Restructuring & Insolvency Breakfast Series | Corporate Turnarounds // Monday 28 October 2019
DWF (Middle East) LLP in conjunction with Alvarez & Marsal and Thomson Reuters hosted the first session of their Restructuring and Insolvency Breakfast Series on Monday 28 October 2019 which focused on Corporate Turnarounds.
A number of companies are seeing pressures of increased competition, evolving technology and economics, coupled with deteriorating financial performance, resulting in a need to change the business structure and prevent the company from failing. This is not only about survival of the distressed company survives but also ensuring that it is prepared for future challenges. The panel discussed the steps and strategies required for a corporate turnaround.
Moderator: Umera Ali, DWF Middle East - Partner// Head of Banking & Finance (Middle East) Panellists:
Jonathan Burton, DWF Middle East – Director // Corporate
Matti Kasi, Alvarez & Marsal – Director
Muhammad Ali Baig – Finance & GRC Expert
Marcus Khoury - CCC – Senior Legal Counsel
A summary of the five key takeaway points from the discussion:
Time is of the essence: Any concerns should be addressed sooner rather than later without waiting for the market to pull the business out of turbulence. The more the decision-making waits, the harder the turnaround gets.
Remove emotions when it comes to decision-making: Frequently owners’ emotional attachment to the business is a hindrance to making difficult decisions. External view from objective third parties can be key in such scenarios.
Seek an objective perspective: Having a correct view of the current state of the business is paramount to identifying root causes with a view to addressing them and getting stakeholder's buy-in. This is a critical first step in the turnaround process. Third party advisors can facilitate that process through providing objective perspective and to navigate through corporate politics.
Consult external advisors: Tailor-made and practical advice is required from advisors. The feasibility of success fee structures should always be considered to ensure alignment.
Focus on delivering quick wins: Restructurings are costly but not taking action is surely even more expensive for all stakeholders. Businesses should focus on delivering quick wins early in the process to fund the longer-term initiatives and to create momentum.
Watch our expert panellists discuss their key takeaways from the seminar.
When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. We mainly use this information to ensure the site works as you expect it to, and to learn how we can improve the experience in the future. The information does not usually directly identify you, but it can give you a more personalised web experience.
Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change permissions. However, blocking some types of cookies may prevent certain site functionality from working as expected
These cookies let you use the website and are required for the website to function as expected.
These cookies are required
Anonymous cookies that help us understand the performance of our website and how we can improve the website experience for our users. Some of these may be set by third parties we trust, such as Google Analytics.
They may also be used to personalise your experience on our website by remembering your preferences and settings.
These cookies are used to improve and personalise your experience with our brands. We may use these cookies to show adverts for our products, or measure the performance of our adverts.