INTERNATIONAL NEWSNEWS - TMA 8 - 06Q2.pdf · 2008. 2. 27. · President of the Northwest Chapter and an ardent supporter of TMA’s global expansion. He can be reached at [email protected]

Articles• New Ambassadors

Program . . . . . . . . . 2• Restructuring in a

Caribbean context . . 3• Changes to Canada’s

insolvency laws . . . . 6• Chapter report—

South Africa . . . . . . 10• Chapter report—

Australia . . . . . . . . . 12• Calendar . . . . . . . . . 13

Second Quarter 2006 Promise of spring in growing chapters, dynamic meetings, new programs

A message from TMA’s VP of International Relations

by William Skelly

INTERNATIONALNEWSNEWS

TMA International has been extremely busy this spring, converting our existing over-

seas chapters to the new licensing program. Our existing chapters have received this new chapter structure quite favorably, and almost all of them have increased their membership numbers.

In March of this year, TMA held its most successful Spring Conference ever. More than 450 attended the meeting, including participants from Germany, Jordan, and Afghanistan.

The conference site in Phoenix, Ari-zona, was absolutely spectacular, and the educational sessions were highly informative and well attended.

A tremendous amount of network-ing takes place at these conferences, and I would encourage any of our international members to consider

For valuable networking opportunities, I would encourage any of our international members to consider making the trek to North America to attend one of TMA’s annual events.

making the trek to North America to attend one of them.

TMA’s global educational sympo-sium, entitled “Liquidity and Cor-porate Renewal,” will be held June 21–23, 2006, at the Hyatt Regency,

Chicago, Illinois. Details of this event are on the TMA Web site.

Later this year, TMA’s Annual Con-vention will take place October 11-14, 2006, at the JW Marriott Grande Lakes, Orlando, Florida. Orlando is right beside Disney World and

TMA International News 2nd Quarter 2006•2

NEWSINTERNATIONAL

TMA International News is an electronic publication of Turnaround Management Association, 100 S. Wacker Drive, Chicago, Illinois 60606. Published quarterly, it serves TMA’s non-U.S. members and focuses on topics of major interest to the international community of corporate renewal professionals. © 2006 Turnaround Management Association.

EditorialAdvisoryBoard William E. J. Skelly – VP TMA International Relations Holly Felder Etlin – TMA Chairman Linda M. Delgadillo – TMA Executive Director Donna Steigerwald – Managing Editor

Bill Skelly is a Partner at the Canadian law firm of Heenan Blaikie LLP. He is a former President of the Northwest Chapter and an ardent supporter of TMA’s global expansion. He can be reached at [email protected].

The new TMA International Ambassadors program has just been launched to provide another

way of promoting TMA as the pre-emi-nent organization for corporate renewal around the world.

Under the program, TMA Board and International Committee members are eligible to act as ambassadors for TMA in the course of their international travels. Ambassadors will be asked to:

• Meet with interested parties in other countries with and without TMA chapters

• Discuss the development of corpo-rate renewal in the respective country as well as interest in TMA

• Share information about TMA and how TMA international can collabo-rate with the chapter or interested group

• Submit a short visit report and photo to international headquarters

All those who serve as TMA Ambas-sadors will be recognized in venues that may include the Annual Convention, The Journal of Corporate Renewal, and the TMA International News newsletter. 1

New Ambassadors Program is launched

is a terrific destination for a family vaca-tion.

We continue to receive expressions of interest from various regions around the world about forming TMA chapters. We are hopeful that in the coming year, Germany, Austria, Hong Kong, and a group from at least one other country will become TMA licensees.

TMA’s new Ambassador Program was launched at the TMA Board of Direc-tors meeting in March. It will provide a structure for members of the Board and of the International Committee to make contacts during their international travels with groups and individuals on behalf of TMA. (Please see the following article for further details.)

Ambassadors will submit written reports of their visits, which we will publish in this newsletter. We have already received several requests for ambassadors’ packages, and I expect we will be featuring some interest-ing reports from our ambassadors in future editions of TMA International News.

