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“Corporate restructuring topical issues and more”

Corporate Restructuring Blog

Corporate restructuring during the proposed moratorium

Mercer & Hole has, for many years, championed the benefits of creating a breathing space during which a financially stressed business can seek to invoke a real restructuring and avoid formal insolvency. While an insolvency process may become a necessity both to protect the creditors’ interests in any residual assets and to protect the...

 

Date: 13th July, 2016
Author: Henry Page


Purchase price and working capital adjustments in M&A transactions

On an acquisition, it is usual for the initial purchase price offered to be stated on a 'debt-free cash-free' basis.  In simple terms, this means that any cash in the business is retained by the seller and that all debt is repaid by the seller upon completion. Most deals also involve a purchase price adjustment mechanism in...

 

Date: 13th July, 2016
Author: Ross Lane


Caveat emptor?

Or to put it more colloquially – make sure you are not buying “a pig in a poke”!  If you buy a company, you take over not only its trade, assets and goodwill but all of its history, including any skeletons in closets. The sellers may not realise they have a problem - which makes unearthing details and disclosure somewhat...

 

Date: 13th July, 2016
Author: Cathy Corns


While every accelerated M&A is different, finding the right adviser is always essential

Buying and selling a company or business, often referred to as an M&A (mergers and acquisitions) transaction, typically takes several months to prepare and execute. But sometimes you just don’t have several months. If cash is running out and the transaction needs to be accelerated, more specialist skills and experience will be required to...

 

Date: 13th July, 2016
Author: Chris Laughton


Managing Change

Evolving businesses require change as they develop and the extent of change and the actions necessary need to be continually addressed by a company’s directors. It makes commercial sense! A change in approach will arise from either a vision for the better future for a business, or to resolve problems that are preventing a business from...

 

Date: 13th July, 2016
Author: Steve Smith


Review of the Corporate Insolvency Framework

The UK Government has today launched a consultation on options for reform of the corporate insolvency regime. Its proposals are in four broad areas: introducing a moratorium for distressed businesses to benefit from protection against legal action while considering their options for rescue widening the definition of essential supplies,...

 

Date: 25th May, 2016
Author: Chris Laughton


Mercer & Hole on saving an investment firm

The breakdown of corporate governance in any organisation can lead to significant problems, financially, operationally and structurally for the business going forward. Often such breaches are associated with financial loss, breach of regulation and loss of trust, both internally and externally. Once such a breach is discovered it is essential that...

 

Date: 18th March, 2016
Author: Chris Laughton


Administrators can sell fixed charge assets

Re: Musion Systems Ltd [2014] EWCA Civ 639 illustrates paragraph 71, Schedule B1 (“Sch B1”), Insolvency Act 1986 and endorses the sale by administrators of assets subject to a fixed charge. Background The company provided holographic illusion services at events organised by its customers. Three founder-directors had seriously fallen...

 

Date: 15th February, 2016
Author: Chris Laughton


The best Insolvencies are constructive

The latest Government statistics on corporate insolvency are available at: https://www.gov.uk/government/statistics/insolvency-statistics-october-to-december-2015--2 Mercer & Hole’s experience of formal insolvency appointments mirrors the downward trend in the Government figures, but the detail of our work is revealing. We have four of...

 

Date: 4th February, 2016
Author: Chris Laughton


Chris Laughton will be presenting at R3 and LexisNexis webinar

Chris Laughton, Restructuring & Insolvency Partner will be presenting at the R3 and LexisNexis Restructuring and Insolvency webinar on 9 February covering ‘Reform of EU insolvency regulation and case law update’. The leading panel of experts, consisting of Simeon Gilchrist, Chris Laughton and Chris Mallon, discuss the issues...

 

Date: 29th January, 2016
Author: Mercer & Hole Media


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