About TMA

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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.

NSW Regional Committee

Chairman

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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Phil Carter

Chairman

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.

Vice President

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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Ian Farquhar

Vice President

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.

Committee Member

Paul Apathy

Herbert Smith Freehills

Paul has extensive experience in Australia and Europe advising creditors, companies, insolvency practitioners and investors in respect of distressed situations. Paul also advises in respect of loan portfolio sales and other secondary debt market transactions. Some of the recent transactions on which Paul has advised include: -

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Paul Apathy

Committee Member

Herbert Smith Freehills

Paul has extensive experience in Australia and Europe advising creditors, companies, insolvency practitioners and investors in respect of distressed situations. Paul also advises in respect of loan portfolio sales and other secondary debt market transactions.

Some of the recent transactions on which Paul has advised include:

- Seven Group in connection with the restructuring of Nexus Energy
- KKR, Varde and Deutsche Bank in connection with the financing of their acquisition of GE's Australian and New Zealand consumer finance business
- Suncorp Group on the sale of its $1.6 billion non-core corporate and property loan portfolio to Goldman Sachs
- Goldman Sachs in respect of the restructuring of Nine Entertainment Group
- Deutsche Bank on its acquisition of various loan portfolios from the Banksia group

Committee Member

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

Committee Member

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.

Committee Member

Matt Berger

Commonwealth Bank Australia

Matt is an Executive Manager with the Commonwealth Bank. He sits within CBA's Risk Management area and his role is to manage the credit risk of the bank's riskier large loans. Matt has 20 years' experience in the restructuring and turnaround industry. Prior to joining

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Matt Berger

Committee Member

Commonwealth Bank Australia

Matt is an Executive Manager with the Commonwealth Bank. He sits within CBA's Risk Management area and his role is to manage the credit risk of the bank's riskier large loans. Matt has 20 years' experience in the restructuring and turnaround industry. Prior to joining CBA in 2010, Matt conducted advisory work for the major lenders whilst at PwC and then later with PPB Advisory. Matt is a Chartered Accountant and his memberships include the Turnaround Management Association and the Risk Management Association.

Committee Member

Marcus Derwin

FTI Consulting

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

Committee Member

FTI Consulting

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.

Committee Member

Abigail Gruzman

National Australia Bank

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Abigail Gruzman

Committee Member

National Australia Bank

Committee Member

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

Committee Member

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.

Committee Member

Merrick Howes

ACPA Pty Ltd (the Australian subsidiary of Anchorage Capital Group LLC)

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Merrick Howes

Committee Member

ACPA Pty Ltd (the Australian subsidiary of Anchorage Capital Group LLC)

Committee Member

Emanuel Poulos

Ashurst

Emanuel is a partner in the restructuring, insolvency and special situations group at Ashurst. He practises in the area of corporate restructuring and insolvency and has been involved with many of the group's largest and most complex insolvency and restructuring matters. His expertise extends to

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Emanuel Poulos

Committee Member

Ashurst

Emanuel is a partner in the restructuring, insolvency and special situations group at Ashurst. He practises in the area of corporate restructuring and insolvency and has been involved with many of the group's largest and most complex insolvency and restructuring matters. His expertise extends to restructuring and turnaround, and advising major financial institutions on bilateral and syndicated loan exposures. Emanuel's client base extends to major financial institutions globally, being recognised for his extensive experience in informal workouts. Emanuel is also a leading industry expert on Personal Property Securities law. He has been involved with a number of significant cross-border matters, including the liquidation of HIH Insurance Limited, a major insurance company with assets worldwide and the largest corporate insolvency in Australia; the liquidation of MF Global, a major global financial services and derivatives broker group; and the receivership of major fashion label Ksubi which involved complex multi-jurisdictional intellectual property claims.

