| For such a relatively small world, the business rescue | | | | in addition to the accountancy institutes, the law |
| and turnaround management industry in the UK has | | | | society and the government. |
| generated an extraordinary variety of acronyms in a | | | | JIEB - Joint Insolvency Examinations Board are the |
| very short space of time. So this article provides a | | | | exams required to obtain an insolvency licence. |
| guide to who's who and what's what in the world of | | | | MTA - Minerva Training Associates is the only UK |
| business rescue and turnaround management | | | | based training company which specialises in providing |
| consulting: | | | | practitioner led turnaround training courses for people |
| ABRP - rather inelegantly often pronounced as | | | | entering or already within the turnaround profession. |
| sounding like 'a burp', the Association of Business | | | | R3 - stands for Rescue, Recovery, Renewal, and is |
| Recovery Professionals is the trade body for the UK | | | | the business rescue friendly trading style adopted by |
| insolvency profession (also known as R3) but now | | | | ABRP when it stopped being SPI. |
| avoids the 'I' word having changed its name from SPI | | | | SIP 16 - Statement of Insolvency Practice 16 sets |
| as part of the process of widening membership to | | | | out the information an Administrator will need to |
| the turnaround profession by assisting with the set | | | | subsequently disclose where they have completed a |
| up of the IfT (nee STP). Most IPs, see below, will be | | | | pre-packaged sale of a business on their appointment. |
| members. | | | | SofA - Statement of Affairs is the document |
| ACTP - Association of Certified Turnaround | | | | prepared by directors in an insolvency setting out the |
| Professionals, is an American based body associated | | | | businesses assets at their expected realisable value |
| with the TMA which accredits turnaround | | | | and the full value of its creditors so as to show the |
| professionals by way of a professional exams based | | | | net deficit. Variations of this will often be prepared |
| on American law and practice (although there have | | | | prior to insolvency, such as say an estimated |
| been some steps taken to develop a syllabus for the | | | | outcome statements or an estimated security |
| UK as well). | | | | position included in an IBR to show the a secured |
| CRO - Chief Restructuring Officer, a turnaround | | | | creditor such as a bank how they stand both now |
| professional who takes overall responsibility for | | | | and in various potential scenarios. |
| delivery of its turnaround project. | | | | SPI - Society of Practitioners of Insolvency (you do |
| CTP - Certified Turnaround Professional, a qualified | | | | have to ask what would have been wrong with |
| member of ACTP above and therefore probably still | | | | Insolvency Practitioners Society instead?) is the old 'I |
| an American. | | | | word' name for ABRP/R3. |
| CVA - Company Voluntary Arrangement is an | | | | STP - Society of Turnaround Professionals was for |
| Insolvency Act business rescue procedure that allows | | | | many years the name of what is now the IFT. The |
| a business to agree a binding compromise deal with | | | | name was changed after it was realised that the |
| its unsecured creditors in full and final settlement of | | | | name and logo were far too similar to a brand of oil |
| its debts. | | | | additive for comfort - just goes to show that |
| IBR - Independent Business Review is an assessment | | | | everybody makes mistakes... |
| of a business carried out on behalf of a lender by the | | | | TD/TE/TP - Turnaround Director/Executive |
| insolvency or business recovery arm of a firm of | | | | Professional, an individual who undertakes business |
| accountants. | | | | rescue and turnaround work, the modern term for |
| IFT - Institute for Turnaround, originally known as the | | | | what used to be known colloquially as a 'company |
| STP, the IfT is a body set up with R3's assistance to | | | | doctor'. |
| accredit turnaround professionals in the UK through a | | | | TMA - Turnaround Management Association is the UK |
| rigorous case study and referencing process. It and | | | | chapter of what is principally an American (although |
| its members therefore broadly represent the | | | | there are other chapters around the world) |
| turnaround professionals in the UK. It has a national | | | | organisation. Very much a broad church association of |
| membership and holds regional meetings as well as an | | | | a range of professionals and service providers |
| annual conference. It has now become independent | | | | interested in the area of turnaround, it has a national |
| of ABRP/R3, which in turn is rumoured to be thinking | | | | structure and runs a variety of networking events as |
| of setting up its own special interest group of IPs | | | | well as an annual conference. It therefore represents |
| specialising in business rescue and turnarounds. | | | | the wider area of turnaround management in the UK. |
| IM - Interim Manger, a usually highly overqualified | | | | Of course the information contained in an article like |
| individual hired at manager level on a temporary basis, | | | | this can never be a full statement of the legal |
| usually to deliver a project or cover for a vacancy. | | | | position as the relevant laws are complex and liable |
| IP - Insolvency Practitioner, an individual licensed to | | | | to change. This article can only therefore be a |
| take formal insolvency appointments so as to act for | | | | general guide as to the issues involved and as these |
| example as a Liquidator or an Administrator. | | | | can have serious implications you should always seek |
| IPA - Insolvency Practitioners Association, an | | | | appropriate professional advice on your own particular |
| independent insolvency licensing body that operates | | | | circumstances before taking any action. |