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A selection of reports from our TMA Australia member firms. For a more comprehensive list of resources, TMA Australia members are encouraged to visit the TMA Education platform.

TMA-Kordamentha Annual Turnaround Survey

To view the survey results – click here

The annual TMA-KoraMentha survey provides insights from the last 12 months and a perspective on the business and turnaround outlooks beyond 2023.

The results of the survey have been summarised into the following topics:

  • Market outlook
  • Australia’s insolvency environment
  • Current turnaround environment
  • Drivers and management of distress
  • Expected response from businesses
  • Access to financing and ESG
  • M&A activity
  • Law reform


2023 TMA Australia Publication Guidelines

As part of TMA Australia’s ongoing efforts to provide valuable insights and knowledge to our members, we would like to invite all members to contribute to the membership by submitting short articles on relevant topics.

These articles will be sent out to the TMA membership as part of the member newsletters. To assist you in this process, we have prepared some high-level guidelines that cover a range of topics relevant to the TMA’s mission and goals and the process to be followed for publication.

Please review the guidelines – here

For queries and to submit articles, please contact


Herbert Smith Freehills 2023 Guide to Restructuring, Turnaround and Insolvency in Asia Pacific

Herbert Smith Freehills has recently launched the 2023 edition of their Guide to Restructuring, Turnaround and Insolvency in Asia Pacific.

The guide provides an up-to-date and comprehensive overview of the legal framework for corporate restructuring, turnaround and insolvency in 18 major jurisdictions across the region. The jurisdictions covered are Australia, Bangladesh, Mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, South Korea, Taiwan, Thailand and Vietnam.

The guide is intended to be user-friendly and covers all the most frequently asked questions relating to restructuring, turnaround and insolvency in the Asia Pacific. Specifically, for each jurisdiction, the guide includes a summary of:

  • each of the key formal restructuring and insolvency procedures;
  • the methods by which secured creditors can enforce their security;
  • common issues encountered in the lead up to formal insolvency procedures, such as insolvent trading issues, voidable transactions risk, and lender and director liability;
  • the priority of distributions in insolvency;
  • the prevalence of restructuring techniques such as credit bidding, pre-packaged sales and debt-for-equity swaps, as well as the ability of creditors to engage in debt trading;
  • recognition of foreign restructuring and insolvency procedures; and
  • recent trends and developments.

With the region expected to experience slower growth and tighter financial conditions as a result of supply chain pressures, rising interest rates and inflation, geopolitical tensions, and the continued fall out from COVID-19, the guide will be an essential tool for corporates, financiers, funds, directors, advisors and other stakeholders needing to navigate corporate financial distress across the region.


Herbert Smith Freehills - 2023 Guide to Restructuring, Turnaround and Insolvency in Asia Pacific

TMA Safe Harbour Guidelines

Based on AICD surveys, the personal liability risk in relation to insolvent trading is very important to directors in times of financial distress. Recently, the Government has moved to soften the prospect of personal liability by introducing Safe Harbour reforms. But it is all very well and good knowing that there is a Safe Harbour but how does a director navigate it?

Financial distress is not something planned for or desired. It is the exception, not the rule. To ease that angst, the Turnaround Management Association of Australia (TMA) has developed Best Practice Guidelines for both directors and advisors in relation to navigating Safe Harbour.

he guidelines are based on current best practice for workouts. They have been drawn from internationally accepted principles, Australian case law, detailed consideration of the new legislation and input from top tier accounting, investment banks and law firms.

We commend the guidelines to you.

TMA Australia Safe Harbour Guidelines

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