TMA Europe debates changing insolvency laws at annual conference

Changes to Spanish insolvency laws will be analysed at TMA Europe's Annual Conference in June.

Insolvency Judge Santiago Senent will give a keynote speech at the event in Stockholm on Friday, 12 June, focusing on the legal reforms made in Spain to help insolvent debtors.

Judge Senent, who is head of the Commercial Court No. 7 Madrid, will speak about the new procedures put in place to enable debtors to reach an agreement with their creditors or to refinance their debt in order to avoid bankruptcy or be released from debts.

The changes have been introduced following recommendations by the European Commission, including a proposal made in March last year requiring all member states to put in place a framework that enables the efficient restructuring of viable enterprises in financial difficulty and gives honest entrepreneurs a second chance.

Judge Senent, who is also the author of several publications related to European insolvency and company law, said: "These changes aim to address the limitations in Spanish insolvency proceedings and to give an effective solution to the insolvency of enterprises in bankruptcy, given that most of the companies in bankruptcy go into liquidation.

"This process is also under way, at different stages, in other EU countries that have been introducing pre-insolvency legislation or hybrid proceedings as an alternative to the ordinary bankruptcy procedure. At the same time the EU has changed the European Insolvency Regulation in order to include in it these new pre-insolvency proceedings if they meet certain requirements."

Judge Senent said he was delighted to be asked to speak at the conference, adding: "It allows me to share my experience as a judge and also learn about the experiences of other European countries in terms of legislation and latest reforms."

Christian Jakovlew, conference co-chair, said: "The EU recommendations have significant implications for the turnaround community across Europe, and with different countries at various stages of implementing changes, it will be very interesting to hear how legal reforms are working in Spain. We are very grateful to Judge Senent for agreeing to share his knowledge and experience of this important issue with our delegates."

The TMA Europe Annual Conference has become one of the industry's leading events for turnaround professionals, with last year's event in Germany attended by more than 170 delegates from 14 different countries.

It is the ideal opportunity for colleagues from across the continent to get together and share ideas and best practices, as well as learn about key developments in turnaround management. There will also be networking opportunities throughout the day as well as at the pre-conference banquet the night before.

Hotel room rates can be seen here. Please ensure you book your hotel early.

Bankers talk debt deals at Bucharest meeting

TMA Europe's second annual conference for CEE in Bucharest at the end of April caused a real buzz. And no wonder. The local market was right in the middle of a 3 billion euro non-performing loan deal, and half the speakers seemed to be acting for either the buyers or sellers.

Romania's biggest bank in terms of assets, BCR, was selling a 3 billion euro NPL portfolio. BCR is majority-owned by Austria's Erste and has already sold around half a billion euro of NPLs in 2014.

Read more.

ReTurn to collaborate with the globally active Turnaround Management Association (TMA)

ReTurn, the independent Austrian expert forum for restructuring, reorganisation, and turnarounds, is to start collaboration with Turnaround Management Association (TMA), the largest globally operating organization in the field of turnaround and restructuring with more than 9,300 members in 50 chapters. Through the partnership, TMA Austria is officially launched, becoming the 50th chapter.

TMA consists of 43% hands-on consultants for restructuring and turnaround, 20% attorneys, 14% creditors and banks, 3% investors, and 20% related professions, such as assessors, trustees, etc. All TMA members are expected to adhere to a code of ethics that promotes high standards of professionalism, integrity, and competency when doing business. TMA is therefore an international forum for all experts dealing with restructuring and turnaround in a professional capacity.

"It makes me proud that we have fulfilled the requirements to become a TMA Chapter. By becoming part of this global organization, ReTurn members will have access to events, education, and experts in restructuring and turnaround worldwide. This means we can ensure that the members of ReTurn can apply their know-how more effectively for the benefit of Austrian enterprises," says Mag. Thomas Jungreithmeir, Managing Board, ReTurn.

"We are excited to welcome TMA Austria into the organization," said TMA Global CEO Greg Fine. "As the organisation continues to expand globally, the value TMA members receive continues to increase, thereby increasing the potential to drive business to members." 

About ReTurn 

House of Lords - Politics is in a progress of turnaround.

