Please join us in celebrating the winners of the 2025 TMA Australia Annual Awards. This is an important part of the annual TMA calendar to recognise the exceptional expertise and critical value TMA members deliver in navigating corporate change, managing risk, and restoring value to businesses across Australia.

Congratulations to the winning teams and companies, whose work exemplifies the high standards of the turnaround and restructuring community:

Restructuring Deal of the Year 2025: Jervois Global Ltd

The Jervois Group restructuring is a landmark global first, expertly combining a parallel US Chapter 11 filing with an Australian Administration.

This innovative, cross-border strategy secured over US$200 million in fresh capital, preserved strategic assets, and delivered a sustainable capital structure. Crucially, the deal was executed smoothly and out of court in Australia without shareholder consent, setting a powerful new precedent for seamless cross-border restructures and achieving transaction certainty with minimal disruption.

TMA Small Company Turnaround of the Year 2025: Body Catalyst Group

The Body Catalyst restructure is a model for rapid value restoration. The strategy focused on debt reduction and closing unprofitable clinics, leading to 90 jobs saved, 65% improvement in profits, and positive cash flow in the very first month. The critical success factor was preserving customer loyalty and brand integrity despite clinic closures.

TMA Mid-Size Turnaround of the Year 2025: Panthera Finance

The Panthera Finance turnaround successfully preserved a major player in the debt collection industry despite significant governance, regulatory, and funding challenges.

Facing years of under-investment and operational decline, the team minimised disruption, successfully preserved critical operating licences, and created a platform to sell all three businesses on a going concern basis. The result was a very strong outcome for creditors and the preservation of more than 200 jobs, moving the group into the hands of new owners positioned for growth.

TMA Large Turnaround of the Year 2025: Boral

The Boral turnaround delivered a complete reset, tripling returns and achieving record profitability in just three years.

More than a financial fix, this was a holistic turnaround that lifted safety, engagement, brand equity, and share price, ensuring its sustainability.

When the business was "broken" in 2022, the hardest part was aligning everyone and building belief in what was possible. The success was driven by rigorous, relentless execution, removing "speed humps" for staff, and encouraging safe agility, demonstrating that a deep cultural shift is the foundation of long-term value restoration.

Allegro-TMA Turnaround Case Study Competition 2025: Project Renew

Project Renew, featuring Darragh Connolly (KPMG), Derek Tang (KPMG), Kimberly La (Ashurst), and Ethan Snaidero (KPMG), demonstrated the power of collaboration in managing a complex turnaround scenario.

The team highlighted the challenge of devising a realistic turnaround plan that successfully managed investor risk and return while bringing every stakeholder group along for the journey.

Their biggest lesson: always view a turnaround through the lens of every stakeholder. Understanding these sensitivities is key to building consensus and delivering a sustainable outcome. The competition proved that real turnarounds succeed when challenges, collaboration, and stakeholder alignment all come together.

Life members

We are immensely proud to introduce the inaugural recipients of TMA Australia Life Membership. These individuals represent the very best of what TMA stands for: leadership, generosity, and a willingness to build something bigger than themselves. Their contribution has shaped the Association’s story—from its foundations to its national and global reach—and their influence continues to be felt today.

Please join us in celebrating their profound impact:

• Adrian Loader (Allegro Funds): A founding contributor and architect of TMA’s strategic and professional foundations.
• John Nestel (Alvarez & Marsal): A constant force in TMA’s story, founding contributor, former president, and tireless advocate for member engagement.
• Jennifer Ball (Clayton Utz): A powerful advocate for visibility and inclusion, and a founding champion of the NOW program.
• Premjit Kaur (Fortress Group): Instrumental in TMA’s formative years, helping to grow the organisation's presence and professional community.
• Lachlan Edwards (Faraday Associates): Key in expanding TMA’s national and international network and engagement with business and government.

Emerging turnaround professional: Megan Lowe

A huge thank you to all the expert judges for their rigorous review process, and to every nominee. The outstanding calibre of the field this year reinforces the vital role our profession plays in building a stronger business community.