As always, if you are interested in assist-ing on the International Committee, please do not hesitate to e-mail me at the address below. 1

TMA International News 2nd Quarter 2006•�

NEWSINTERNATIONAL

New Ambassadors Program is launched

Restructuring in a Caribbean context

In any given week, a review of the financial news reveals that companies of virtually all sizes and in all industries

are being forced to seek protection from creditors while they attempt to restructure their financial affairs and reorganize their businesses.

This phenomenon has become so common-place in the major western economies that one would be hard-pressed to find many adults who have not been directly or indi-rectly impacted by a Chapter 11 proceeding (or an equivalent restructuring vehicle in non-U.S. jurisdictions).

The formal restructuring process is now so well developed and refined through years of judicial interpretations that Chapter 11-type solutions are viewed as a reality of the day-to-day business environment—part of a business community “circle-of-life.”

The Caribbean region has enjoyed significant economic growth, particularly over the past 20 years, and with it has come the need for solutions to deal efficiently with distressed businesses.

Informal restructuringWhile great legal strides have been made in countries like the United Kingdom, the United States, Canada, and Australia with restructurings through a formal process, in the Caribbean, because of a lack of an appropriate legislative framework, it has been necessary to seek informal restructuring solutions.

Historically, companies in this region that have found themselves in significant finan-cial difficulty and could not meet their obli-gations were wound-up or liquidated. Until very recently, attention to the shortcomings in the legal system with respect to protecting

by Cam McCaw, Principal, Zwaig Consulting Inc.


NEWSINTERNATIONAL

Restructuring In a Caribbean Context

companies while they attempted to deal with their financial crises was apparently not seen as a legislative priority.

Barbados has shown regional leadership by bringing into existence, in 2001, the Bank-ruptcy & Insolvency Act, which was pat-terned on the Canadian model. With respect to other jurisdictions, this sort of initiative has not yet been forthcoming.

The informal approach focuses on negotiat-ing on a one-to-one basis with all significant creditors with the objective of achieving a debt/interest compromise and/or a payment rescheduling arrangement. Most of these ac-tions focus on improving the company’s debt profile and preserving cash flow—liquidity being of paramount importance.

Once a company openly pursues an informal path, it can potentially trigger a chain of events for which there is no safe haven if any substantial creditor or creditors decide to act unilaterally and “jump the queue.” Any such precipitous action will likely thwart the company’s attempt to bring together the diverse interests of all stakeholders.

The most important point that must be conveyed to creditors is that what is being proposed under an informal scheme will not worsen their exposure and that their com-mercial best interest for long-term realization is better served by working with the dis-tressed entity in turning itself around.

Airline industry distressOne global industry that has been particu-larly vulnerable to extreme financial distress and, by extension, needful of restructuring solutions, is the airline industry. Its prob-lems are particularly evident in the Carib-bean region.

The names of the global airline giants are well known. They are the companies that cumulatively employ hundreds of thousands of people and represent hundreds of billions of dollars in revenue. While the Caribbean airlines such as Air Jamaica, BWIA, Cay-man Airways, and LIAT are smaller than the Goliaths of the industry, their business fundamentals are similar.

The need for restructuring solutions is equally important to the survival of any par-ticular airline. Smaller ones are not exempt from the brutal realities of an industry that is in a crisis—rising costs of fuel, escalating technological demands, the cost of aircraft and related maintenance, and the expecta-tions of consumers.

In the Caribbean, the impact of the carrier’s business and financial problems on the local economy is exponentially greater than in other areas because these airlines represent the backbone of the region’s transportation infrastructure and significantly influence the economic well-being of the general populace.

Often, a particular airline represents the only means of transportation between distinct island states—there are no transportation alternatives. These regional carriers are the very essence of the term “essential service.” It is therefore critical to the economic and sociological needs of the Caribbean com-munity that carriers find a way to deal with their financial and operational problems.


