TMA Europe

Friday 28 October 2016 | TMA Europe | www.tma-europe.org

TMA Europe's East European conference comes to Vienna

TMA Europe is holding its annual East European conference in Vienna early next year.

The conference, on Wednesday 22nd February 2017 at the Erste Bank, will see some of Europe's leading restructuring experts debating the emerging challenges and opportunities facing turnaround professionals working in Central and Eastern Europe.

Now in its fourth year, the event will this time focus on the ongoing issues surrounding non-performing loans in the region with two panel debates addressing NPL sale flow and European Central Bank guidance on NPLs.

The conference follows on from two very successful events held at the National Bank of Romania in Bucharest and last year's conference at the Czech National Bank in Prague, which was attended by around 100 delegates.

As well as speeches and panel discussions, there will be plenty of networking opportunities.

The conference will run from 4pm until 8pm.

Please email mcaruana@tma-europe.org to express your interest in attending or speaking and sponsoring opportunities.

Save the date for TMA Europe's annual conference in London next summer

TMA Europe has announced it will hold its tenth annual conference in London next summer.

Bookings for one of the industry's leading events, which will take place on Thursday 15th and Friday 16th June 2017 at the Waldorf Hilton hotel, are due to open shortly.

The conference is firmly established as one of the go-to events for turnaround practitioners, investors and other professionals, regularly attracting around 200 delegates from across the continent and further afield.

As well as offering delegates the chance to hear from foremost experts there will be leaders from the fields of turnaround and restructuring. There will be a chance to get up to date with key developments affecting the industry. The conference is also an ideal chance to network with colleagues from across Europe and beyond.

The theme of this year's event is the future of Europe with a series of talks, panel debates and case studies discussing some of the likely implications.

Full details of the programme will soon be available at www.tma-europe.org, when bookings will open with a limited early bird discount on offer.

To express your interest in attending the conference and to be informed when bookings open, or if you would like to find out more about becoming a sponsor for the event, please email mcaruana@tma-europe.org

"Investing in Distressed Debt in Europe" co-publication with Globe Law and Business

We are pleased to announce that the new TMA Europe co-publication with Globe Law and Business, 'Investing in Distressed Debt in Europe', is close to going to press.

This new co-publication provides an overview of the European distressed debt market, covering debt trading, non-performing loans, direct lending, restructuring and workouts. It analyses these topics and others from a pan-European point of view, and is intended as a practical guide for anyone seeking a better understanding of the commercial and legal complexities involved in a highly fragmented market where different jurisdictions, legislative frameworks and market practices apply.

Ignacio Buil Aldana, a partner in the finance and restructuring team at the London office of Spanish law firm Cuatrecasas, Gonçalves Pereira, has acted as consulting editor for the publication, which also features contributions from other leading experts in the field. Whether you are a lawyer in private practice or in industry, a financial advisor or an investor, this book will give you comprehensive insight into all the significant aspects of the European distressed debt market.

Globe Law and Business are offering TMA Europe members an exclusive 20% discount off the full price of the book. Simply enter the code TMA16 on the checkout page to obtain your discount.

Go to www.globelawandbusiness.com/IDD/ for full details including a free sample chapter.

TMA UK Annual Conference - Managing Disruption

The British Library, London, Thursday 17th November

Discounted tickets for overseas guests - £250 + VAT (where applicable)

Disruption is changing lives, it touches every industry, our clients and customers.

But the opportunities for true business leaders are massive.

Managing Disruption is the 2016 theme for the TMA UK annual conference. Discover just how deep this revolution goes into our society and our business roots. To view the programme please click here

To reserve your place please email Nyree Magill on secretariat@tma-uk.org

Germany: Turnaround playing field - not ready for a crash

by Dr. Volker Beissenhirtz LL.M(London), CTP (EACTP), Berlin

1. Fundamental data since the beginning of 2016 points towards an economic crisis - without even taking into consideration the consequences of Brexit. Due to the overall debt-level, the global economy will enter into a recession in the short- to- mid term, possibly not even gradually but with a shock. This recession will not spare the German economy.

2. Even if the level of that crisis only reached those of the last financial crisis, the fundamentals on which German enterprises base their business planning would deteriorate so fast that their "business continuation prognosis" (which is important to avoid the insolvency ground for over-indebtedness) will most probably be gravely endangered.

3. The situation of such enterprises could be aggravated by the fact that most banks have considerably reduced their "work-out-branches" in the previous years and that they will probably sell distressed loans quicker to funds than before. The latter meaning that more often than before opportunistic, and more difficult to assess, investors would participate in turnarounds.

4. Also, the current very restrictive German jurisdiction on insolvency grounds, turnarounds and claw-back actions aimed at a (too?) early insolvency filing could "promote" a wave of insolvency filings of enterprises, which could actually be rescued, thereby (unintentionally) fueling the crisis.

5. In addition, the (wrong) judgement of the Landgericht Frankfurt in Q-Cells will make it more difficult for turnaround-professionals, to attempt an out-of-court restructuring without running the risk of an enhanced liability and claw-back risk. Since the wheels of justice only turn slowly, a revision of this judgement (alone) will only become effective after the crisis hits home - and therefore too late.

6. The consequence of the afore-described developments could be that a multitude of (otherwise viable) enterprises fall into insolvency. It is doubtful, that the (currently also consolidating) German IP industry will be in a position to handle such a wave of filings in a constructive manner - even less to fully exploit the turnaround potential in those enterprises.

7. Even if the EU-Commission would be able to create further possibilities to rescue enterprises with its plans for a "pre-insolvency restructuring mechanism" proposed in autumn 2015, there is a considerable risk that the implementation of these measures also comes too late to only minimise the effects of the crash.

Full article can be read here (in German).

Attending The 2016 TMA Annual?

It's not too late to register and take advantage of the many networking opportunities at the conference, including the TMA International Networking Reception sponsored by Gowling WLG. Experience TMA's global presence at this reception that attracts attendees who've traveled to The Annual from outside the U.S. as well as those who do business internationally.

The reception takes place Thursday, November 3 from 6:00 p.m. - 7:00 p.m. in Asbury Hall A/B.