06 13 20 27Wednesday 07 14 21 28Thursday 01 08 15 22Friday 02 09 16 23Saturday 03 10 17 24Sunday 04 11 18 25Monday 05 12 19 26Tuesday 06 13 20 27Wednesday 07 14 21 28Thursday 01 08 15 22 29Friday 02 09 16 23 30Saturday 03 10 17 24 31Sunday 04 11 18 25Monday 02 09 16 23 30Tuesday 03 10 17 24Wednesday 04 11 18 25Thursday 05 12 19 26Friday 06 13 20 27Saturday 07 14 21 28Sunday 01 08 15 22 29JanuaryWed 10 London – 6.00pmThu 18 Bristol – 6.00pmFebruaryThu 1 Manchester – 12.00pmTue 6 Leeds – 12.00pmWed 7 London – 6.00pmThu 15 Exeter – 6.00pmTue 27 Midlands – 6.00pmWed 28 Reading – 6.00pmMarchWed 7 Brighton – 6.00pmWed 14 London – 6.00pmWed 14 Southampton – 6.00pmAprilWed 18 London – 6.00pmThu 19 Bristol – 6.00pmMayJuneJulyAugustMonday 07 14 21 28Tuesday 01 08 15 22 29Wednesday 02 09 16 23 30Thursday 03 10 17 24 31Friday 04 11 18 25Saturday 05 12 19 26Sunday 06 13 20 27Monday 04 11 18 25Tuesday 05 12 19 26Wednesday 06 13 20 27Thursday 07 14 21 28Friday 01 08 15 22 29Saturday 02 09 16 23 30Sunday 03 10 17 24Monday 02 09 16 23 30Tuesday 03 10 17 24 31Wednesday 04 11 18 25Thursday 05 12 19 26Friday 06 13 20 27Saturday 07 14 21 28Sunday 01 08 15 22 29Monday 06 13 20 27Tuesday 07 14 21 28Wednesday 01 08 15 22 29Thursday 02 09 16 23 30Friday 03 10 17 24 31Saturday 04 11 18 25Sunday 05 12 19 26MayMon 7 Manchester – 12.00pmWed 9 Reading – 6.00pmWed 9 London – 6.00pmWed 16 Leeds – 6.00pmJuneTue 5 Midlands – 6.00pmWed 6 Brighton – 6.00pmWed 13 London – 6.00pmWed 13 Southampton – 6.00pmWed 27 Exeter – 6.00pmThu 28 Golf DayJulyThu 5 Bristol – 6.00pmWed 11 London – 6.00pmAugustSummer breakDecember November October SeptemberMonday 03 10 17 24Tuesday 04 11 18 25Wednesday 05 12 19 26Thursday 06 13 20 27Friday 07 14 21 28Saturday 01 08 15 22 29Sunday 02 09 16 23 30Monday 01 08 15 22 29Tuesday 02 09 16 23 30Wednesday 03 10 17 24 31Thursday 04 11 18 25Friday 05 12 19 26Saturday 06 13 20 27Sunday 07 14 21 28Monday 05 12 19 26Tuesday 06 13 20 27Wednesday 07 14 21 28Thursday 01 08 15 22 29Friday 02 09 16 23 30Saturday 03 10 17 24Sunday 04 11 18 25Monday 03 10 17 24 31Tuesday 04 11 18 25Wednesday 05 12 19 26Thursday 06 13 20 27Friday 07 14 21 28Saturday 01 08 15 22 29Sunday 02 09 16 23 30SeptemberWed 5 Reading – 6.00pmMon 10 Manchester – 12.00pmWed 19 London – 6.00pmWed 19 Southampton – 6.00pmThu 20 Leeds – 6.00pmTue 25 Midlands – 6.00pmOctoberWed 3 Exeter – 6.00pmWed 17 Brighton – 6.00pmWed 17 London – 6.00pmThu 18 Bristol – 6.00pmNovemberThu 8 Annual ConferenceWed 28 Reading – 6.00pmThu 29 Leeds – 6.00pmDecemberMon 3 Manchester – 12.00pmTue 4 Midlands – 6.00pmWed 5 Christmas Lunch LondonWed 12 Southampton – t. 0870 760 7116Dates of events may be subject to change.To see all the latest information on events and to book your place please go

www.tma-uk.orgTurnaround Management Association (UK)81-82 Gracechurch StreetLondonEC3V 0AUt. 0870 760 7116f. 0870 760 7116e.

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