NEWSINTERNATIONALFactors common to regional carriers

While their specific challenges may be var-ied, regional carriers in the Caribbean share many common factors that must be fully appreciated if a particular airline is to have any chance of becoming commercially viable and self-sustaining, specifically:

• heavy reliance on government financial support;

• increasingly competitive markets, both within the region and from abroad;

• inability to attract sufficient passenger and cargo volumes to support the heavy capital cost associated with sophisticated aircraft, i.e., the required economies of scale to meet at least break-even volumes;

• inefficient routings that might make political sense, but not necessarily eco-nomic sense.

In any restructuring, formal or informal, the only meaningful opportunity for suc-cess occurs if there is a convergence of four cornerstones: financial restructuring; stra-tegic realignment; operational renewal; and business culture transformation. Just like the foundation of a building, if any one of the key footings is weak, the entire structure will collapse.

For a distressed airline to be able to pull itself out of its quagmire, every aspect of the business must be critically and thoroughly scrutinized.

The greatest challenge is in bringing together the cornerstones and showing the employees and other stakeholders that change is not only important to the airline’s immediate needs, but also essential to its long-term survival and prosperity.

Government’s roleThe governments in the Caribbean have historically taken an active role in the affairs

of the regional airlines. While there are a multitude of possible reasons, some of the most noteworthy are national pride, the es-sential nature of the service being provided, and a lack of other sources of investment capital for an industry that is plagued glob-ally by recurring losses. In many cases, the Caribbean governments have to be looked to as the “banker” because there are no other options.

In the Caribbean, because of high demands on government coffers for social, infrastruc-ture, health care, and education needs, there is tremendous political risk to diverting govern-ment’s limited financial resources to airlines with perennial losses and no concrete plans to stem the hemorrhaging.

Accordingly, there is acute pressure on the carriers to find workable solutions to curtail their losses (i.e., commercial viability) so that they need not repeatedly look to govern-ments for bailouts and subventions.

While the Caribbean lacks some of the legal vehicles that would likely enhance the efficiency of the restructuring process, it is not lacking in terms of a growing economy. Governments in the region do, however, have a keen understanding of this dichotomy and a commitment to support, to the degree possible, workable solutions. 1

Cam McCaw is a Principal with Zwaig Consulting Inc., a Toronto‑based consulting firm specializing in corporate restructuring and forensic accounting. He has spent most of the last three years working on airline projects in the Caribbean. He can be reached at [email protected].


NEWSINTERNATIONAL Recently enacted changes to

Canada’s insolvency laws

On the last working day before its dissolution, the predecessor ses-sion of the Parliament of Canada

enacted, with all party support, substantial reforms to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA).

The reforms are most well known for the cre-ation of the wage earner protection program (WEPP). 1 The WEPP is a separate piece of legislation that was enacted at the same time as the amendments to the BIA and the CCAA. This article provides an overview of some of the changes that those working in the turnaround area should be cognizant of.2

It is not clear when the legislation will be proclaimed into force, although it will not be until the latter part of 2006 at the earli-est. In passing the legislation on the eve of a non-confidence vote, it was acknowledged that there were numerous defects in the legislative language. All parties agreed to review the legislation so as to correct some of the deficiencies before the law is proclaimed in force.

Wages and pension protectionUnder the WEPP, eligible employees will be paid wages and vacation pay capped at C$3000 should their employer go into receivership or bankruptcy. The Minister of Labour and Housing will pay the amounts out of the Consolidated Revenue Fund.

There is also a charge (Employee Charge) created, up to a maximum of C$2000 per employee, on the current assets of the com-pany to secure any unpaid wages and vaca-tion pay. If an employee receives payment from the WEPP, then the federal govern-ment is subrogated to the employees’ claim (up to the $2000 paid from the WEPP).

Currently, there is no provision that allows any subrogation to the debtor company’s estate to pursue the directors who might otherwise be personally liable to pay these obligations. In addition, there is no provi-sion to allow the trustee or receiver to receive any remuneration from the assets realized to satisfy the Employee Charge.

