Skip to main content

Another successful event for TMA UK

Posted: 10 May, 2019

On 8 May 2019 the TMA enjoyed the hospitality of leading international law firm Herbert Smith Freehills.


Delegates enjoyed a presentation from Herbert Smith Freehills partners Kevin Pullen and John Chetwood, complemented by a case study from Anthony Place and Ben Paice from boutique turnaround practice THM.
The discussion focussed on the duties of directors involved in the management of financially distressed businesses and how they should act so as to avoid future criticism and potentially liability. It was apparent from the presentations that the main considerations of any board dealing with a turnaround situation are:-

  • The quality of the information available to directors;
  • Early engagement with key stakeholders (particularly those who may be funding the project);
  • Seeking advice from appropriate professionals;
  • Being realistic;
  • Making decisions in a timely fashion. 


Most of all, directors in a turnaround have to be aware that they will owe duties to the creditors of the company if they know or ought to know that the company is likely to become insolvent. It was the opinion of the panel that , with government pressure on some directors of high profile failures and a greater regulatory burden on boards that litigation on this issue was likely to increase, and that unwary, ill advised and inexperienced directors of distressed businesses could find themselves exposed.
 
The discussion was then followed by a lively Q&A session from the delegates. 
 


Back to News

TMA news

17 Aug, 2021

TMA UK welcomes new Director to the board

On behalf of Paul Davies, TMA UK President we are...

04 Aug, 2021

Protecting Profits from Inflation

This month, the threat of rising inflation has...

01 Jul, 2021

TMA NextGen Fireside Chats Launch Event

Last week, TMA NextGen launched its ‘Fireside...

Sponsor news

19 Aug, 2021

WHAT ARE THE IMPLICATIONS OF RESTRUCTURING PLANS FOR DEFINED BENEFIT PENSION SCHEMES?

The judgment in Re Virgin Active Holdings Limited [2021] EWHC 1246 has empowered the use of...

17 Aug, 2021

The gloves are off: HMRC is gearing up to resume collection of tax arrears

This follows my blogs posted last week about the significant accrual of PAYE and VAT arrears due to...

Tweets

TMA UK @UK_TMA · 23 days ago

TMA UK Annual Conference - Countdown 86 days to go! We are delighted to announce that the 2018 Apprentice Winner… twitter.com/i/web/status/1…

TMA UK @UK_TMA · one month ago

The TMA UK South East Counties Fast and Furious event Sept 8th at Pilgrim Motors, West Sussex. This is the largest… twitter.com/i/web/status/1…

JCR

June 2021