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Turnaround Management Association, Southern Africa Chapter
©2004 Deloitte & Touche 2 TMA Origin Mission Board & Executive Certified Turnaround Professional Membership Status
©2004 Deloitte & Touche 3 TMA is an outcome of the Task Group for Organising the Turnaround and Business Rescue Industries Seated: Stephan Claassen (FNB), Lawrence Ngobeni (University of Pretoria - alternate for Professor David Burdette) (Secretary), Themba September (Corporate Renewal Partners) (Chairman), Mervyn King (Brait), Ricardo Graham (Maximus Turnarounds). Standing: Inus du Preez (FNB), Sarel Lategan (Standard Bank - alternate for Christo Faul), John Evans (Deloitte), Robin Taggart (Nedbank), Patrick Daly (Daly Incorporated), Kevin Cochrane (Nedbank - alternative for Anna Isaac), Krisjan Barnard (Absa - alternative for Trevor Murgatroyd), Jan van der Walt (Corporate Renewal Partners), Les Matusen (Credit Management Solutions - alternate for Rowan Gordon), Jan Bicker-Caarten (RMB), Martin Leigh (RMB), David Gewer (Werksmans). Absent: Paul Winer (Werksmans), Michael Vacey-Lyle (FNB). Work Group of the Industry Task Group (Supported by 80 Advisory Group members): ORIGIN Grass-roots involvement from 100 participants from all constituencies in the turnaround and business rescue industries in South Africa
©2004 Deloitte & Touche 4 The Task Group assessed organised industry in terms of the model describing the timeline of financial distress The 4 stages in the timeline of financial distress: Informal Processes Insolvency Processes Management-led correction Informal creditor workout Business rescueLiquidation Emerging problemsAcute and worsening problems Insolvency but possible viability Insolvency and unlikely viability Turnaround in the absence of creditor and legal issues Informal agreement between management and creditors (banks) to reduce indebtedness Present: judicial management and Section 311 Compromise of Creditors Future: new business rescue legislation Realisation of the distressed company's assets and the distribution of proceeds to its creditors Management retains the initiative and controls the turnaround agenda Terms of workout agreement dictates agenda Banks hold the power Court-driven – inflexible and expensive Historically a low success rate But new business rescue legislation should deliver a higher success rate in stage 3 ORIGIN
©2004 Deloitte & Touche 5 The Task Group defined specific roles for ABASA and TMA ORIGIN The timeline of financial distress:
©2004 Deloitte & Touche 6 TMA Origin Mission Board & Executive Certified Turnaround Professional Membership Status
©2004 Deloitte & Touche 7 The TMA is a voluntarily trade association for service and capital providers to the turnaround industry Mission - to: Serve as a forum for convening turnaround professionals from all disciplines: –to exchange information, ideas and knowledge on the turnaround business Promote high standards of practice and improved methodologies in turnaround management Foster professional development opportunities for turnaround professionals Serve as a clearinghouse of information and research pertinent to the turnaround business MISSION The TMA is a voluntarily association to promote the turnaround industry, and for purposes of information exchange, networking, education and raising the standards of turnaround in both the informal sector and formal business rescue
©2004 Deloitte & Touche 8 The Industry Task Group decided on affiliation to the pre-eminent turnaround organisation – the Turnaround Management Association Rather than reinvent the wheel, affiliation allows for: –Working within proven and well- defined structures –Sharing in the knowledge and experience of the international turnaround fraternity MISSION TMA, SA Chapter is a SA initiative with full independence TMA, SA Chapter is a 100% SA initiative: –The local chapter is owned and controlled by SA turnaround industry participants –It's board of directors and office bearers are totally independent of the international organisation it is affiliated to –TMA International is directive only with regard to: Good governance principles Ensuring that chapters do embark on programs (of the chapter's own choice) that are beneficial to the turnaround industries in local jurisdictions. Membership growth:
