About TMA

Join the TMA

TMA People

The TMA board of directors consist of highly regarded professionals who are deeply connected to the Turnaround industry. Many run their own businesses and dedicate a significant proportion of their own time to the TMA and the overall betterment of the Turnaround industry. They are committed to corporate renewal and the benefits it can bring to the economy, business prosperity and especially to people.

Australian Directors

Chairman

Tim Stewart

Gordon Brothers

Tim Stewart is the Managing Director responsible for leading Gordon Brothers' Australian operations, establishing their office in early 2017. Prior to joining Gordon Brothers, Tim was Managing Director and Head of the Royal Bank of Scotland (RBS) Plc's restructuring team across the Asia Pacific region.

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Tim Stewart

Chairman

Gordon Brothers

Tim Stewart is the Managing Director responsible for leading Gordon Brothers' Australian operations, establishing their office in early 2017. Prior to joining Gordon Brothers, Tim was Managing Director and Head of the Royal Bank of Scotland (RBS) Plc's restructuring team across the Asia Pacific region. He was responsible for managing distressed and underperforming assets across India, Singapore, Hong Kong, Japan, China, Malaysia and Australia, and led financial and operational restructures, debt for equity swaps and turnarounds. Tim held a number of other roles and responsibilities during his time at RBS, including Managing Director of the Strategic Disposals group, Chief Risk Officer of the RBS Australia Branch, and Head of Structured Asset Finance, Australia. Tim is the current Chairman of the Turnaround Management Association (TMA) in Australia and the immediate past President. Tim joined RBS in 2003 from KPMG where he worked as a tax advisor providing structuring advice on M&A and cross border structured finance. Tim qualified as a chartered accountant in England & Wales and holds a Masters in International Business Law, and a BA in Law.

President

Lachlan Edwards

Lazard

Lachlan is Managing Director and Head of Capital Structure Advisory at Lazard in Australia. He founded both the Goldman Sachs restructuring business in Europe and Asia Pacific based out of Sydney. He has been a Managing Director of Goldman Sachs for seven years

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Lachlan Edwards

President

Lazard

Lachlan is Managing Director and Head of Capital Structure Advisory at Lazard in Australia. He founded both the Goldman Sachs restructuring business in Europe and Asia Pacific based out of Sydney. He has been a Managing Director of Goldman Sachs for seven years and a partner of Goldman Sachs JB Were for three of them. He has been a banker for 22 years.

Before Goldman Sachs he co-founded and ran the Rothschild restructuring business in Europe in 2001, based in London. He was a main Board director of NM Rothschild & Sons in London. He had previously been a mining project finance banker at Rothschild in Australia for 10 years.
Lachlan has advised the company or the largest creditor groups in some of the world’s largest and most complex restructurings. For example, he had a leading role in the restructurings of Royal Ahold, Vivendi Universal, and Eurotunnel in Europe. Since returning to Australia he was a lead adviser for creditors and companies in situations such as Babcock & Brown, OZ Minerals, Elders, Rivercity, Redcape, BrisConnections, Waco, Nine Entertainment, CrossCity, and the financing of the Port Pirie Redevelopment for Nyrstar.

Vice President

Cameron Belyea

Clayton Utz

Cameron Belyea specialises in contested debt and capital restructuring, workouts, special situations assignments, banking and finance recoveries and litigation, commercial litigation, complex insolvencies and alternative dispute resolution. In recent times, Cameron has been involved in some of the most high-profile national restructuring and insolvency matters involving

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Cameron Belyea

Vice President

Clayton Utz

Cameron Belyea specialises in contested debt and capital restructuring, workouts, special situations assignments, banking and finance recoveries and litigation, commercial litigation, complex insolvencies and alternative dispute resolution.

In recent times, Cameron has been involved in some of the most high-profile national restructuring and insolvency matters involving complex debt and derivative and other structured finance products.

Director

Jennifer Ball

Clayton Utz

Jennifer is a key member of Clayton Utz' Restructuring and Insolvency team, and is a recognised expert in commercial litigation, specialising in all areas of insolvency, restructuring and banking litigation and has been involved in some of the most complex insolvency matters in Australia's corporate

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Jennifer Ball

Director

Clayton Utz

Jennifer is a key member of Clayton Utz' Restructuring and Insolvency team, and is a recognised expert in commercial litigation, specialising in all areas of insolvency, restructuring and banking litigation and has been involved in some of the most complex insolvency matters in Australia's corporate history.

