1st Edition

Turnaround Management and Bankruptcy

Edited By Jan Adriaanse, Jean-Pierre van der Rest Copyright 2017
    474 Pages
    by Routledge

    474 Pages
    by Routledge

    Written by leading experts in the field of business, finance, law and economics, this edited volume brings together the latest thoughts and developments on turnaround management and business rescue from an academic, judiciary and turnaround/insolvency practitioner perspective.

    Turnaround Management and Bankruptcy presents different viewpoints on turnarounds and business rescue in Europe. Presenting a state-of-the-art review of failure research in finance, such as on bankruptcy prediction, causes of decline, or distressed asset valuation. It also presents the latest insights from turnaround management research as well as giving a contemporary insight into law debates on insolvency legislation reform, cross-border judicial issues, bankruptcy decision-making by judges and competition policy in distressed economies. Finally, the book provides a regional and sector perspective on how the current crisis affects Europe, its government policies and industry performance.

    In this way, the volume presents a modern, interdisciplinary and scholarly overview of the latest insights, issues and debates in turnaround management and business rescue, developing a European perspective in an attempt to redress the predominance of an American orientation in the academic literature. It aims at a wider audience interested in turnarounds and failure, such as faculty and students in the fields of law, business, economics, accountancy, finance, strategic management, and marketing, but also at judges, insolvency practitioners, lawyers, accountants and turnaround professionals, as well as the EU and government officials, staff of trade unions and employer’s associations.

    Foreword by Bob Wessels

    Part 1: Historical Perspectives

    1. The History of Corporate Turnaround Management – Personal Reflections

    Donald Bibeault

    2. Business Rescue, Turnaround Management and the Legal Regime of Default and Insolvency in Western History (Late Middle Ages to Present Day)

    Dave De ruysscher

    Part 2: Business Failure

    3. Some Causes of Organizational Decline

    William McKinley

    4. Predicting Business Failure

    Nico Dewaelheyns, Sofie De Prijcker, and Karen Van Den Heuvel

    5. A Theoretical Framework for Restructuring

    Joost de Haas and Pieter Klapwijk

    6. Valuation in Good Times and Bad

    Jan Vis

    Part 3: Turnaround Management

    7. Turnaround Planning: Insights from Evolutionary Approaches to the Theory of the Firm

    Gianpaolo Abatecola and Vincenzo Uli

    8. Turnaround Strategies – Practical Insights from a 47-Year Career

    Donald Bibeault

    9. Why Must Companies Reorganize and Why do They Wait so Long? Insights from Practice

    Kathryn Rudie Harrigan

    10. Human Considerations In Turnaround Management – A Practitioner’s View

    Yuval Bar-Or

    11. The Executioner’s Dilemma: Explaining Role Stress by Ethical Conflict among Those That Carry Out a Downsizing Event

    Rick Aalbers and Philippos Philippou

    Part 4: Legal Issues and Ethics

    12. Why Rescue? A Critical Analysis of the Current Approach to Corporate Rescue

    David Burdette and Paul Omar

    13. Towards a European Business Rescue Culture

    Gert-Jan Boon and Stephan Madaus

    14. Effectiveness of Preventive Insolvency Frameworks in the EU

    Mihaela Carpus Carcea, Daria Ciriaci, Carlos Cuerpo Caballero, Dimitri Lorenzani, and Peter Pontuch

    15. An Overview of the Pre-Insolvency Procedures in the United Kingdom and South Africa

    Alexandra Kastrinou and Lezelle Jacobs

    16. The Ethics of State Bankruptcy

    Jukka Kilpi and Simon Elo

    Part 5: Industry Perspectives

    17. Firm Turnarounds in Knowledge Intensive Industries

    Vincent Barker III and Achim Schmitt

    18. Turning SMEs Around – On Breaking And Making Organizational Paths

    Jörg Freiling and Hartmut Meyer

    Part 6: Cases & Game

    19. Back to the Future – The General Motors Restructuring Plan

    Jan Adriaanse

    20. Business Failure in the U.S. Restaurant Industry

    H. G. Parsa

    21. Turnaround Workout Game: To Rescue The Uganda Hotel-Casino Group, Or Not…?

    Jan Adriaanse, Arnoud Griffioen, and Jean-Pierre van der Rest

    Epilogue: A Synopsis of the Present and Future of Turnaround Management and Bankruptcy

    Tim Verdoes, Jean-Pierre van der Rest, and Jan Adriaanse


    Jan Adriaanse is Professor of Turnaround Management at Leiden University, The Netherlands.

    Jean-Pierre van der Rest is Professor of Business Administration at Leiden University, The Netherlands.