©2004 Deloitte & Touche 9 TMA Origin Mission Board & Executive Certified Turnaround Professional Membership Status
©2004 Deloitte & Touche 10 Jan van der Walt (CEO) The initial Board and Executive was elected on 29 th April 2005 TMA initial Board and Executive Milton Kahari (Director: Programs) Ken Chitando (Treasurer) Colin Batchelor (Director: Membership) Frans MaritzVincent Marino BOARD AND EXECUTIVE Patrick von Spreckelsen (Secretary) Robin Taggart (Non-Executive Chairman) David Gewer
©2004 Deloitte & Touche 11 The 2005/06 Board and Executive will be elected on 23 rd June 2005 Non-executive Chairman CEO Deputy-CEO Treasurer Secretary Director: Membership Director: Programs Director: Public Relations Director: Sponsorship Director: ACTP Relations & Education Director: Pro Bono Activities Director: Newsletter Director: Web site 2x Non-executive Directors BOARD AND EXECUTIVE
©2004 Deloitte & Touche 12 TMA Origin Mission Board & Executive Certified Turnaround Professional Membership Status
©2004 Deloitte & Touche 13 The Association of Certified Turnaround Professionals is sponsored by the TMA The ACTP offers the sole international programme of certification for professionals engaged in the turnaround, crisis management, restructuring and renewal of troubled businesses To become a Certified Turnaround Professional (CTP), practitioners must meet stringent standards of education, experience and professional conduct: –Completing at least five years in consulting with a minimum of three years focused on corporate renewal –Providing three client case studies and names of individuals who can verify authenticity –Submitting to a careful background check conducted by the ACTP Standards Committee –Passing a challenging examination which covers ACTP´s three- pronged, comprehensive Body of Knowledge: relevant theory and practice regarding financial and managerial accounting and tax, turnaround and crisis management, and insolvency law. –Posting names of applicants for 60 days in order to solicit any objections. CERTIFIED TURNAROUND PROFESSIONAL TMA, SA Chapter will implement a customised SA certification programme under the auspices of the ACTP
©2004 Deloitte & Touche 14 TMA Origin Mission Board & Executive Certified Turnaround Professional Membership Status
©2004 Deloitte & Touche 15 We aim to reflect the international membership profile in Southern Africa MEMBERSHIP Turnaround practitioners and consultants (34%) Lawyers (10%) Accountants (8%) Insolvency practitioners (6%) Financial advisors (13%) Academic/student government/judicial (5%) Credit (5%) Lenders (12%) Investors (10%) International TMA membership profile Service providers: 72%Capital providers: 22% The TMA is certainly not an organisation for turnaround practitioners only Capital providers Academic/Government: 5%
©2004 Deloitte & Touche 16 Membership is open to all interested in corporate renewal and turnaround Regular members *) : $275/annum Government: $115/annum Academic: $115/annum Students: $ 65/annum *) Regular members are turnaround professionals from all disciplines except for government, academic and students Members receive: –Monthly copies of the Journal of Corporate Renewal –Discounts on local and international events MEMBERSHIP TMA members regard the biggest benefit of membership to be that of networking opportunities, followed by advancement of professional knowledge
©2004 Deloitte & Touche 17 TMA Origin Mission Board & Executive Certified Turnaround Professional Membership Status
©2004 Deloitte & Touche 18 TMA, SA Chapter is in the process of achieving Provisional Chapter Status Status: Current status: Chapter-in-formation 2005/06 Board and Executive election: 23 June 2005 Aiming for Provisional Chapter status by July 2005 Aiming for full chapter status: July 2006 Programs planned post July 2005: Establishing the Certified Turnaround Professional programme Support for new business rescue legislation Conferences Breakfast seminars Pro bono activities Golf days Web site and newsletter STATUS
©2004 Deloitte & Touche 19 For more information on TMA, SA Chapter: For more information on TMA International: Questions? Jan van der Walt CEO: TMA, SA Chapter Cell: Landline: Colin Batchelor Director: Membership Cell: Landline:
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