The Employee Charge does not extend to termination or severance pay. The current assets available to satisfy the Employee Charge are unrestricted cash and any other asset that is expected to be converted to cash or consumed in the production of income within the greater of one year or the debtor’s customary business cycle.

All employees will be eligible for the Em-ployee Charge. However, management employees, or employees who are related to management, will not have access to the WEPP. The Employee Charge will be subject to existing deemed trusts for

unremitted source deductions3 and to

by Kenneth D. Kraft, Heenan Blaikie LLP


NEWSINTERNATIONALretention claims of unpaid suppliers,4 but

will otherwise have priority over all other creditors.

In addition to the Employee Charge, there is a charge (Pension Charge) created over all the debtor’s assets. The Pension Charge covers: unremitted employee pension amounts; unpaid employer contributions where there is a defined benefit pension plan; and unpaid normal costs that the applicable pension legislation requires related to a defined benefit plan.

A proposal to creditors will be required to provide for full payment of the amounts sub-ject to the Pension Charge unless an agree-ment exists with the appropriate pension regulator with respect to these amounts. As with the Employee Charge, there is no provi-sion to allow the trustee or receiver to receive any remuneration from the assets realized to satisfy the Pension Charge. However, there is a provision allowing the estate to be subro-gated to any claims that the pension plan might have to recover these amounts.

The Pension Charge will rank behind the Employee Charge and also be subject to the existing deemed trusts for unremitted source deductions and to retention claims of unpaid suppliers.

Any secured creditor whose recovery is reduced as a result of either the Employee Charge or the Pension Charge will be granted a preferred claim to the extent of the reduced recovery. The claim will be against unencumbered assets equal to the reduction from the Employee Charge and the Pension Charge. For example, if the security was worth $100 but $25 was needed to satisfy the Employee Charge and/or the Pension Charge, then the secured creditor will be preferred for the first $25 against unencumbered assets ahead of the ordinary unsecured creditors.

Interim financingKnown colloquially as “debtor-in-posses-sion” financing, a term derived from U.S. bankruptcy law, the legislation sets out the basis on which a debtor can receive interim financing after filing for BIA or CCAA protection. The security granted for such financing and the amount available for borrowings will be in the court’s discretion, and the security may take priority ahead of existing secured claims.

In deciding whether or not to grant the interim financing and on what conditions, the court must consider: if the loan will improve the debtor’s prospects to remain vi-able as a going concern; the nature and value of the debtor’s assets; and if any creditor will be materially prejudiced as a result of the continued operations.

Collective agreementsThe court will not have the power to terminate or amend collective agreements. However, the debtor company can apply to the court for authority to open negotiations on a collective agreement that would otherwise remain in force. The court can order the bargaining be reopened only where the court is satisfied that: a viable proposal cannot be made under the current collective agreement; the debtor has made good-faith efforts to renegotiate the terms of the collective agreement; and failing to grant the requested relief is likely to cause the debtor irreparable harm.

Disclaimer and assignment of agreementsThe legislation attempts to add more cer-tainty around disclaimer, termination, and assignment of agreements. A debtor will be able to disclaim agreements after com-mencing BIA or CCAA proceedings except: eligible financial contracts; collective agree-ments; financing agreements where the


NEWSINTERNATIONAL

Canada’s Insolvency Laws

debtor is a borrower; and leases of real or personal property where the debtor is the les-sor. (Real property leases where the debtor is the tenant are not affected, as the legislation does not affect the BIA provisions dealing with leases.)

The counter-party to the disclaimed contract may apply to the court for an order pro-hibiting the disclaimer, and the court will grant the declaration where satisfied that the disclaimer in issue, combined with all the other disclaimed contracts, is not necessary for the debtor’s reorganization.

Where the disclaimed agreement involves the debtor granting another party the right to use intellectual property, the other party will remain entitled to use such property notwithstanding the disclaimer. The other party must, however, continue to honor the contractual provisions related to the use of the intellectual property.

