TMA Europe

Friday 30 December 2016   |  TMA Europe  |  www.tma-europe.org

NPLs high on the agenda for TMA Europe's East European Event in Vienna in February

The impact of new regulations for tackling non-performing loans (NPLs)will be debated at TMA Europ
e's fourth annual East European conference being held in Vienna early next year.
The event on Wednesday 22nd February will see ten leading experts taking part in two panel discussions on NPL sales flow and new European Central Bank guidelines for handling NPLs.
Ralf Zeitlberger, Head of Group Corporate Workout at Erste Group Bank AG, which is hosting the conference, will set the scene for the debate by giving an opening speech.
He said the two panel debates were closely linked given the ECB plans to introduce strict rules on dealing with NPLs at the same time the regulator is pushing banks to reduce their NPL stock. Panellists will explore possible strategies, including whether to sell portfolios and the factors involved in terms of price, market and quality, as well as other issues influencing the behaviour of banks.

Mr Zeitlberger said: "What we want to analyse is what these new regulations will mean not only for the banks but also for NPL investors, advisers and workout clients so that by the end of the conference we will all have a clearer picture of what is happening. I am also interested in exploring the differences in what is happening in different core CEE countries given the varying levels of NPLs and the range of investors' appetites."

Mr Zeitlberger, who gave the keynote address at the third annual conference held in Prague earlier this year, which was attended by 120 delegates, added: "I am delighted to be taking part in this conference again and to have the chance to continue some of the important discussions started in Prague and to give an update one year on.
"I really think this annual event is a great opportunity for anyone working in this region's financial sector to get together and debate the specificchallenges and opportunities we all face."

The conference will run from 4pm until 8pm and there will be opportunities for networking before and after the speeches and debates.

It is free to attend but there is an admin charge of £15 which can be paid when you register at www.tma-europe.org, where full details of the programme and speakers are also available.
For further details email

BOOK NOW t o register for the event.
TMA Europe's annual conference 2017- early booking advised

General bookings will open at the end of next month for TMA Europe's 10th annual conference being held on Friday 16th June 2017 at the Waldorf Hilton in London.
 
Priority bookings are currently open for sponsors and anyone who attended the TMA Europe conference in Rome last summer. The priority booking price will end on 31st January, when general bookings open.
 
Early booking is advised as the conference is expected to be a sell-out with 250 delegates set to attend.
 
TMA Europe has also secured a special rate for delegates who wish to stay at the conference hotel, the Waldorf Hilton. However, there are only a limited number of rooms available, therefore it is recommended to also make your room reservation as soon as possible to ensure you can enjoy the  special rate. 
 
The theme of this year's event is Europe: The Future, and around 30 leading experts in their field will be taking part as speakers or panellists. Themes being discussed will include the effect on businesses of the impact of technology as well as the political changes in Europe and the evolving trade relationships with Asian and North American markets.
 
There will also be panel debates focusing on the financial sector and how Europe is perceived globally, as well as presentations on case studies to show how changes in Europe have impacted on various industries. This year, for the first time, six speakers will each give TED Talks as part of the programme.
 
New categories are also being added to TMA Europe's prestigious Annual Turnaround of the Year Awards programme. Full details will be announced when entries open in the new year.
 
Attendance at the conference also counts as seven hours' CPD.
 
For information on the conference programme and speakers, and how to book, see www.tma-europe.org or email mcaruana@tma-europe.org
Meet the new TMA Europe board

TMA Europe has appointed a new board of esteemed turnaround professionals to lead its busy programme of work for 2017.
 
The board is headed up by Enrica Maria Ghia, who takes over as President of TMA Europe from Lukas Fecker, who has served in this role for the last two years but is now taking up a new position as Vice President of International Relations for TMA Global.
 
Also serving on the board are Carlos Mack-Castelletti, who works as a court-appointed liquidator and trustee; David Bryan, Managing Partner and CEO of boutique turnaround and restructuring firm BM&T; Ignacio Buil Aldana, a Partner in the Finance and Restructuring team at the London office of Spanish law firm Cuatrecasas, Gonçalves Pereira; Tyrone Courtman, a lead Partner in the Restructuring, Recovery and Insolvency services practice at PKF Cooper Parry; and Greg Fine, CEO of TMA Global.
 
Enrica is an attorney and managing partner at Studio Legale Ghia who has been actively involved with TMA Europe, including as President of its Italy chapter, for many years, and last year co-chaired TMA Europe's annual conference in Rome.
 
She said: "I am honoured to serve as President of TMA Europe and to continue its important work supporting and promoting the turnaround management community across Europe. 2017 is shaping up to be a very exciting year for our organisation as we launch our first book and celebrate our tenth annual conference in London. I am looking forward to working with all of our European chapters and to meeting as many members as I can at our various events throughout the year."

Lukas said he was keen to work closely with Enrica and the board in his new position for TMA Global.
He added: "I feel honoured and excited about the opportunities this role offers to support the TMA globally and to integrate Europe closer to our partners in the USA, Asia and across the world."
For more details about TMA Europe's board see http://www.tma-europe.org/about
Diamond Teaser
By Leonard Polivy, Managing Director, Gordon Brothers Europe 

Our resident jewellery expert Leonard Polivy provides his opinion on the current state of the jewellery market, and what the recent economic and political changes will mean for the industry.

An Overview
The jewellery business has naturally evolved over the years and recent economic and political occurrences have triggered significant changes in a relatively short space of time. Companies related to the jewellery industry have certainly felt the shift and whilst it isn't necessarily all doom and gloom, there are certainly adjustments that need to be made, in order to achieve ongoing success.

