Turnaround Wing of INSOL Europe and Leiden Law School are working on the design of ‘guidelines for out-of-court turnaround professionals’. The project was approved by the Council of INSOL Europe at its 2014 conference in Istanbul and subsequently started in November 2014.

Aim of the project

By setting professional and ethical standards including disciplinary procedures for the profession in Europe, the guidelines aim:

(a) to offer leadership to turnaround practice in Europe,
(b) to promote out of court restructuring rather than in court reorganisation or liquidation,
(c) to provide the basis for a long-term sustainable future for the business by ascertaining the quality of turnaround professionals, and
(d) to enhance the trust in the profession in the market place.

Project set-up

The project consists of two phases. The first phase (until March 2015) involves a study on relevant international and national documents containing laws, rules, guidelines, principles, best practices and comments. During the second phase (April-July 2015) Principles and Guidelines for Out-of-Court Turnaround Professionals will be drafted, and finally submitted to the members in a questionnaire (Summer 2015). The final draft of the Guidelines will be presented during the next INSOL Europe annual conference in Berlin, 2015.

Materials

Report II: Guidelines for out-of-court restructuring and turnaround professionals - the process, the text, the comments, the criticism and the recommendations

• Report II
• TW Guidelines

​Report I: An analysis of international and national sources as a basis for the design of principles and guidelines for out-of-court turnaround professionals 

• Report I
• Annex B
• Annex C

Contact

The project is coordinated by professor Jan Adriaanse and directed by Dr. Bernard Santen of the TRI Leiden Research Team. The project-team can be contacted via: twproject@tri-leiden.eu.