The Turnaround Management Association (TMA) is the premier organisation dedicated to corporate renewal and turnaround management. More than 8,300 TMA members comprise a worldwide professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants, as well as academic, government and judicial employees.
Headquartered in Chicago, Illinois, TMA has 55 chapters spanning six continents – 32 in North America and 24 throughout the world. TMA Europe represents the 12 European chapters, serving as a forum for the interchange of ideas and as a networking opportunity for developing relationships across the continent through regular newsletters and the TMA Europe Annual Conference.
In addition to the countries represented by TMA Europe, TMA members are served by the following international chapters:
View the TMA chapter directory for a complete list.
The board members bring a wealth of experience to TMA Europe and are comprised of the following members:
Enrica Maria Ghia - TMA Europe President
Enrica graduated magna cum laude in Law at Rome University La Sapienza in 1993, discussing a thesis on Bankruptcy Law. She completed her education with a LLM in EU Law on June 1995 at the College of Europe. Admitted to the Milan Bar since 1998 she is attorney and managing partner at Studio Legale Ghia. Expert in bankruptcy law, business law and company law with a specific competence in turnaround and insolvency proceedings. Her activity in those fields is both judicial and out of court. Since June 2015, Founding Member of the International Insolvency Institute. Since July 2015, Fellow at European Association of Certified Turnaround Professionals (EACTP).
Carlos works as a court-appointed liquidator and trustee, most recently in connection with the restructuring of the Kelch&Links group in Schorndorf near Stuttgart (turnover of EUR 100 million) and TECHNOSAN Umwelt GmbH (turnover EUR 25 million) near Munich. He was the leading partner in the financial restructuring through a Scheme of Arrangement at the High Court in London of PRIMACOM Group (restructuring of more than EUR 600 million debt). He acted as joint representative of the Bondholders (representing more than EUR 500 million) of QCells SE (a German listed company) and later as member of the creditors’ committee. He was involved in the restructuring of SolarWorld AG, also a German quoted company, acting as managing director of one of the three major shareholders. He is also trustee in the Cayman Islands in the restructuring/insolvency of Pfleiderer AG. The last three cases belong to the largest in Germany in the last two years. Currently, he has been the leading managing CRO in the restructured German PAPERLINX Group.
Carlos was admitted to the Bavarian Bar in 1990. Since 2003 he is also an avvocato belonging to the Paduan Bar in Italy. He received his Ph.D. from University of Munich, rated the best law school in Germany, in 1993. He attended Templeton College (Oxford University) in 1995 taking classes in marketing and finance (Diploma). Carlos is admitted to practice in Italy and Germany. He became certified in Germany as a Restructuring and Insolvency Practitioner in 2003.
He is an active member in a number of professional associates including Insol Europe (Past President and Honorary Member for Life), Insol International, International Insolvency Institute, VID (Verband Insolvenzerwalter Deutschland, and ISIR (Istituto Italiano Studi Internazionali di Insolvenza e Risanamento, where he is the actual President).
Finally, last year he became a Honorary Professor at the Corvinus University in Budapest.
David Bryan is Managing Partner and CEO of boutique turnaround and restructuring firm BM&T. London based BM&T is a founder member of the European Restructuring Solutions network.
A Chartered Accountant, MBA and a Fellow of the European Association of Certified Turnaround Professionals, David spent many years in industry as a CFO in international listed businesses including several years living in the USA. He also worked extensively in Europe.
David joined US turnaround firm Glass & Associates in 2004 before founding BM&T in 2008. He has worked on numerous mid-market turnarounds, most with cross-border complexities. He Co-authored the Institute of Chartered Accountants guide to Turnaround and has won two TMA Turnaround of the Year awards. He has been Finance Director of TMA Europe since its foundation and is also on the board of the TMA UK chapter.
Ignacio Buil Aldana
A partner at Cuatrecasas, Gonçalves Pereira, Mr. Buil is a member of its Finance Practice. He has been based in the London office since September 2013. Qualified in Madrid (Spain) and New York. He has extensive experience in financing and debt-restructuring transactions (in and out of court), and in negotiating financing and refinancing agreements involving a wide range of capital structures, including the refinancing of LBO financings, project finance, real estate finance and corporate finance.
Mr. Buil represents borrowers and lenders, and advises financial institutions, hedge funds and private equity funds on financing and refinancing transactions, and distressed investment strategies. He has also participated in several national and multijurisdictional financing transactions and acquisition of NPL portfolios.
He worked as an associate in the New York office of a major American law firm where he represented several debtors and creditors in chapter 11 reorganizations, including advising on 363 sales and debtorin- possession financings.
Recommended by several directories, including Legal 500 and IFLR in Banking & Finance.