Committee Member

Paul Shew

Rothschild

Paul heads the Debt Advisory and Restructuring team at Rothschild in Australia. The team provides advice to corporates, banks, hedge funds, sponsors and other stakeholders on all aspects of financial structuring and restructuring, including stressed refinancings, distressed M&A, consensual and non-consensual restructurings. The team’s recent

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Paul Shew

Committee Member

Rothschild

Paul heads the Debt Advisory and Restructuring team at Rothschild in Australia. The team provides advice to corporates, banks, hedge funds, sponsors and other stakeholders on all aspects of financial structuring and restructuring, including stressed refinancings, distressed M&A, consensual and non-consensual restructurings. The team’s recent restructuring assignments include advising an energy company on negotiations with its lenders, advising the bondholders of Mirabela Nickel, advising the acquirer of one of the Lloyds loan portfolios, advising BrisConnections, advising par lenders to Nine Entertainment and advising the senior lenders to Alinta.

Paul joined Rothschild in 2009, following three years in a similar role with UBS. Prior to this Paul spent five years in the project finance and leveraged finance teams at Westpac. Paul also previously spent three years at Macquarie Bank advising clients in the utilities and infrastructure sectors and on cross border structured financings.

Committee Member

Vaughan Strawbridge

Deloitte

Vaughan has more than 17 years experience in reorganisation services, 14 of these with Deloitte encompassing Australia, South east Asia and the UK. He has expertise in advising stakeholders of underperforming businesses to provide a roadmap to maximise future value. Vaughan brings real commercial

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Vaughan Strawbridge

Committee Member

Deloitte

Vaughan has more than 17 years experience in reorganisation services, 14 of these with Deloitte encompassing Australia, South east Asia and the UK. He has expertise in advising stakeholders of underperforming businesses to provide a roadmap to maximise future value. Vaughan brings real commercial experience in addition to restructuring services, of running multiple businesses across varied industry sectors effecting financial and organisational change.

Specialisation / expertise:

Lender advisory
- Business enhancement
- Situational advice, cost reduction, cash management, business enhancement
- Operational and financial restructuring / turnaround
- Independent business reviews and investigations
- Formal and informal insolvency engagements.

Committee Member

David Tozer

Houlihan Lokey

Mr. Tozer is a Founding Partner in Houlihan Lokeys Sydney office and leads the restructuring, distressed debt and special situations practice. He specializes in advising clients on event driven M&A, debt and equity financings, capital structuring, special situations and restructurings, strategic alternatives assessments, and valuations.

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David Tozer

Committee Member

Houlihan Lokey

Mr. Tozer is a Founding Partner in Houlihan Lokeys Sydney office and leads the restructuring, distressed debt and special situations practice. He specializes in advising clients on event driven M&A, debt and equity financings, capital structuring, special situations and restructurings, strategic alternatives assessments, and valuations.

Mr. Tozer has advised creditors on the US$275 million restructuring of Atlas Iron; advised NextDCon its A$220 million capital raising; advised Imdex Limited on a A$54 million senior debt and warrants rescue refinancing; advised Wesfarmers on equity and debt monetization options and covering Coles and Bunnings property portfolio and development pipeline for A$2.5 billion, creating a joint venture for Coles and designing the first lease securitization in Australia for Bunnings; advised Watson Pharmaceuticals on A$375 million acquisition of Ascent Pharmaceuticals from Strides Arcolab; advised RBS on the 15 billion restructuring of BAA; advised Cheung Kong Holdings acquisition of EDF Energy distribution networks in London for 5.8 billion; advised and financed Permira on its 1.4 billion leveraged buyout bid for Samsonite; advised RBS on its strategic options, restructuring and security realization of Arcandor, a large German insolvency and successful secondary sell-down of majority stake in Thomas Cook Group PLC; structured and financed Oaktree Capitals LBO and roll up of Stock Spirits Group for 325 million and subsequent proposed acquisition of Vin & Sprit (Absolute vodka) by Swedish government for 5.6 billion; advised the Australian government of the A$15 billion secondary sell-down of its remaining stake in Telstra (T3).

Mr. Tozer holds a B.Com. and an LL.B. from the University of New South Wales, graduating with merit and as the AXISS Scholar. He has completed Levels I and II of the CFA Program.