With over 22 years' experience, Jennifer acts and advises banks and financial institutions as well as receivers, administrators and liquidators and other key stakeholders in large-scale administrations on aspects of insolvency. Jennifer is also a recognised expert on director's duties and shadow directorship and has presented at many domestic conferences on this topic.

Director

Andrew Birch

Executive Director

Andrew is a results-driven senior executive with 20 years’ experience in successfully managing and turning around troubled businesses. Andrew trained as a Chartered Accountant, and spent the first 15 years of his professional career working with leading accounting firms in corporate recovery, corporate finance and litigation

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Profile

Andrew Birch

Director

Executive Director

Andrew is a results-driven senior executive with 20 years’ experience in successfully managing and turning around troubled businesses.

Andrew trained as a Chartered Accountant, and spent the first 15 years of his professional career working with leading accounting firms in corporate recovery, corporate finance and litigation support roles. After realising that too many companies were ending up in insolvency, with devastating effects for directors, shareholders and their families, Andrew decided there was a gap in the market for company-side assistance.

Andrew typically acts as a Strategic Advisor to the Boards and stakeholders of mid-market companies helping them navigate challenging situations and achieve positive outcomes. Andrew provides clear business direction to clients with real empathy, and understanding.

Turnaround | Restructuring | Safe Harbour Adviser

Director

Phil Carter

PPB Advisory

Phil has over 24 years of experience in advising clients in corporate advisory and restructuring in both Australia and the UK. His expertise includes: - assessing business performance - implementing turnaround initiatives - restructuring and workout arrangements - formal insolvency appointments Phil has a depth of experience in the

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Profile

Phil Carter

Director

PPB Advisory

Phil has over 24 years of experience in advising clients in corporate advisory and restructuring in both Australia and the UK. His expertise includes:

- assessing business performance
- implementing turnaround initiatives
- restructuring and workout arrangements
- formal insolvency appointments

Phil has a depth of experience in the retail industry in a range of retail including household appliances, apparel and foodstuffs. He has also led successful workouts involving private equity, hedge fund and other debt trading stakeholders.

Some of Phil's recent major assignments include:

Receiver/manager of Clive Peeters, an ASX-listed company which operated 45 retail superstores across Australia. Managed the company and negotiated the sale of the business to Harvey Norman as a going concern, all within six weeks.

Syndicate advisor/IA to a PE-owned household goods retailer with c. 200 stores.

Syndicate advisor/ IA to a large PE owned clothing retailer.

Receiver/manager of Betta Electrical, a central franchisor company with approximately 150 franchisees and 250 stores. The Betta business was sold as a going concern to a consortium of senior franchisees, and continues to operate in the market today.

Administrator of Spectrum Fire Group, one of the largest fire services businesses in Australia, employing over 500 people on a national basis. The business was successfully sold as a going concern shortly after appointment.

Receiver and manager of Bush's international, a manufacturer of pet food products, which was successfully sold within two months of appointment.

Advisor to major Australian banks in respect of their exposure to a mining company which owns two coal mines and a niche cosmetics manufacturer and retailer.

Advisor to a major Australian bank regarding its exposure to a publicly-listed media and communications group. The business has now been sold and the bank's debt repaid in full.

Director

Marcus Derwin

R Cubed Group

Marcus is a Senior Managing Director within the Corporate Finance & Restructuring segment of FTI Consulting. He specialises in supporting sustainable businesses faced with the challenge of stressed situations or crisis related circumstances. He acts in both advisory and Interim management capacities, including Chief Restructuring

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Marcus Derwin

Director

R Cubed Group

Marcus is a Senior Managing Director within the Corporate Finance & Restructuring segment of FTI Consulting. He specialises in supporting sustainable businesses faced with the challenge of stressed situations or crisis related circumstances. He acts in both advisory and Interim management capacities, including Chief Restructuring Officer ('CRO)', Board and executive C-suite roles, in which he has a long established and proven global track record.

FTI Consulting (www.fticonsulting.com) is a global business advisory firm and the largest specialist advisory firm in Asia Pacific, advising on issues in the areas of finance, restructuring, risk, governance, performance, reputation, intelligence, compliance and liability.