Both the BIA and the CCAA will now expressly provide for the court to permit assignment of certain agreements. However, the nature of the contracts to be assigned and the tests to be applied are not identical under the two statutes, and there is no clear reason for such a difference.

Under the CCAA, a court can order the assignment of agreements except: eligible financial contracts; collective agreements; other agreements that, due to their nature, are not assignable (personal services being the most obvious example). The BIA will allow the debtor or insolvency administra-tor to assign agreements with the same restrictions but does not permit an assign-ment of real property leases (but a trustee’s right to assign leases under provincial law is not affected).

In the case of both statutes, in order to determine whether the requested assignment should be granted, the court must consider:

if the proposed assignee will be able to perform the debtor’s obligations under the agreement to be assigned; and the appro-priateness of the assignment. Also, under the BIA, but not the CCAA, the court must consider whether the debtor could reorga-nize without the assignment.

Finally, before there is an assignment or-dered, the court must be satisfied under the BIA that there are no defaults that will remain afterward, while under the CCAA the court must be satisfied that no financial defaults will remain afterward.

Supplier retention claimsRights for unpaid suppliers to recover goods will be slightly enhanced in bankruptcy or receivership. Suppliers who have not received payment at the date of bankruptcy or receiv-ership will be able to recover their goods that were supplied in the 30-day period preceding the bankruptcy or receivership, provided a demand is submitted within 15 days of the bankruptcy or receivership.5

CCAA and regulatorsThe CCAA will provide that regulators can continue to regulate debtor companies undergoing a restructuring. However, regula-tors will not be able to enforce any monetary claims that will be subject to the stay of proceedings.

Transactions at an undervalueExisting provisions relating to settlements and reviewable transactions are repealed and replaced with the concept of an “undervalue transaction.” An undervalue transaction oc-curs when the consideration paid is materi-ally less than the fair market value of the assets or services transferred in the impugned transaction. A court can order that the estate be compensated for the difference between what was paid or received and what would


NEWSINTERNATIONALhave occurred had the consideration been for

fair market value.

Corporate governance and D&O chargeBoth the CCAA and the BIA will now allow the court the express authority to remove and replace the directors of the debtor. Such an order can be made where the court is satisfied that the directors (or a director) are unreasonably impairing, or are likely to im-pair, the restructuring. Then the court may order the removal of any such director(s) and appoint one or more replacements. The court is also expressly authorized to grant a charge on the assets of the debtor in a restructuring to protect the directors and of-ficers from any liabilities that may arise after the reorganization is commenced. Where there is gross negligence or willful miscon-duct, however, the charge will not apply.

International cooperationIn substance, the legislation implements the United Nations Commission on Internation-al Trade Law (UNCITRAL) model law on cross-border insolvency. Most of the changes from the model law reflect the fact that the concepts were already part of Canada’s do-mestic insolvency law. There is no reciprocity required in relation to the foreign proceeding that may seek access to the Canadian courts.6

Critical suppliersA court in a CCAA proceeding will be allowed to declare a supplier critical if the debtor applies to have the supplier so des-ignated. A critical supplier may be ordered to continue to supply in return for being provided security over the debtor’s assets to secured payment of the supplied goods.

However, the provisions that forbid anyone from being obliged to extend credit to the debtor also continue. The provision likely will allow some suppliers to extend short-

term credit to the debtor to ease its cash flow in return for the security being granted. However, the legislation does not address the priority to be granted for such supply.

Concluding wordsThe preceding is a summary and overview of only some of the changes to the BIA and the CCAA. Many other provisions in the legisla-tion are worthy of discussion. In addition, as mentioned earlier, it is quite possible that some of the deficiencies noted here will be remedied. 1

__________________

Endnotes1) S.C. 2005, c. 47.2) Although the legislation effects many changes

in both the personal and commercial insolvency area, this article only examines those which are relevant to the commercial context.

3) In Canada an employer is required to deduct from an employee’s wages amounts on account of the employee’s income tax, Employment Insurance, and Canada or Quebec Pension Plan contributions. The amounts withheld are deemed to be held in trust and are valid in an insolvency.

