As I understand the vision of TMA’s founders over 30 years ago, they were building a community of like-minded professionals who were focused on corporate renewal and rehabilitation, not simply bankruptcy and liquidation. They envisioned a community which facilitated knowledge sharing, established credentials, and passed on their tools to others to expand awareness of the group’s efforts to turn around more companies. Now, given our approximately 9,000 members worldwide, the 31 founding members had quite an impressive vision for TMA.
As the premier global organization dedicated to corporate renewal and turnaround, TMA’s established international presence is unique among restructuring professional organizations. Indeed, TMA’s Big Tent includes fully licensed chapters in 17 countries outside of North America, with others in various stages of formation in additional countries.
The expansion of TMA beyond the United States and Canada evolved naturally as restructuring professionals across the globe realized the benefits of corporate rehabilitation as opposed to liquidation. In fact, many countries changed their insolvency laws to more closely resemble U.S. Chapter 11 bankruptcy laws, which protect a debtor from creditors to allow the debtor time to develop and present a plan of reorganization for creditors’ approval. As companies’ operations became more global and more complex, the development of Chapter 15 proceedings facilitated cross-border recognition of foreign bankruptcy proceedings and coordination across global jurisdictions.
While there are several international associations focused on insolvency law, TMA is widely recognized for its broader content reach and inclusion of all related restructuring disciplines. Therefore, it was natural and organic for TMA’s arms to embrace international communities of restructuring professionals who were more focused on early intervention, operational improvement, and out-of-court restructurings. The values our members espouse in North America—education, knowledge sharing, and networking—are shared by our international members.
TMA’s strong worldwide presence and unique branding are not merely trophies to be put on a shelf and admired. Rather, TMA Global is focused on enhancing the value that TMA provides and ensuring that all our members enjoy the benefits of being a vital part of TMA’s worldwide community.
This focus has manifested itself in TMA’s International Strategy Working Group (ISWG), which is comprised of TMA leaders and practitioners representing 15 chapters across 10 countries. TMA recently launched the ISWG to focus on two initial areas: enhancing connectivity and communications by and between TMA Global and our worldwide chapters; and helping to define the vision of TMA’s global positioning and branding.
With input from the ISWG, TMA hopes to capitalize on its international presence and branding by considering expansion into additional, relevant countries and identifying outreach methods to support continued growth of our existing international chapters. With approximately 33 percent of TMA’s members outside of North America, international chapters are the fastest growing segment of TMA’s membership. This growth mirrors the continued evolution of international insolvency laws to recognize and support the benefits of debtor turnaround and rehabilitation versus liquidation.
The initial recommendations from the ISWG will be presented at the TMA Global Annual conference in Cleveland, Ohio, on September 27. As TMA adopts and implements the ISWG’s recommendations and initiatives, members across the globe should see the benefits from our enhanced connectivity and global vision as words are quickly put into action.
This is not a new vision for TMA Global. Rather, it is the next step in advancing TMA forward and capitalizing on what has made and continues to make TMA unique in the global restructuring community.