Director

Ian Farquhar

National Australia Bank

After 25 years for ANZ working across Retail Banking, International Trade, Trade Risk, Trade Finance, Corporate Banking, Credit, Finance & Operations and Private Banking Ian left during the GFC late in 2008 taking the opportunity to move to National Australia Bank Ltd (NAB). In moving

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Profile

Ian Farquhar

Director

National Australia Bank

After 25 years for ANZ working across Retail Banking, International Trade, Trade Risk, Trade Finance, Corporate Banking, Credit, Finance & Operations and Private Banking Ian left during the GFC late in 2008 taking the opportunity to move to National Australia Bank Ltd (NAB).

In moving to NAB in March 2009, at a time of market turmoil, Ian joined the Strategic Business Services (SBS) as a Senior Manager where he was managing distressed and impaired assets in the Business Banking/SME space. This presented a broad range of experience for Ian in dealing with distressed situations and working on turnarounds situations. A key part of working in this area required Ian to manage many key internal and external stakeholders.

After 18 months in SBS, Ian took up the opportunity to join the Specialised Services banking team taking up the new Real Estate Banking National Manager role where he developed a new Lending Policy, marketing material, industry networks, online training and identified industry conferences to deliver the new specialised service product/service capability. Ian spent four years in what then became Industry Solutions, where he had also taken on Accounting, Insolvency and Legal firms on top of the Real Estate Banking portfolio he had started with.

For the past three years, Ian has worked in the Group SBS Sydney team looking to minimise any potential loss in working with debt exposures which are showing some sign of stress. A great amount of time involves working with bankers, customers and external service providers developing solutions for turnaround and stakeholder management, while there is quite a bit of time on banker training and mentoring via lessons Learnt on actual customer situations.

Director

Carl Gunther

KPMG

I joined KPMG in August 2009 and have over 20 years financial and operational restructuring experience. I am a restructuring specialist having led teams in complex operational and financial restructuring programmes across multiple industries.

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Carl Gunther

Director

KPMG

I joined KPMG in August 2009 and have over 20 years financial and operational restructuring experience. I am a restructuring specialist having led teams in complex operational and financial restructuring programmes across multiple industries.

Director

Premjit Kaur

Fortress Investment Group (Australia) Pty Ltd

Premjit Kaur is a Managing Director in the Sydney office of Fortress Investment Group which she joined in early 2007. Premjit has been involved in all aspects of the business including originating, evaluating, executing, managing and realising exit of investments. This is across both

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Premjit Kaur

Director

Fortress Investment Group (Australia) Pty Ltd

Premjit Kaur is a Managing Director in the Sydney office of Fortress Investment Group which she joined in early 2007. Premjit has been involved in all aspects of the business including originating, evaluating, executing, managing and realising exit of investments. This is across both primary investments and investments on the secondary market.

Prior to joining Fortress, Premjit was an Associate in the Global Capital Markets division of Morgan Stanley, London, where she focused on European strategic finance and high yield debt. Before Morgan Stanley, Premjit was with the Tillinghast business of Towers Perrin in Boston and Sydney, consulting to property and casualty insurance entities.

Premjit has an M.A. from the University of Cambridge where she read mathematics and an M.B.A. from INSEAD. Premjit is also an Associate of the Institute of Actuaries, UK.

Director

Sam Marsden

PwC

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Sam Marsden

Director

PwC

Director

Chris Martin

KordaMentha Corporate

Chris is one of Australia’s leading transformation, turnaround and corporate renewal advisors. He is a qualified solicitor and chartered accountant with a broad range of advisory and operational experience. Having previously worked as a management consultant and an investment banker Chris has a long history in

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Chris Martin

Director

KordaMentha Corporate

Chris is one of Australia’s leading transformation, turnaround and corporate renewal advisors.

He is a qualified solicitor and chartered accountant with a broad range of advisory and operational experience. Having previously worked as a management consultant and an investment banker Chris has a long history in assessing and improving corporate performance. He works with C-suite executives and public sector enterprises in assisting them with their most challenging issues.

Prior to joining 333, Chris was the Managing Director of an ASX-listed company where he developed and implemented a new corporate strategy designed to deliver sustainable and profitable growth. While the initial focus was on improving the operational and financial performance of existing business units this initiative was supplemented by a range of acquisitions. Chris led the post merger integration team and understands the opportunities and challenges associated with delivering synergies that often underpin corporate acquisitions.

