Uploaded February 2024 | Updated September 2026, 2 weeks ago
BOOK REVIEW
TURNAROUND MANAGEMENT
Unlocking and Preserving Value in Distressed Businesses
2nd edition
By Alan Tilley
ISBN 978 1 78742 982 6
globelawandbusiness.com
_____________________________________________________
A SECOND CHANCE FOR ENTREPRENEURS FACING INSOLVENCY? CHECK OUT THIS IN-DEPTH ANALYSIS OF ‘TURNAROUND MANAGEMENT’ FROM GLOBE
An appreciation by Elizabeth Robson Taylor MA of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, “The Barrister”, and Mediator
If you are a lawyer with a corporate client -- or clients -- facing financial distress and ultimately insolvency, you need this book, published recently by Globe Law and Business.
Note the usefully descriptive subtitle: ‘Unlocking and Preserving Value in Distressed Businesses’. This says it all, you may say, but as its processes are linked to a complex area of law, there is a lot more to be said, especially when multi-jurisdictional complications emerge.
With lengthy and detailed experience in this specialised area of consultancy, author Alan Tilley provides a broad range of authoritative advice, aimed specifically at those who are confronted with the undeniably challenging task of advising and managing companies teetering on the sharp edge of insolvency, with its intimidating spectrum of possible consequences.
The book and the wealth of advice therein is aimed primarily at those who find themselves in the role of turnaround manager. Such a role, as the author explains ‘usually involves operating in an executive rather than a consultative role’ and as such, ‘exposes the professional to the risks of personal liability.’ You have been warned.
However, no need to despair -- as Tilley adds that operating through a limited liability entity, with a properly constructed engagement contract reduces the risks. Proper professional performance is the ultimate guarantee of risk avoidance.
Anyone in the legal profession or accountancy and/or financial services, might well wonder how this increasingly obvious need for ‘turnaround management’ got started and whether or not it is proving itself effective.
The author’s positive answer is that turnaround management is becoming ‘increasingly recognized as an important part of business’ and that the understanding of its obvious benefits is growing. Tilley is confident that the concept has more than likely evolved as a result of the influence of Chapter 11 of the United States Bankruptcy Code of 1970, which is based on the concept of ‘giving entrepreneurs a second chance’ primarily by creating the concept, so called, of ‘debtor-in-possession’ (DIP) -- usually by means of a restructuring plan while the company is protected from creditors. Better results for shareholders certainly loom large here as a distinct possibility.
Although a complex subject, ‘turnaround management’ is explained in this book with admirable clarity, covering as it does, the risks involved, as well as the potential rewards. Based in the author’s 40-plus years of experience in this field, the consultancy, advice, and guidance contained in this compact volume is high-value indeed. Note too, the handy appendix which contains over 20 pages of useful guidelines and policy recommendations.
With its international orientation, as well as its straightforward advice, this book should be considered as an essential purchase for business and law professionals worldwide.
The date of publication of this hardback second edition from Globe Law is cited as December 2023.
BOOK REVIEW
TURNAROUND MANAGEMENT
Unlocking and Preserving Value in Distressed Businesses
2nd edition
By Alan Tilley
ISBN 978 1 78742 982 6
globelawandbusiness.com
_____________________________________________________
A SECOND CHANCE FOR ENTREPRENEURS FACING INSOLVENCY? CHECK OUT THIS IN-DEPTH ANALYSIS OF ‘TURNAROUND MANAGEMENT’ FROM GLOBE
An appreciation by Elizabeth Robson Taylor MA of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, “The Barrister”, and Mediator
If you are a lawyer with a corporate client -- or clients -- facing financial distress and ultimately insolvency, you need this book, published recently by Globe Law and Business.
Note the usefully descriptive subtitle: ‘Unlocking and Preserving Value in Distressed Businesses’. This says it all, you may say, but as its processes are linked to a complex area of law, there is a lot more to be said, especially when multi-jurisdictional complications emerge.
With lengthy and detailed experience in this specialised area of consultancy, author Alan Tilley provides a broad range of authoritative advice, aimed specifically at those who are confronted with the undeniably challenging task of advising and managing companies teetering on the sharp edge of insolvency, with its intimidating spectrum of possible consequences.
The book and the wealth of advice therein is aimed primarily at those who find themselves in the role of turnaround manager. Such a role, as the author explains ‘usually involves operating in an executive rather than a consultative role’ and as such, ‘exposes the professional to the risks of personal liability.’ You have been warned.
However, no need to despair -- as Tilley adds that operating through a limited liability entity, with a properly constructed engagement contract reduces the risks. Proper professional performance is the ultimate guarantee of risk avoidance.
Anyone in the legal profession or accountancy and/or financial services, might well wonder how this increasingly obvious need for ‘turnaround management’ got started and whether or not it is proving itself effective.
The author’s positive answer is that turnaround management is becoming ‘increasingly recognized as an important part of business’ and that the understanding of its obvious benefits is growing. Tilley is confident that the concept has more than likely evolved as a result of the influence of Chapter 11 of the United States Bankruptcy Code of 1970, which is based on the concept of ‘giving entrepreneurs a second chance’ primarily by creating the concept, so called, of ‘debtor-in-possession’ (DIP) -- usually by means of a restructuring plan while the company is protected from creditors. Better results for shareholders certainly loom large here as a distinct possibility.
Although a complex subject, ‘turnaround management’ is explained in this book with admirable clarity, covering as it does, the risks involved, as well as the potential rewards. Based in the author’s 40-plus years of experience in this field, the consultancy, advice, and guidance contained in this compact volume is high-value indeed. Note too, the handy appendix which contains over 20 pages of useful guidelines and policy recommendations.
With its international orientation, as well as its straightforward advice, this book should be considered as an essential purchase for business and law professionals worldwide.
The date of publication of this hardback second edition from Globe Law is cited as December 2023.