4) Provided for in Sections 81.1 and 81.2 of the BIA.5) The goods must have not been resold and be

identifiable at the time that the demand is presented.

6) The Model Law also does not require reciprocity.

Ken Kraft is a partner in the Toronto office of Heenan Blaikie LLP. His practice focuses pri‑marily on bankruptcy and insolvency‑related matters, and he has worked on many of the largest restructurings in Canada representing debtors, financiers, and

suppliers. He can be reached at 416/643‑6822 or at [email protected].


NEWSINTERNATIONAL

TMA now has an affiliate at the south-ern tip of the African continent that is intent on making its mark in the

region and contributing to the international TMA community.

AccomplishmentsOur organization was formed last year and achieved provisional chapter status in Octo-ber 2005. We are led by our CEO, Ntombi Langa-Royds, and chaired by Robin Taggart.

Beginning in 2006, we elected to become an international affiliate under TMA’s new licensing program. Being able to retain a large portion of membership fees as a result was just what we needed to fund our organi-zation. Thank you, TMA International!

Our Web site at www.tma‑sa.com contains our strategic plan—complete with a strategy map and balanced scorecards for each of our executive directors. As turnaround profes-sionals, we try to practice what we preach.

Local activities started in earnest in 2006. In February, we attracted 90 attendees to our monthly lecture series event with our

Chairman presenting “Turnaround–A Banker’s Perspective.”

MembersAfter ending 2005 with 42 members, we were slightly over that figure in February 2006 after a number of non-renewals, but with 12 new members. We are aiming for 100 members by the end of 2006.

To achieve our desired membership profile, we are focusing on attracting more members from the banking community. Moreover, given South Africa’s apartheid past, we are particularly keen on attracting member-ship from historically disadvantaged groups and involving them in our management structures.

IndustryTurnaround activity in South Africa is at a low point. The economy is robust, with in-terest rates the lowest in 24 years and banks’ books empty of sizeable distressed loans. Our region is faced with lack of private equity interest for distressed situations and a labor and tax regime that are not as friendly as

Chapter report

TMA South Africa Chapter sprints out of the starting gateBy Jan van der Walt, Deputy CEO, TMA South Africa Chapter

TMA’s South Africa Chapter board members have mapped out a strategic plan for con-ducting the new affiliate’s business and implement-ing its first-year programs.


NEWSINTERNATIONAL

what TMA members may experience in the United States, for instance.

There is a measure of turnaround activity taking place in government and state-owned enterprises, but generally, these turnarounds are run by government officials with support from the international consultancies.

But it is not all doom and gloom for the turnaround industry in South Africa. The exciting news is that new business rescue legislation is being drafted. When effected, it will provide a major boost for our members’

services. This will replace South Africa’s anti-quated present insolvency legislation, which results in distressed businesses effectively moving straight from workout into liquida-tion, with little chance of business rescue.

FutureOur programs already include a monthly lecture series and social event. Toward the end of the year, our members will participate in presenting papers at an annual week-long turnaround management conference hosted by a local business school.

In addition to The Journal of Corporate Renewal and TMA International News, our members will be receiving a local quarterly newsletter, which we aim to begin publish-ing in early 2006.

We will qualify to start a local ACTP pro-gram after we have achieved full chapter status, which is expected by October 2006. We are already laying the groundwork for the localized content for the three sections of the ACTP Body of Knowledge and university programs for offering related education.

Finally, we intend engaging with govern-ment, offering our services in the formula-tion and implementation of new business rescue legislation. In addition, we may assist government, perhaps on a pro bono basis, to set up and develop government turnaround structures and programs.

We look forward to the support of our international colleagues to help us deliver an ambitious first year’s program. 1

Members of TMA’s South Africa Chapter enjoy one of their group’s monthly social events at the Johannesburg Country Club.