Having considerable experience as both advisor and front line manager, Chris brings operational empathy to each engagement and understands the importance of designing practical solutions that are capable of being assessed against clearly defined and measurable outcomes.

Director

John Nestel

Herbert Smith Freehills

John is a partner in the Banking & Finance group, with a primary focus on leverage corporate financings, including those involving mezzanine debt, and the restructuring of same. Since joining Freehills, John has played a major role in some significant financing transactions, including a large

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John Nestel

Director

Herbert Smith Freehills

John is a partner in the Banking & Finance group, with a primary focus on leverage corporate financings, including those involving mezzanine debt, and the restructuring of same.

Since joining Freehills, John has played a major role in some significant financing transactions, including a large number of high-profile privatisations and infrastructure projects. Many of those projects relied upon complex cross border financings, which has become one of John's specialties. Similarly, John has been very active in supporting the turnaround and restructuring market in Australia, having worked on major corporate restructures in the United States and Europe during the past decade.

John has also been involved in many of the recent significant administrations and informal workouts in Australia, as well as in developing innovative usages of mezzanine debt.

John has had a number of articles published in both the Australian Law Journal and the Journal of Banking & Finance Law.

Director

Michael Sloan

Ashurst

Michael's experience includes acting for liquidators, administrators and affected creditors in major insolvency administrations including Waterford Wedgwood, Bridgecorp, Bidgee, Pan Pharmaceuticals, New Tel, Enron, HIH, Huon and Pasminco. He has also led teams on both national and international listed company restructurings in the property, telecommunications,

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Michael Sloan

Director

Ashurst

Michael's experience includes acting for liquidators, administrators and affected creditors in major insolvency administrations including Waterford Wedgwood, Bridgecorp, Bidgee, Pan Pharmaceuticals, New Tel, Enron, HIH, Huon and Pasminco. He has also led teams on both national and international listed company restructurings in the property, telecommunications, managed investment scheme and energy and resources sectors. Michael has assisted his clients to resolve matters quickly and cost-effectively by developing innovative solutions to enable companies to continue to trade (eg pre-packs, loan to own and introduction of distressed investors).

An international consultant to the Asian Development Bank, Michael also manages a major law reform project in the region aimed at promoting insolvency law reform in Asia. Michael has drafted a Model Agreement to Promote Company Restructuring for the 140 member Asian Bankers' Association.

Director

Darren Stacey

BDO

I have previously worked for many years with the Lloyds Banking Group (and subsidiaries) within a variety of banking roles in Australia and New Zealand. The majority of my time had been spent in business development, but in management within the recovery area from 2008.

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Darren Stacey

Director

BDO

I have previously worked for many years with the Lloyds Banking Group (and subsidiaries) within a variety of banking roles in Australia and New Zealand. The majority of my time had been spent in business development, but in management within the recovery area from 2008. I joined Suncorp in 2012 to lead the Banking Recovery function. Just recently I have commenced in Debt Advisory at BDO working with clients and banks to facilitate restructuring and turnaround.

Director

Timothy Williams

National Australia Bank

Tim is the General Manager for National Australia Bank's Group Strategic Business Services, the specialist workout, restructuring & insolvency division of the bank. Tim is responsible for a wide range of corporate & institutional problem and distressed loans across various asset classes, corporate groups and

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Timothy Williams

Director

National Australia Bank

Tim is the General Manager for National Australia Bank's Group Strategic Business Services, the specialist workout, restructuring & insolvency division of the bank. Tim is responsible for a wide range of corporate & institutional problem and distressed loans across various asset classes, corporate groups and industry classifications.

Tim has over 20 years experience in corporate finance being actively employed in Insolvency, Corporate Restructuring, Capital Markets, Securitisation, Structured Finance, Project Finance, Property Finance and Corporate Lending. He has worked with National in Australia, New York & London.

Tim has a Bachelor of Laws and a Masters of Business Administration from the University of Technology, Sydney as well as a Masters of Laws from the University of Sydney. Tim is a Solicitor of the Supreme Court of New South Wales, a member of the Law Society of NSW, a member of the Law Institute Victoria, a Senior Associate of FINSIA, a Member of the Tax Institute of Australia, a member of the Insolvency Practitioners Association, a member of the Turnaround Management Association of Australia.