Turnaround Practitioner in Adelaide – Business Rescue

Spinal Injury – Neil Sachse Centre
28/02/2018

Australia Begins to Adopt a Rescue Culture…

Eddie Griffith ~ Turnaround Practitioner

Adelaide and South Australia now has it’s first Turnaround Practitioner, dedicated to business renewal. Providing operational restructuring and turnaround advice to small to medium sized and family owned businesses, Eddie Griffith specialises in managing business crises and formulates turnaround strategies to protect and strengthen businesses.

Australia has begun to adopt a ‘business rescue culture‘. This promotes business innovation, growth and sustainability. Turnaround Practitioners help the economy by intervening early on in business crisis situations. The goal is to preserve the business’s goodwill, assets and employees by collaborating with stakeholders’ to achieve a reasonable and agreeable outcome.

Eddie provides short timeframe operational restructuring and turnaround for businesses facing a crisis. This helps directors and business owners manage risk, make informed decisions and remain in control of their future.

Adelaide, South Australia from Birmingham, United Kingdom

Eddie has over 15 years’ experience in business recovery, insolvency and turnaround management. Eddie originally commenced at a top 4 firm in the UK and gained a unique background after being exposed to a broad range of industry sectors with top tier firms and smaller boutique insolvency practices both in the UK & Australia.

‘Navigating the Road to Recovery’ – Birmingham, United Kingdom

In 2011, Eddie relocated from the UK to South Australia with his family. Whilst a key player in multiple high profile external administrations, Eddie’s real passion is to work with owners, advisors and stakeholders of small and family owned businesses to enable the successful continuation of business operations wherever possible.

As a pioneer in the emerging field of operational turnaround, restructuring and business renewal, Eddie was the first professional in South Australia to achieve the following:

What Differentiates You?

The services we provide are differentiated from that offered by traditional insolvency accountants – our advice is operational and further upstream. We can intervene much earlier on – operating in times of crisis and uncertainty. 

Turnaround Practitioners treat the root cause of the problem. Our advice is not limited to helping only those businesses facing cashflow difficulties, financial complications and insolvency. These are just symptoms of greater underlying problems. 

With Australia’s new legislative reforms, our ability to provide cost-effective business turnaround strategies has expanded. We are in a stronger position than ever to help strengthen businesses and protect against failure. 

Eddie Griffith, TurnAbout AU

Passionate about assisting Small, Medium and Family Businesses

Business Troubleshooting ~ Crisis Management

Eddie studied under and follows the work of Jason Harris, Associate Professor at UTS Faculty of Law and Adelaide University PhD student in the Adelaide Law School (undertaking a thesis on corporate rescue and restructuring laws).

Citing the work of Harris, Eddie agrees that the corporate insolvency landscape is finally changing. While the number of formal insolvency appointments haven’t dramatically increased since the Global Financial Crisis, the dialogue surrounding financial distress and the methods to address it have begun to move away from formal insolvency appointments to restructuring and turnaround – before financial distress becomes insolvency.

Australia’s corporate laws have not been supportive of turnaround efforts as they are too focussed on assessing blame for financial distress. This is starting to change with the new safe harbour provisions and new protections against ipso facto clauses in contracts during formal appointments.

Australia’s draconian insolvent trading laws have finally been changed to provide greater protection for directors undertaking restructuring, which should help more businesses avoid unnecessary insolvency appointments.

While some progress has been made in dragging Australia’s draconian insolvency laws into the modern age, with safe harbour and ipso facto protections, there is still too much focus on blame and shame for corporate failure. We have a long way to go before Australia develops a productive corporate rescue culture.

Jason Harris BA LLB LLM FGIA FCIS, Associate Professor UTS Faculty of Law,

PhD Student at Adelaide Law School, University of Adelaide

Directors, business owners and suppliers are much more willing to support an informal workout where insolvency poses a threat. Rather than head down the expensive (and largely unsuccessful) route of Voluntary Administration and a Deed of Company Arrangement (DOCA), the business community is much more willing to collaborate, negotiate and work through difficulties.

After relocating from the UK and working in the insolvency profession here in Australia, it was immediately apparent that there wasn’t a suitable rescue regime for smaller and family businesses. Whilst the UK doesn’t have the ideal rescue regime, there was clearly room for huge improvement in Australia. 