NEWSINTERNATIONAL

Chapter report

TMA Australia enjoys a vigorous start to 2006by Schon G. Condon, RFD, FCA

The Australia Chapter welcomed in 2006 when TMA’s new international licensing arrangements for chapter

management and control went into effect. At the same time, our third President, Riad Tayeh of De Vries Tayeh, Chartered Ac-countants, took office, while our previous president, Nick Samios of Cash Resources Ltd., took on the role of chairman.

Samios moves on with many thanks from the chapter membership for all the work he has done to consolidate the position of the Australia Chapter over the past twelve months.

This year also began what will probably be one of the most significant in our young chapter’s history. Late 2005 saw the initial sub-chapter interest

meeting held at the Naval and Military Club in Melbourne to explore the formation of a Victorian sub-chapter, our first outside of Sydney.

The meeting resulted in the formation of a local committee, under the leadership of Michael Humphris of Horwath Chartered Accountants, to recruit new members and organize meetings and other events.

The organizing committee moved immedi-ately into full swing with plans for a major event to attract potential new members from within the Victorian business community.

This expansion is being closely followed by movements north with a similar group being formed to establish a further sub-chapter in Southern Queensland based out of Brisbane. Again, an initial meeting has been held, and a group there has been formed under the guidance of Terry van der Velde of SV Partners, Chartered Accountants.

Initial discussions are also being conducted with Jones Condon, Chartered Accountants, to assist with the establishing of a local sub-chapter in western Australia.

All this activity augurs well for the Australia Chapter to have its membership exceed 100 during 2006. This growth will go a long way to further raising the profile of the organiza-tion within the Australian turnaround arena.

Potentially of significant interest to our international colleagues will be our Third Annual Turnaround Conference to be held in Sydney in November 2006. The event will again bring together more than 100 mem-bers of the turnaround profession, as well as many other interested parties.

We would particularly welcome all of our international colleagues to join us for this occasion. If you think you may be in Aus-tralia during our Conference and would like to contribute in some way, please e-mail us at [email protected] or schon@jonescondon.

We expect 2006 to represent a milestone in the development of TMA within Australia and look forward to keeping our fellow international members apprised of these developments. 1

TMA International News 2nd Quarter 2006•1�

NEWSINTERNATIONAL2006C a l e n d a r

To place information on the calendar regarding events in your area, please contact Donna Steigerwald at [email protected].

4 — Australia – Sydney – Commercial Lenders Breakfast. For more information, contact: Christine Kinsela, TMA Aust Administra-tion, 0438 653 179, [email protected]

10 — UnitedKingdom. – London – 6:00 p.m., Olswang, 90 High Holborn – “Employment Issues Update”

10 — Australia – Sydney – Networking Function. For more informa-tion, contact: Christine Kinsela, TMA Aust Administration, 0438 653 179, [email protected]

10 — SouthAfrica – Social event

11 — UnitedKingdom – Brighton – 6:00 p.m., Quality Hotel, West Street—“A Turnaround Case Study—The challenges faced and successes achieved during the process of a Company Voluntary Arrangement.”

31 — SouthAfrica– Lecture series – “Convergence between Euro-pean Insolvency Models” (Dr. Paul Omar)

1 — Australia – Sydney – Commercial Lenders Breakfast. For more information, contact: Christine Kinsela, TMA Aust Administra-tion, 0438 653 179, [email protected]

14 — Australia – Sydney – Signature Luncheon, Charity Event. For more information, contact: Christine Kinsela, TMA Aust Administration, 0438 653 179, [email protected]

14 — SouthAfrica – Social event

21–23 — U.S.A.– 2006 Global Educational Symposium, “Liquidity and Corporate Renewal,” Hyatt Regency, Chicago, Illinois

28 — SouthAfrica– Lecture series – “The Business Rescue of CNA” (Graham Evans)

Documents

INTERNATIONAL NEWSNEWS - TMA 8 - 06Q2.pdf · 2008. 2. 27. · President of the Northwest Chapter and an ardent supporter of TMA’s global expansion. He can be reached at [email protected]