Ignacio is the contributor editor of the book “Investing in Distressed Debt in Europe: The TMA Handbook for Practitioners”
Tyrone is a Chartered Accountant (1986), a fellow member of ICAEW, and a Licensed Insolvency Practitioner (1989). He is lead partner of the firm’s business restructuring, recovery and insolvency services practice. He has extensive (over 25 years) experience advising lenders, corporate’s, distressed investors and individuals in complex financial restructuring and recovery situations across a broad wide of industry sectors and jurisdictions.
Tyrone is well known in the Midlands business community and is Vice Chair of the icaew special interest group for Insolvency and Restructuring and Vice President of LANSCA. Tyrone is also a member of the Board of Trustees for TMA Global.
He is a past President of the Turnaround Management Association (UK) (2008 and 2009) (see www.tmw-uk.org), and immediate past President of the European Association of Certified Turnaround Professionals (www.EACTP.eu)
- Connect with TMA’s network of more than 8,300 professionals through the Membership Directory and LinkedIn group, both exclusive to TMA members
- Network and learn from the turnaround and corporate restructuring industry’s foremost leaders during local, regional and international meetings and conferences held throughout the year, including TMA’s three annual international meetings, the TMA Annual Convention, TMA Distressed Investing Conference and TMA Spring Conference
- Save with member discounts on TMAccesseducational resources, including the Body of Knowledge book series (online and print versions), webinars (live and archived), e-learning programs and publications
- Read TMA International News, a quarterly publication focusing on topics of major interest to the international corporate restructuring community
Enrica Maria Ghia - TMA Europe President
It is with great enthusiasm that I take over the task of guiding TMA Europe for the next two years. I am aware of all the efforts and dedication this role requires and that is why I thank Lukas Fecker for all he has accomplished in the interest of our association during his mandate.
TMA Europe has grown a lot by enlarging its presence all around Europe through the foundation of new chapters and by increasing the number of members in each chapter. It is time now for each member of TMA Europe to benefit in such a growth by taking advantage of such a huge network, by sharing content and knowledge, by giving visibility to each other’s expertise. Connections help leadership and this is what TMA Europe stands for!
I will definitely work, together with Mandy Caruana (what could I do without her?) and the support of the entire board, so that TMA Europe will become for all of us a big hub where all chapter activities are amplified and become a common thread for all of us.
I invite all of you to be active domestically and internationally: opportunities are all over and it is time to catch them!
I am ready to help each chapter to develop their own projects, by counseling if requested and by attending as many events as possible to diffuse TMA Europe’s vision and turnaround culture.
Time issues, investors interests, worker’s position, old products, blind entrepreneurs, inconsistent markets, companies’ size (too small, too big, too medium), unrealistic plans, unrealistic legislation, unrealistic judges… all these issues and many more make turnaround a concept linked to the words; emergency, desperation, fear and end.
On the contrary, the effort that TMA faces and each of us turnaround professionals must take over, is to prove that turnaround is not a solution only for pathological cases: each good company should turnaround every single day, testing the strength of its market position and the vision of its business plan.
This attitude and vision could make all companies stronger, with a positive general effect on the economy of each Country.
That is why our association is so important and that is why our role is so strategic!
Thank you for the trust and the professional opportunity that I will carry on with all my energy and dedication.
Enrica Maria Ghia
Lukas Fecker - 2017 Vice President, International Relations
I am delighted to become Vice President for International Relations for TMA Global. I feel honoured and excited about the opportunities this role offers to support the TMA globally and to integrate Europe closer to our partners in the USA, Asia and across the world. I also look forward to supporting Enrica Ghia and TMA Europe.
As President of TMA Europe for the last two years it has been so satisfying to see the organisation develop at such pace, with more members, chapters and events than ever before. I am proud of the part I have been able to play in this growth, and particularly with the introduction of new events, including our East European conference, which is now in its fourth year, and also our groundbreaking Round Table debates, which brought together leading financial services figures to discuss and help shape key banking trends and policy. One of our most recent initiatives saw TMA Europe co-publish our first book, focusing on the European distressed debt market - another great example of our organisation’s ongoing commitment to innovation and progress in the law and practice of restructuring and turnaround across Europe.
I believe TMA Europe has a vital role to play in influencing and setting the standard for the way our professional community grows and develops, and I will continue to identify new ways and opportunities in which we can do this to ensure we maintain the momentum of our work in Europe.
As I take up my new role I am looking forward to extending my support to encourage TMA's vital networking and education activities in our international chapters, and to continuing to promote the benefits of our work strengthening the global economy. We are all lucky to benefit from access to TMA's international community of turnaround, restructuring and renewal professionals, and I look forward to working with you, and meeting as many of you as I can in 2017.
Vice President International