KordaMentha - TMA Australia Turnaround Survey
The annual KordaMentha Corporate / TMA Australia survey collects key insights and opinions from a diverse group of turnaround practitioners to present a snapshot of the current turnaround and restructuring approaches and trends in Australia.KordaMentha - TMA Survey Results 2021
TMA 2020 Awards - Entry Forms
Distinguish yourself from your peers
TMA Australia honors excellence through its annual awards program and is delighted to announce that nominations are now open.
Recognising achievements in the categories listed below, awards will be presented to the respective winners at the TMA Virtual Conference on 28 October 2020. Nominations are being accepted for: Turnaround of the Year (Small, Mid & Large) & Restructuring Deal of the Year.
We look forward to celebrating the achievements of our members and their firms and encourage you to participate. Entries close on Friday 9 October 2020.Download the entry pack
From Red to Black - Out of the pandemic, new innovation emerging in taking companies From Red to Black
The circumstances of the COVID-19 pandemic have tested the limits of Australia’s restructuring and insolvency regimes and led to new creative approaches that have highlighted the way future innovations in restructurings could take place.
That’s one of the themes of From Red to Black, Clayton Utz’s annual review of the dynamics of the Australian restructuring and insolvency market launched today, the authors of which are partners and lawyers in our national Restructuring and Insolvency (R&I) practice.
The national practice group leader, Timothy Sackar, said the “extreme occurrence” of COVID-19 had paved the way for a series of “creative and sometimes ground-breaking responses” to restructuring and insolvency matters.
What our review demonstrates is the innovation and reshaping taking place of the restructuring and insolvency landscape, with our clients and advisers testing the fabric of what was regarded as pre-existing norms.
One high-profile example of this innovation was the successful restructure and sale of Virgin Australia to Bain – on which Timothy led the Clayton Utz team that advised Deloitte as Administrators – which he heralds as “a great example of how effective our domestic insolvency procedures are in efficiently restructuring companies in the interests of creditors”.
“The fact that we were able to utilise an existing regime to successfully complete the Virgin transaction shows that there is a lot that can be achieved with our existing insolvency regimes,” he said, adding that “while enhancements are always worth considering, wholesale change may simply be a step too far”.
Among other findings and observations contained in this year’s edition of From Red to Black:
- there has been a 45% reduction in the number of formal insolvency appointments in Australia since the pandemic started, due to a mix of legislative protections, stimulus measures, and access to cheap capital (including from foreign investment), which has allowed businesses to refinance and restructure.
- loan-to-own is gaining momentum in the Australian debt restructuring market, with primary financiers and corporate creditors increasingly visible in the market, alongside alternative capital providers and secondary debt market participants.
- the rescue financing market in Australia is still maturing, with empirical analysis revealing 36 rescue financing cases in the last 20 years. An independent rescue financing market in Australia, the authors write, would be a “welcome development, which could ultimately save many businesses from closure”.
- there is increased interest from overseas players in funding, investing in and acquiring distressed positions and assets in Australia, which in turn is prompting greater scrutiny by FIRB of restructuring transactions involving foreign funders.
The review also looks at topics of particular relevance to insolvency and restructuring practitioners, such as “Do I need to run a sale process” (most probably, the authors conclude), and the developing law around “peak indebtedness”.From Red to Black Restructuring Guide
The Golden Rules of Negotiation (8 July, 2020)
Michael Klug AM is recognised as one of Australia’s best-known practitioners and teachers in negotiation skills, conflict management and ADR. The Golden Rules of Negotiation, which have been written, observed, and extracted by Michael, form the basis of his negotiation programs.
We thank Michael for generously presenting for the TMA on 8 July. Key takeaways from Michael’s session:
- The overarching objective of a negotiation is to create value;
- Be aggressive with the starting point. The starting point has more to do with the ultimate outcome of negotiation than any other factor;
- Go slow to go fast. Never allow the other party to rush through an agreement. A good negotiation will take up all of the entire allocated time so take the opportunity to use break away rooms and think about the offer.
- Work out your “NDO” (no deal option) and do not accept anything that is worse than your NDO.
View the recording from the session – https://www.youtube.com/watch?v=odHwSCvEwpQ&feature=youtu.be
View the slides – Presentation – Turnaround Management Association – Negotiation Skills (Brisbane) – 8 July 2020
Business Funding Guide - ScotPac
The biggest barrier for small business growth is access to finance. Small businesses are particularly feeling the brunt of the credit crunch, as lenders tighten their requirements in the wake of the Banking Royal Commission.
Developed by The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and TMA National Partner Scottish Pacific Business Finance, this guide provides an insight to best prepare your clients for accessing capital and looking at the most appropriate funding solutions for their business needs.
The Business Funding Guide will help you:
- Identify key indicators that your business clients may need funding
- Prepare your clients for a funding application: getting business accounts in order, write and review a business plan and conduct a finance fitness check
- To start a conversation with your clients about funding options
- Identify the questions your clients should ask their lender if their loan application is rejected
Scottish Pacific Business Funding Guide