Initial analysis in restructurings

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Initial analysis in restructurings guidance:

This Practice Note looks at independent business reviews (IBRs) and aims to: • provide high level guidance around an IBR • identify when an IBR may be requested •...

Practice Note

General duty of liquidators and administrators where there has been an unlawful transaction If, during the course of a liquidator's or administrator's investigations into...

Practice Note

. Avoiding floating charges—the conditions required Under section 245 of the Insolvency Act 1986 (IA 1986), there are provisions for liquidators and administrators to set...

Practice Note

Bankruptcy searches at the Land Charges Department When a bankruptcy petition is presented by a creditor, the court shall as soon as reasonably practicable send to the...

Practice Note

Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

Practice Note

Introduction This Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the Insolvency Act 1986...

Practice Note

Comfort letters are encountered in finance transactions relatively often. They take different forms and it is important from both the lender's perspective and the...

Practice Note

This Practice Note explains certain common financial covenants used in commercial finance transactions including: • minimum net worth test • gearing ratio • leverage...

Practice Note

[To be printed on headed notepaper of the lender making demand] To: [Insert name of individual and/or position] [insert name of the Borrower or other relevant entity]...

Precedents

[To be printed on headed notepaper of the lender making demand] To: [Insert name of individual and/or position] [insert name of the Guarantor or other relevant entity]...

Precedents

A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the demand is seeking to...

Practice Note

When restructuring is being considered, the company must ensure that relevant creditors quickly enter into a confidentiality agreement or non-disclosure agreement (NDA)...

Practice Note

This Practice Note looks at: • the key features of loan to value (LTV) covenants • possible issues with calling an event of default based on a LTV covenant breach •...

Practice Note

Need for new money The starting point for many companies facing financial difficulty is to look to obtain additional cash to fund the business through a downturn in...

Practice Note

Initial steps Whether you are acting for the debtor, creditor, potential purchaser or shareholder and regardless of which jurisdiction the restructuring takes place in...

Practice Note

Prepared in relation to [name of borrower] (a limited company registered in England and Wales with company number [company number]) Prepared for [name of lender] By [name...

Precedents

A structure chart showing the corporate structure of a borrower together with the security granted in favour of the lender (or other entity) is a helpful way to visually...

Practice Note

This Practice Note provides an introduction to security reviews and covers: • when and why a lender might ask its lawyers to carry out a security review • things to do...

Practice Note

This practice note is a guide to the commercial practitioner about what to look for in a company’s accounts when assessing its financial position, and the warning signs...

Practice Note

It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a transaction at an undervalue...

Practice Note

Finding where value breaks governs the shape of any restructuring deal and determines who has a seat at the negotiating table (see Practice Notes: Where the value breaks...

Practice Note

What is Companies House? Companies House is a registry of corporate information. It falls under the remit of the Department for Business, Energy & Industrial Strategy....

Practice Note

What is the Gazette? The Gazette provides a permanent official public record of important statutory and non-statutory notices that can be used to support legal and other...

Practice Note

Early in the restructuring negotiations, the parties will obtain valuations of the company to determine where value breaks (see Practice Note: Types of valuation for R&I...

Practice Note

What is the Central Registry of Winding-up Petitions? The Central Registry of Winding-up Petitions (the Central Registry) is a computerised register of winding-up...

Practice Note