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Turnaround Management and Bankruptcy Law


Admission requirements



In the wake of the global economic crisis of the past few years there is an increased attention for companies in financial distress in society. Large listed corporations undoubtedly capture the limelight and of course attract the imagination of media, but several thousand small and medium enterprises (SME’s) also find themselves in financial distress every year. In most cases there was the opportunity to pre-emptively intervene through what is called turnaround management. However, in current day practice an already insolvent company will most likely enter into formal bankruptcy proceedings and in a worst case scenario be liquidated. So why does one particular rescue attempt succeed while others fail miserably? What are the critical factors of success in turning a company around and where are the pitfalls? How can early warning mechanisms be used to prevent organizational decline in the first place? What is the role of each individual stakeholder within this process? What is the theoretical foundation of bankruptcy law and how does it work in practice? These are only a few of the questions that will be addressed in the challenging and exciting course Turnaround Management & Bankruptcy Law (TMBL).

In this course the problematic nature of companies in financial distress as in current day bankruptcy practice will be discussed through a multidisciplinary approach where both business economic and legal aspects of financial distress and bankruptcy are placed in the limelight. Through case studies derived from both theory as international practice a better insight into financial distress will be gained.
Stakeholders are confronted with all kinds of problems when attempting to rescue companies in financial distress and keeping it going concern. The problematic nature of the survival of companies in financial distress is located within the field of Insolvency Law & Business Studies.

Course objectives

By the end of this course students will be able to:

  • Demonstrate the ability to read, evaluate and interpret company-related information in order to identify and explain the nature of business failure.

  • Formulate a well-organized assessment of a turnaround plan supported by evidence.

  • Apply the necessary scientific principles and practical tools to help solve a complex turnaround situation.

  • Demonstrate the ability to identify and help solve complex lending-issues in turnaround situations.

  • Communicate effectively with stakeholders in turnaround or bankruptcy situations.

  • Explain the legal concept of insolvency, the scope and types of insolvency proceedings.

  • Apply legal principles and tools to solving complex bankruptcy-related issues.

  • Practice professional behaviour necessary to solve time-pressured high-stake turnaround situations, i.e. to be a self-reliant, problem-solving team-player.


The timetable of this course can be found in uSis

Mode of instruction

This course offers 7 lectures ('hoorcolleges') of 2 hours each and 7 seminars ('werkgroepen') of 2 hours each. All the content of the lectures is part of the examination, students are therefore strongly recommended to be well prepared in advance of each session.
During the lectures and seminars discussions will be based upon the weekly defined subjects. Students should bring cases to class, either in print or in digital form. Case material will be actively used during the seminars. We strongly urge students to bring either their laptop or tablet to the seminars. Language during class is English unless otherwise decided depending on the background of students and (guest) lecturers.

Assessment method

The course will result in a final, written exam and an assignment. The exam grade will count for 60% of the final grade. The assignment will count for 40%.

In order to pass the course, it is required to pass the exam with a minimum grade of 5,5 as well as pass the assignment with a minimum grade of 5,5. If students have failed either the assignment/exam or both, resits are available. The grade for the assignment will remain valid for 2 academic years. Course staff may decide to let students take an oral re-exam. Students who have registered for the re-exam will be informed.

All the content of the lectures is part of the examination, together with the compulsory study materials indicated on Blackboard and the course manual.

Regulation retake passed exams
In this course it is possible to retake an exam that has been passed (cf. art. and further of the Course and Examination Regulations), on the condition that this course is included in the compulsory components of the degree programme. Students who have passed the exam may retake the final written assessment (test) of the course. Please contact the Student Administration Office (OIC) for more information.


More information on this course is offered in Blackboard

Reading list

Obligatory course materials

  • Will be announced via Blackboard.

Course information guide:

  • Will be announced via Blackboard.


  • Will be announced via Blackboard.


Students have to register for courses and exams through uSis


  • Coordinator: Prof. dr. mr. J.A.A. Adriaanse

  • Work address: Steenschuur 25, room B3.08

  • Contact information: by appointment

  • Telephone number: 071 – 527 7851

  • E-mail:


  • Institute: Tax Law and Economics

  • Department: Business Studies

  • Room number secretary: B3.11

  • Opening hours: Monday – Friday 09.00 – 17.00h

  • Telephone number secretary: 071 – 527 7851

  • E-mail:


Anyone interested in registering for this course as part of a Contractual Programme (Contractonderwijs), which includes examination, will find further information regarding costs, application and registration, conditions etc. on the website of Juridisch PAO (Legal postgraduate education). Take notice of the admission requirements.