TMA President’s Message: COVD-19 TMA’s Position & Update
Your TMA Australia Board remains committed to supporting its members throughout this time. To ensure that we continue to serve our members, the Board and TMAA Management are coordinating priorities and reviewing operations while we continue to maintain our platform and conduct our wider business. More
Safe Harbour: A port and temporary respite for all in the storm
TMA Australia welcomes the Federal Government’s implementation of emergency measures to give temporary relief for directors from any personal liability for trading while insolvent. The Government announced today that the Corporations Act 2001 will be amended to provide temporary and targeted relief for companies to deal with unforeseen events that arise as a result of the Coronavirus. More
TMA Members firm’s response:
- Directors to get insolvent trading relief, but debt recover toughened, under temporary COVID-19 measure – Clayton Utz
- Temporary changes to insolvency laws – Australian Federal Government Address COVID-9 Financial Distress – Herbert Smith Freehills
- Insolvency law changes are not a silver bullet – Hamilton Locke
- Considerations for directors and a test for existing insolvency laws – King & Wood Mallesons
Dealing with Supply Chair Disruption (FTI Consulting)
Reaction to the threat from Coronavirus (COVID-19) has already imposed significant economic costs on China and the rest of the world. Hopes for a short sharp shock, characterised as a V-shaped dip and rapid return to business as usual are rapidly fading. Business should brace for second and third round effects.
As the world’s second-largest economy and leading trading nation, the disruption experienced in China is spilling over into the global economy. In this report, we look at the major impact COVID-19 has had on global demand and supply chains, and what organisations to can do to manage disruption to their supply chains. Read the report.
TMA Global – Business Resources
As an international organisation of close to 10,000 members, we refer you to TMA Global’s resources:
- COVID-19 is Leading to Business Distress and Closures in Uncertain Financial Times Stephen Packman, Archer & Greiner, P.C.
- COVID-19: Disruption to Business as We Know It, Greg Milligan, Bill Patterson, and Erik White, Harney Partners
- 10 Pillars for Managing the COVID-19 Response, AlixPartners – more
TMA’s Checklist for Board and Management
There is no doubt the uncertainty facing businesses from COVID-19 is unprecedented in today’s global world. Business leaders need to be proactive and face the challenges head on, understand their options and manage stakeholder relations. If they don’t, there is risk of business failure. Navigating through this crisis will see you well positioned to bounce back, once normal economic conditions return.
The Turnaround Management Association (TMA Australia) brings together a wide variety of professionals with strong expertise supporting stressed businesses though a corporate renewal process. Our experts have the tools, knowledge and expertise to assist your business navigate through these uncertain times and circumstances, as a consequence of COVID-19.
We refer you to TMA’s Checklist to assist Boards and Management. For further assistance contact the TMA National Office (1300 042 811) or info@turnaround.org.au.
