Message from EACTP President, Alan Tilley
A milestone in EACTP development
This month EACTP reaches an important step in the progress of our Education and Certification programme. We have reached a cooperation agreement with Leiden University to act as faculty in the education of young and aspiring turnaround professionals, to host the syllabus materials known as the Body of Knowledge (BOK) on its online platform, and to set and supervise examinations. Success in these examinations will be mandatory for new members at EACTP entry level from January 2021. Turnaround and client experience will continue to be recognised, however, and case studies and professional references will measure subsequent progress to higher CTP levels.
Global recognition
Education and examination success is the bedrock of a credible professional organisation and has been the basis for the TMA Global ACTP programme for over 30 years. EACTP as the European counterpart of ACTP will now mirror that global qualification in breadth and depth of education, levels of experience, and be recognised as the global hallmark of turnaround excellence in both theory and practice.
A vision for the future
The CTP qualification is an important mark of professional capability and experience for members recognised across the spectrum of stakeholders in reorganisation and restructuring, at a time when turnaround and consensual restructuring ahead of insolvency and balance sheet restructuring is increasingly encouraged by European governments in the direction of their new legislation. The development of EACTP as an education and training organisation and its association with a leading European academic institution such as Leiden University will add to its status. It is our vision that governments across the region will recognise CTP certification as a qualification for supervisory and reporting roles in the restructuring process.
The education programme
Under the programme candidates will be tested in the three disciplines of turnaround:-
Stakeholder and Operational Management.
Accounting and Finance.
Legal Principles in six main European jurisdictions, EU Regulation and aspects of the US Bankruptcy Code.
The BOK’s will be available online from next month with first online examinations in early 2021. The costs and the application process will be available on the website in September.
The education process is aimed at young professionals to become Certified Turnaround Analysts (CTA’s), and with a further four years’ experience and the submission of cases and references they can progress to Certified Turnaround Professional (CTP) status.
During 2021 we plan with Leiden University to introduce training workshops, online and attendee subject to legislation on multiple participation meetings, and as supplementary to the self-study program.
A window of opportunity for experienced non-members
There is a brief window of opportunity up to December 2020 for experienced non-members to attain membership by the current case submission and references method and approval by the Standards and Admission Committee. After that, all new applicants and reapplications for lapsed members, including those who have not paid 2019/2020 fees by December 31st 2020, must achieve examination success for membership.
Qualification levels
Going forward EACTP categories will mirror the US levels;
Analyst (CTA); Current Analysts and new entrants based on examination success
Professional (CTP), Current Members and Fellows and new entrants based on examination success and four years’ experience with cases
Senior CTP (Veteran in the USA), CTP’s with 12 years’ demonstrated experience and current Companions
CTP Emeritus for retired professionals
CTP Honorary for recognised industry leaders with a high bar to entry and by Board invitation only.
During the transition period, current EACTP Members, Fellows and Companions can continue to use their existing status levels for personal promotional purposes. However, for internal administration and fee purposes, they will all be CTP’s as above.
Marketing
The programme will be promoted by a joint EACTP/Leiden University press release this month. It will be highlighted at the TMA Europe virtual conference on September 17th where Professor Jan Adriaanse and myself will be interviewed by John Willcock, editor of Global Turnaround, on the objectives of the programme, and its particular relevance in the current business environment. It is a timely intervention, not only with post-COVID-19 business disruption and distress pointing to increased activity in the coming months but also with new legislation in The Netherlands with WHOA and in the UK with CIGA, and this latter aimed particularly at business rescue outside of insolvency for SME’s.
Contributions
The programme will be promoted by a joint EACTP/Leiden University press release this month. It will be highlighted at the TMA Europe virtual conference on September 17th where Professor Jan Adriaanse and myself will be interviewed by John Willcock, editor of Global Turnaround, on the objectives of the programme, and its particular relevance in the current business environment. It is a timely intervention, not only with post-COVID-19 business disruption and distress pointing to increased activity in the coming months but also with new legislation in The Netherlands with WHOA and in the UK with CIGA, and this latter aimed particularly at business rescue outside of insolvency for SME’s.
Fees
EACTP is a self-funded organisation, and its financial independence is an important factor for CTP’s acting without conflict across the range of stakeholders’ interests. Due to delays in launching the Leiden programme, the Board decided to waive 2019 fees; for those who were billed in 2019 and have paid, their contribution will be allocated to 2020. Those who have been invoiced in 2019 and not paid, a credit note will be raised and a new invoice raised for 2020 to avoid a lapse in membership. Those who were not billed in 2019 will receive the 2020 billing in September for immediate payment.
TMA Europe conference
I hope you can join us for TMA Europe’s online conference September 17th/18th. Amongst the keynotes and panels there is a dedicated EACTP session hosted by myself and Jan Adriaanse where you can find out more about our future plans. Please click here to register.
Of course, there is a discounted EACTP member rate of £118 + VAT for full conference access, including online networking. Or there is a content-only option for £99 + VAT. I encourage you to attend to catch-up with friends and colleagues. This year’s theme is ‘Disruption: Navigating A New Era’ and it is important to keep abreast of the market and continue our professional development.
The Conference is easier to attend than ever before and I look forward to seeing you online there.
With best regards
Alan Tilley
President EACTP
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