Summer 2018  I  
Introduction from EACTP President Jukka-Pekka Joensuu

Welcome to our summer newsletter.

In this issue you'll find reports on recent events and the latest news for EACTP members, as well as a very warm welcome to our new Standards and Admissions Committee Chair, Andreas Koutsouris.

News for Members

Annual Declarations
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Member Directory
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We know how important it is meet regularly, network and share knowledge. With this in mind we are planning EACTP events at the 2019 TMA European Conference, 2019 East European Conference and the 2018 Distressed Investing Event. Please check the Events section below for dates, locations and how to book. 
New Standards & Admissions Committee Chair, Andreas Koutsouris

Please join us in welcoming our new Chair of the EACTP Standards and Admissions Committee, Andreas Koutsouris. We would also like to express our sincere thanks to our retiring Chair, Piotr Bienasz.

Click here for more information about the Standards & Admissions Committee.
Welcome to Our New Members

Member Event, Amsterdam

In June, the 11th Annual TMA European Conference took place. Almost 150 international turnaround professionals from across Europe, the USA and beyond were present and discussed about the future of our profession, exploring the new techniques, digital influences and disruptive technologies
The EACTP Member Event took place on June 7th.
Jukka-Pekka Joensuu, President of EACTP, addressed the developments of EACTP. Started only a couple of years ago, EACTP is now an organisation with approximately 80 fellows, members and associates throughout whole Europe. Members share their professional interest in turnaround and are increasingly able to find cross-border professionals to work with.
At this moment, the activities of the board of EACTP focus on accomplishing a thorough education program for turnaround professionals and the future members of EACTP.  Books of Knowledge (BOK; study material) are prepared for both Management and Finance. The Legal BOK will be finished in 2019. A Learning Management System (LMS) is under developments and being tested. The aim is to start the education programme in August 2018.

After the formal chat, we moved to the opposite of the street, where all members boarded a canal cruise: an original 'Tjalk' (an historic cargo ship for the inland waters) which showed us the best parts of Amsterdam!

European Restructuring Day, Gdańsk

EACTP and TMA Europe co-organized the first European Restructuring Day in Gdańsk, Poland on the 21st June. The event brought together restructuring professionals from Poland and across Europe.

The keynote speech by Jukka Pekka Joensuu addressed major economic issues that Europe is currently facing and its impact on turnaround profession.

The event included two panels: "Legal Tools in Turnaround" and "NPL and Turnaround". On the first panel Jukka Pekka Joensuu moderated a discussion on legal developments in restructuring law in Poland and across Europe together with Przemysław Kozdój from Wolf Theiss and Daniel Radwański from Dentons. The second panel moderated by Piotr Bieniasz -Krzywiec was dedicated to contribution of turnaround profession to restructuring of corporate non-performing loans on a going concern basis. Panellists included Alan Tilley and Matthew Quade from Bryan, Mansell and Tilley LLP and Catalin Nichifor from Nichifor Consulting.

The event was concluded by Alan Tilley who in his closing speech put an emphasis on the turnaround community networking opportunities through TMA Europe and education programmes that contribute to the effectiveness of cross border restructurings.

The organisers would like to thank to all contributors and wish to invite you for the second European Restructuring Day in Gdańsk in 2019. Details to be sent in due course.

Taxes in turnaround - heated exchange between BMF and BFH

by Dr Volker Beissenhirtz

After the last attempt by the German Federal Ministry of Finance ("Bundesministerium der Finanzen" ("BMF")) to limit the effects of a ruling on the so-called "Decree on Turnaround" ("Sanierungserlass") by the German Federal Tax Court ("Bundesfinanzhof" (BFH)) ( here) in relation to old cases had failed brilliantly ( here), the Ministry started another attempt to upheld the decree at least for old cases under the principle of the protection of legitimate expectations with a decree as of of 29 March 2018. To no avail.

It did not even take three weeks for the BFH to retaliate: With a decision issued on 16 April 2018, the court simply states: "The repetition of the administrative concept by the BMF letter of 29 March 2018 (BStBl I 2018, 588) does not change this."

"This", of course, refers to the (legally binding) opinion expressed in the original decision, where the BFH stated that the BMF lacked the competence to issue the original decree on turnaround. Consequentially, the BFH ruled again that the restructuring order was not applicable to old cases.

This means that the BMF's next attempt to maintain the decree on turnaround, at least for old cases, has failed again. And the Commission is silent on § 3a EStG (see  here) ...

For more, please click here.
TMA Europe Events 

29  October - 2018 Distressed Investing Event 4-8pm at KPMG in London
Click here for  EACTP member discount (£99 + VAT).  There will be an EACTP member event at this event.

16th & 17th May 2019 - TMA Annual European Conference - more information to follow

TMA Eastern European Conference 2019 - date and location to follow.

TMA Global Events 

26-28 September 2018 - The 2018 TMA Annual
Click here to see a short video of Jukka-Pekka Joensuu, 'Why attend the TMA Annual?'

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