Current state of the market
The economy and the spending constraints of customers directly affect the sale of jewellery:
  • Luxury and high-end retailers' sales have begun to slow, as the wealthiest customers become more particular with their requirements.
  • Buyers from China, Russia, and the Middle East, are becoming more conservative in their spending habits.
  • Sales to mid-tier customers has seen a boost, mainly due to overseas visitors taking advantage of the favourable exchange rates. According to Mintel Group, sales in the jewellery and watches market are set to grow by 2.3% to £5.4bn (Mintel, Jewellery and Watches Retailing, UK - September 2016)
  • As credit becomes more difficult to acquire, jewellers that service customers paying on credit are facing more challenges 
Time for change? 
Gary Quaife, Managing Director, Gordon Brothers 

UK corporate insolvency law has remained largely untouched since 1986, which puts incumbent UK regulations well behind the USA, Japan and Germany in terms of efficiency. A Government review of the current process has proposed a number of alterations, which we need to consider carefully - will they provide improvements or is it just change for the sake of change?
 
The most significant proposal is for the introduction of a formal moratorium, intended to help the more viable business platforms to find a positive outcome in times of hardship. Proposals state that, following an application to the court, this moratorium should last three months and restrict the enforcement rights of existing creditors. This is intended to provide the applicant company with a formal period of time to explore all options, whilst continuing to trade without threat. As part of the designated process, the proposals state that a supervisor should be appointed to guide and advise the corporate during the process for the best chance of a positive outcome.
 
Current regulations in the UK allow a corporate in distress, either the route of a CVA or the appointment of an administrator, both of which generally result in the failure of the business, the loss of jobs and an immeasurable impact on the trading community. Before reaching this point, many businesses undergoing challenging trading conditions, will consult with a restructuring professional to carry out a detailed review of its trading and financing position. This allows the company in question to explore all options and hopefully move forward in a positive manner. 

Brexit and Banking - Unchartered Waters Ahead
By Hugh.C Larratt-Smith

The British referendum to exit the European Union has sent shock waves around the world, causing the value of the pound to fall sharply and causing financiers to think of replacing London as the capital of the
economic world. ABF Journal contributor Hugh Larratt-Smith speaks to ABL lenders to evaluate the impact of Brexit on asset-based lending.

By 1790, Alexander Hamilton was on a roll. The star of a classic rags-to-riches story, Hamilton was born out of wedlock and orphaned as a
child in the West Indies. He was the embodiment of "The American Dream." He rose to prominence based on his talent, not his parentage, becoming a Founding Father of the U.S. and chief staff aide to George Washington.

TMA Netherlands New Year's Event

The topic of our first event in the New Year will be on "fraud and turnaround". Not rarely a turnaround begins with the discovery of a fraud within the company. What does that mean for the turnaround?
 
With the cooperation of Marc Renne (Nimbus), Martijn van de Beek (Hoffmann Bedrijfsrecherche) and Alfred Knorr (Stormdijk, Bureau voor crisiscommunicatie).

TMA Netherlands - The Future Sound of Turnaround

On 9th November our 1st Conference and our 13th Annual Dinner took place with the theme "The Future Sound of Turnaround", organised by Jan Adriaanse (Universiteit Leiden/BFI Global), Erik in 't Groen (Kruger) and Robert Slotboom (Corvey & Steup).
 
The day was described by participants as "inspiring, entertaining and valuable"!
 
The Board of TMA Netherlands would like to thank the sponsors of both events: Windt Le Grand Leeuwenburg, Balanced Business Network (BBN), Van Beusekom and TMA CRRC.
 
Please find herewith the links to the video report https://vimeo.com/193536523 and photos  http://tma.beusekom.nl of this very successful day.
Non-performing loan sales analysed in new book focused on the European distressed debt market

The process of selling a non-performing loan portfolio is explained and explored in detail in the TMA Europe and Globe Law and Business's new co-publication,Investing in Distressed Debt in Europe: The TMA Handbook for Practitioners. This publication aims to provide an overview of the European distressed debt market and covers debt trading, non-performing loans, direct lending, restructuring and workouts.
 
Highly regarded corporate lawyer   Paul Dunbar, Partner in the Private Equity and Special Situations practice group at Vinson & Elkins LLP, is one of several leading experts who have contributed to the book, authoring the chapter Anatomy of a Non-Performing Loan Portfolio Sale.
 
The chapter starts by discussing trends in the European NPL market, including the increasing number of active European jurisdictions in this field, the diverse range of assets and structures and the continuing buy-side demand and pressure to sell, which has led to an active loan portfolio market throughout this year.

EACTPs to Be Featured in Directory Circulated to All TMA Members

At the start of 2017, European Association of Certified Turnaround Professionals (EACTP) members will be listed in the CTP/CTA Directory that TMA releases every year. All EACTP members will be listed in the printed version of the directory that is sent to members with the January/February edition of the Journal of Corporate Renewal.

The directory is also distributed at numerous TMA events throughout the beginning of 2017, including the TMA Distressed Investing Conference, February 1-3, in Las Vegas. 

 

TMA Europe Sponsors


 

Apply for European CTP now!

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Become accredited with CTP, the turnaround kitemark of quality. The EACTP certification programme is now open for applications.

 
Welcome to our new members:

Cornee de Kluyver
Catalin Nichifor
TMA Europe and Globe Law and Business Co-Publication Launch Party kindly sponsored by
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2017 East European Conference Sponsors




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Upcoming Events

TMA Netherlands New Year's Event

26 January 2017
TMA Europe Co-publication book launch party

22 February 2017
TMA Europe East European Conference, Vienna, Austria. Save the date!

EACTP event, Brussels, Belgium

15-16 June 2017
TMA Europe Annual conference, London, UK. Save the date!

16 November 2017
TMA UK conference
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