Following an objective and independent review of the business, I immediately relieve the pressure placed on both directors and management by formulating market leading strategies.

With a successful track record in business turnaround, fortification and renewal, I take great pride in confidently tackling the multiple and complex issues that companies face in times of crisis and uncertainty. 

Eddie Griffith, TurnAbout AU

‘A Light to Safe Harbour‘, Innes National Park, South Australia

New Legislative Reform Brings Hope to Rescuing Businesses

Eddie considers the SME market in Australia has had it tough – following a crisis, smaller and family owned businesses have struggled to avoid failure. This has resulted in many potentially salvageable businesses being ‘put to the sword’ (prematurely entering administration or being placed into liquidation).

Fortunately, with the Treasury Laws Amendment (Enterprise Incentives No 2) Bill 2017 there arrives powerful reforms to protect against failure through ‘Safe Harbour’ protection for directors from insolvent trading and an automatic stay on ‘ipso facto’ clauses. Whilst Eddie believes there is much room for improvement, this is a tremendous step in the right direction.

As a Certified Member of the globally renowned Turnaround Management Association and a Graduate Member of the Australian Institute of Company Directors, Eddie is delighted with these professional bodies’ advocacy, collaboration and commitment in striving towards achieving a business rescue culture in Australia.

‘Griffith and Griffith’ trading as ‘TurnAbout AU’ – 5th Generation Family Firm, established 1903

Griffith and Griffith - George Griffith

George Griffith (4th) is featured left in the above. At the forefront is a photograph of former Griffith & Griffith partner (2nd) The Right Honourable Lord Mayor of Birmingham, George Henry Wilson Griffith (1953-54).

‘Griffith and Griffith’ was established in England’s Birmingham, United Kingdom by Captain George Griffith in 1903.

George Griffith FCA, FCCA, FABRP, Reg Auditor & Licensed Insolvency Practitioner stepped away from the general practice after 37 years in 2014. George was a member of Fraud Faculty at ICAEW and a fellow of R3 – Association of Business Recovery Professionals.

The accountancy practice merged with Baldwins Accountants and George Griffith retained the insolvency and business recovery side to the practice.

Now resurrected in Australia, Griffith and Griffith (Australia) Pty Ltd was incorporated in 2017 to continue the 113 year old traditional family firm. Trading as TurnAbout, the business has retained its values but has evolved to specialise purely in business turnaround, fortification, transformation and renewal.

Eddie Griffith – Professional Attainment and Memberships

• Member & Certified Turnaround Analyst of the Turnaround Management AssociationCTA.
Graduate Member of The Australian Institute of Company Directors (Company Directors Course). GAICD.
• Master of Business Administration, Fellow & Chartered Manager of the Institute of Managers & Leaders (formerly AIM). MBA, CMgr, FIML.
• Certified Fraud Examiner of the Association of Certified Fraud Examiners (ACFE). CFE.

• Member of the Institute of Public Accountants (IPA). MIPA AFA.
• Member and Certified Credit Executive of the Australian Institute of Credit Management (AICM). MICM, CCE.
• Advanced Dual Certification with the Australian Restructuring Insolvency & Turnaround Association – ARITA:
– Advanced Certificate in Restructuring & Turnaround (highest mark award, 2016).
– Advanced Certificate in Insolvency (Insolvency Education Program, IPAA 2012).
• Joint Insolvency Exams & Certificate of Proficiency in Insolvency (England & Wales). IPA (UK).

Obtaining Assistance

Eddie attests to the fact that the earlier help is sought, the more options that are available to help rescue and turn around a business. However, the worst thing that can be done is to approach an unqualified, inexperienced or uninsured advisor. These dodgy advisors prey on distressed individuals and often recommend illegal business phoenixing.

In addition to their ‘so-called advice’ resulting in dire consequences, Eddie warns that the regulators are in the midst of a crackdown to eliminate these advisors and their professional accomplices. An anti-phoenix taskforce has been established by ASIC to tackle the issue.

Eddie provides confidential and obligation free consultations. Initial meetings are free and advice can range from troubleshooting or just discussing sensitive matters discreetly to emergency intervention in times of business crisis. Visit the TurnAbout AU website by clicking the logo below.