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Recovery Management


Admission requirements

Basic knowledge business economics needed.


During declining economic circumstances there is an increased attention for companies in financial distress. Large listed corporations undoubtedly capture the limelight and off course attracts the imagination of the media but several thousands Small and Medium Enterprises (SMEs) enter into financial distress every year. In most cases there was the opportunity to preemptively intervene through what is called informal reorganization or turnaround management. In current day practice an insolvent company will however 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 lay the pitfalls? How can early warning mechanisms be used to prevent organizational decline in the first place? What is the role of each individual stakeholders within this process? What is the theoretical foundation of bankruptcy law? And should a petition for formal reorganization proceedings never be submitted? These are only a few of the questions that will be addressed in the course Turnaround Management and Bankruptcy Law.

In this elective course the problematic nature of companies in financial distress as in current day bankruptcy practice will be discussed through a multidisciplinary approach were both legal and business economic aspects of financial distress and bankruptcy are put into the limelight. Through case studies derived from both theory as international practice (including for example a turnaround case on General Motors) a better insight into financial distress is gained. Stakeholders are confronted with all kinds of problems when attempting to rescue companies in financial distress and keep it going concern. The problematic nature of the survival of companies in financial distress is located within the field of Law & Economics.

Course objectives

Objectives of the course
The objective of this course is: to impart knowledge to students on the topic of financial distress, turnaround management and bankruptcy.

Achievement levels
Students have after completion of this course obtained the following insights: a student has a thorough understanding of the theory and practice of turning around companies in financial distress (“turnaround management”) and can apply this obtained knowledge and skills in common cases of financial distress or bankruptcy. This course is a must for students who are interested in (strategy) consultancy, entrepreneurship, finance, mergers and acquisitions (M&A) or even insolvency law.


The timetable of this course can be found in uSis.

Mode of instruction


  • Number of (2 hour) lectures: 5 lectures of 4 hours each

  • Names of lecturers: Prof. dr. J.A.A. Adriaanse, A.M. Verweij LL.M., guest speaker(s)

  • Required preparation by students: Prescribed literature and case studies

FYI: All meetings concern combined lectures with seminars. No difference between lectures and seminars are being made.


  • Number of (2 hour) seminars: None

  • Names of instructors: None

  • Required preparation by students: None

Other methods of instruction

  • Description: None

  • Number of (2 hour) instructions: None

  • Names of instructors: None

  • Required preparation by students: None

Assessment method

Examination form(s)

  • Written exam.

Submission procedures

Areas to be tested within the exam
The examination syllabus consists of the required reading (literature) for the course, the course information guide and the subjects taught in the lectures, the seminars and all other instructions which are part of the course.


More information on this course is offered in Blackboard.

Reading list

Obligatory course materials

  • This will be announced well in advance through the Blackboard environment of the course.

Course information guide:

  • None


  • None

Recommended course materials

  • None


Students have to register for courses and exams through uSis.

Contact information

  • Co-ordinator: A.M. Verweij LL.M.

  • Work address: Kamerlingh Onnes Gebouw Room B2.36

  • Contact information: Availability Mondag till Friday

  • Telephone number: 071 – 527 1978

  • E-mail:


  • Institute: Institute for Tax Law and Economics

  • Department: Centre for Business Studies

  • Room number secretary: B 2.29

  • Opening hours: Monday and Thursday, from 9.00 – 17.00

  • Telephone number secretary: 071 – 527 7851

  • E-mail:




Belangstellenden die deze cursus in het kader van contractonderwijs willen volgen (met tentamen), kunnen meer informatie vinden over kosten, inschrijving, voorwaarden, etc. op de website van Juridisch PAO.