No matter what stage in the economic cycle, there will always be organisations suffering distress that manifests in the form of a company financial crisis.
But there is usually no training for a board in how it should respond to a financial crisis, and often board mbers do not have active experience in spotting the warning signs and dealing with such events.
Most companies do not respond soon enough and as a result find themselves poorly prepared, with less flexibility and e to drive the changes required. The impact can be significant on companies and their subsidiaries, and often ompany doesn’t start formulating a recovery plan until it is already underperforming and losing the confidence of stakeholders.
In this paper we take a fresh look at company turnaround and comment on some lessons learned.