Following the highly regarded first edition, this second edition of Turnaround Management covers important legislative changes since 2018 and their significant effect on turnaround practice, particularly EU Directive 2019/1023 and the UK’s Corporate Insolvency and Governance Act 2020. It covers, among other things:

• the evolution of turnaround;
• the influence of the United States Bankruptcy Code’s Chapter 11 on European turnaround; and
• the influence of US turnaround practice on driving change from default insolvency to a better balance of debtor and creditor interests to unlock
and preserve going-concern value in distressed businesses.

The importance of stakeholder management is emphasised, particularly in the light of new moratorium-based legislation, and how this can be leveraged to more consensual turnaround ahead of insolvency without compromising secured creditor collateral. Drawing on the author’s 40-plus years of hands-on turnaround management experience, the reader is also guided through such key issues as cash control, operational change, business plan development and team building to implement the plans – all brought to life through case studies.

Author Alan Tilley is chairman of leading turnaround boutique BM&T European Restructuring Solutions. He has operated in most jurisdictions in Europe and the US, and has been president of TMA UK, a founding director of TMA Europe and vice president international of TMA Global. Additionally, as president of the European Association of Certified Turnaround Professionals, he has led the introduction of online and exam-based training and certification of turnaround professionals, with Leiden University as faculty.

Review from previous edition: Tilley is the quintessential hands-on operational turnaround professional. As such, his book reads like a battle cry in the war to preserve value.
John Willcock

Review from previous edition: The book is a very useful tool when addressing underlying business problems, managing managers’ overconfidence, developing a turnaround business plan, identifying a revised strategy and what it needs to get the management team to implement these plans, including some war stories, eg La Seda de Barcelona.
Professor Dr Bob Wessels

Review from previous edition: In summary, a very useful and worthy text, not simply for the “war stories”, but especially for the distillation of experience and reference to developments in a number of jurisdictions, lending this work a very strong comparative feel.
Paul J. Omar

Alan Tilley
Chairman, BM&T European Restructuring Solutions
https://www.linkedin.com/in/alantilley/

Alan Tilley is a founding partner of BM&T with significant expertise in operational turnaround and cross-border restructuring, having been involved in over 50 cases, managing the complex issues preserving enterprise value in the zone of insolvency. He was Insolvency & Rescue UK Turnaround Manager of the Year 2010, won TMA Global International Turnaround of the Year 2011 and TMA Europe Turnaround of the Year 2015.
Alan is a chartered accountant having begun his career with Arthur Andersen in the United Kingdom and France. He subsequently held senior executive and CEO positions with leading international manufacturers. In 1994 he undertook the turnaround and MBI of the Lynton Group in the United Kingdom with 3i plc. He was managing director Europe of US turnaround industry pioneer, Glass & Associates, from 1997-2007, and has acted as pan-European CRO on several major assignments. As restructuring officer of La Seda de Barcelona he was engaged in complex and innovative cross-border restructuring in Spanish and UK processes. Alan has been president of TMA UK, vice president of International TMA Global and a founding director of both TMA Europe and the European Association of Certified Turnaround Professionals (EACTP). He was president of the EACTP 2018-2021.