This edition comes in a very difficult moment for the world economy. All countries are getting organized to support enterprises relaunching their activity and business after the long period of lockdown. The IMF estimated that the global economy will shrink by 3% this year. It described the decline as the worst since the Great Depression of the 1930s. The impact of this recession on GDP will continue to be felt for years to come. According to a recent report by Fitch Ratings, GDP level in the largest advanced economies is expected to remain around 3% to 4% below their pre-virus trend until the middle of this decade. Huge uncertainties surround the economic outlook while the path that the coronavirus outbreak will take is unknown.

This is an extraordinary moment in the history of the world economy one in which it is necessary to reprogram the way enterprises function and how they do business. Some sectors will have to rethink completely their way to provide services, a lot of enterprise will not survive. Many people have already lost their jobs or seen their income cut due to the coronavirus crisis. Single countries and international bodies are putting in place a strong effort in order to support the economy and their citizens welfare, starting with the massive € 750bn recovery package agreed within the EU.

In this dramatic situation, there is an unprecedent opportunity for the turnaround profession. It will be very important to have managers with the right skills to understand first if a business has the possibility to survive and then how to restructure it.
On that respect we are pleased to announce an important step taken by EACTP. We have reached a cooperation agreement with Leiden University to act as faculty in the education of young and aspiring turnaround professionals, to host the syllabus materials known as the Body of Knowledge (BOK) on its on line platform, and to set and supervise examinations. EACTP President, Alan Tilley will go into the details of this agreement, of the examinations process and of how EACTP levels will be redefined in order to be more consistent with the US ones.

In this edition we are also giving some updates on how different countries are implementing important reforms of restructuring legislation not only to respond to Covid-19 issues but also to take the opportunity to better face the challenges of complicated restructuring.

More specifically, I will go through the major trends that characterize the Italian restructuring and turnaround market which has been also influenced by a comprehensive reform of the bankruptcy law that will take full effect in July 2021.

UK new legislation on company rescue will be explored by David Bryan who will give a view on what does it mean for businesses. You'll also find a graphic overview of French restructuring, then there will be articles on Romania by Catalin Nichifor and Holland by Jantine Hak.

In addition, we present an interesting comparison between US chapter 11 and European typical restructuring process in order to debate if the American process might be considered a superior and more efficient process or not.

Furthermore, Alan Tilley, having spent the early part of his career managing businesses before entering the turnaround field, presents his strong views about the need for true ‘hands-on’ operational turnarounds, as businesses face the Covid-19 crisis.

Finally, we strongly encourage all EACTP community to enroll and participate to the TMA Europe first online conference “Navigating a new era” that will he held on 17th and 18th September. Every year the event attracts international turnaround professionals with an very interesting programme and a lot of peer-to-peer networking opportunities. We expect guests from across the globe, tapping into the knowledge, connections and opportunities only available via TMA Europe.

Our events – this year online for the first time - attract practitioners, lenders, lawyers, consultants, auctioneers, liquidators, appraisers, investment bankers, equity investors, workout specialists and outsourcing professionals amongst others.

Thank you

Paola Tondelli
President TMA Italian chapter
Managing Director – illimity SGR

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