Legatus Law were delighted to co-host the TMA UK London chapter event with Adrian Doble at the House of Lords where Lord Glasman spoke and discussed business and politics with TMA members.

Maurice Glasman, Baron Glasman is an English academic, social thinker and Labour life peer in the House of Lords. He is a senior lecturer in Political Theory at London Metropolitan University and Director of its Faith and Citizenship Programme. He coined the phrase "blue labour" as a pro business, pro worker approach to consensus across politics. Glasman is also establishing the Common Good Foundation.

Lord Glasman demonstrated the similarities within politics to turnaround situations. Highlighting how in politics as in business there is often a culture of denial and an unwillingness to take responsibility for failure, Glasman referred to the reaction within Westminster in the aftermath of what was an historic General Election in the UK.

Rashmi Dubé of Legatus Law thanked Lord Glasman for a fascinating insight and the open discussion provided the audience with great insight into the workings of political parties. It was kind of Lord Glasman to agree to this open and honest debate. She said: "I think as a managing director of a law firm and someone who advises MDs and FDs there was a lot of food for thought around the concepts of relationships, accountability. and in particular the role of employees in corporate governance as a part of the board process." 

New TMA Europe conference discount for EACTP members

TMA Europe has agreed to give members of the European Association of Certified Turnaround Professionals (EACTP) a 10 per cent discount on the cost of attending its conferences.

The discount will be introduced for TMA Europe's Distressed Investing Conference being held in London on 17th September.

It will subsequently apply to most future TMA Europe events, including its next annual summer conference, but excluding  its Roundtable series.

The EACTP, which has set up the first European-wide turnaround management accreditation scheme, based on the U.S. CTP programme, now has members from Finland, France, Germany, Greece, Ireland, Italy, Poland, Romania, Spain, Sweden, Switzerland, and the UK.

David Bryan, TMA Europe's Financial Director, and an EACTP member, said: "TMA Europe has long believed in the need for a European-wide professional turnaround accreditation programme so it is very pleasing to see the EACTP developing so well and its membership flourishing. We are delighted to be able to offer this discount to EACTP members as part of our ongoing support for the organisation."

Dr Lukas Fecker, President of TMA Europe, who joined EACTP last year, added: "I strongly believe the CTP designation is a must for anyone practising in turnaround. TMA Europe is working hard to promote greater recognition of turnaround management as a specialised profession with specific skills, and becoming a member of EACTP is a great way of highlighting your professionalism by demonstrating your experience and expertise in turnaround."

Tyrone Courtman, EACTP President, said: "We are very grateful for this offer from TMA Europe, and for its ongoing support for the EACTP. It is also excellent news for our members, who I'm sure will be keen to take advantage of this discount."

Bookings for TMA Europe's Distressed Investing Conference will open later in the summer, when full details will be available online at www.tma-europe.org.

For more information about the EACTP please see www.eactp.eu.

TMA Institute Courses

The TMA Institute offers on-demand education that can be accessed at any time, on any computer. Below are a list of courses on Negotiation taught by Harvard Business School and Harvard Law School professor, Dr. Guhan Subramanian. 

TMA Institute Course: Managing the Deal Process: Auctions, Negotiations & "Negotiauctions"

What happens when all of a sudden a negotiation falls apart? This session will synthesize best practices and cutting-edge strategies for managing these situations. For "process setters," this session will provide a framework for deciding when to hold an auction, and what kind of auction to use. For "process takers," this session will highlight three classes of moves that often distinguish great negotiators from just very good negotiators in competitive bidding situations: setup moves, rearranging moves, and shut-down moves.

Member: $149

Non-Member: $199

TMA Institute Course: Moves Away from the Table: Multiparty Negotiations and the "Setup" of the Deal

This session will introduce the concept of "deal setup" and will provide examples across industries and contexts. Case studies will include the negotiation between NBC and Paramount over the TV show Frasier and the American Airlines bankruptcy.

Member: $149

Non-Member: $199

Submit articles for consideration for the next TMA Europe Newsletter to Mandy Caruana by Wednesday, 17 June 2015. Suggested topics include TMA Europe events, activities, or announcements.