Safe Harbour – qualified entity

You will have seen that the safe harbour reforms are progressing apace and we refer you to our communication of last week - here.

We anticipate that there will be bi-partisan political support for the reforms and that the legislation will be passed in the coming months after further consultation.  Most importantly for you, as a member, in order to credibly provide turnaround advice, you will need to be a suitably qualified entity (whether as an individual, a partnership or a firm).  One of the factors that the draft legislation sets out in relation to the directors forming a view that there will be a better outcome than a formal insolvency, is that they have obtained appropriate advice from a suitably qualified entity.

TMA Australia's Certified Turnaround Practitioner course is a tertiary qualification in turnaround and restructuring which has been taught by the University of Technology Sydney (UTS) for the past decade.  There are over 200 graduates now.  The course has been accredited by the global head office of the TMA.

With tailored modules for management, finance and law, being a Certified Turnaround Professional is in our view the best formal qualification for turnaround practitioners and restructuring advisors. The major trading banks, investment banks and leading law and accounting firms help with both course design and provide guest lecturers. To view the schedule of upcoming UTS courses - here.

Certification - CTP status

We think that it will be important for you or your organisation to provide evidence of your formal qualifications to directors when determining if you are suitably qualified and experienced to provide advice.

After much consultation and debate, the TMA Australia Board has determined the criteria for the next level of certification - the Certified Turnaround Professional (CTP) designation. This internationally recognised accreditation applies to those TMA Australia members who have successfully completed all three UTS modules and also have the appropriate experience as well as veteran candidates who have a specified number of years' experience. 

In addition, those who have completed all three courses are certified as Certified Turnaround Analysts.

To review the criteria for TMA Australia's Certified Turnaround Professional designation - here.

If you consider yourself as having met the criteria, you can apply by completing the CTP application forms - here.  

We encourage TMA Members who have completed the courses to apply – noting that a formal oversight committee will need to determine accreditation as a professional. Veteran candidates should avail themselves of the process which provides a straight forward basis for applications for accreditation.

Exciting times lay ahead for our profession.  Qualification will be important.  Make sure that you and your firm have the best qualifications available.