Subchapter V: The Case for Turnaround and Restructuring Trustees
Over the last two decades Chapter 11 cases have become increasingly complex, expensive, and time-consuming. As a result, small business Chapter 11 filings had become an increasingly less attractive option for reorganization. To change that, the Small Business Reorganization Act (SBRA) added...
Creditworthiness Is in the Eye of the Beholder
In Shakespeare’s Hamlet (Act 1, Scene 3), Polonius offers some frequently repeated advice: “Neither a borrower nor a lender be; For loan oft loses both itself and friend…” Polonius’ logic is that hitching debt onto personal relationships can cause resentment and, in case of default, cost a lender...
Finding Profit in a Failing Business Requires Dedication to Change
In traditional engagements, turnaround and corporate renewal professionals present knowledgeable, predictable answers to management's fear of the unknown, focus attention on their intellectual challenges, and provide time-tested solutions to identify and solve external or internal contemporary and...
Australia's Post-Pandemic Pursuit of Enterprise Rescue and Reform
Australia’s federal government has instigated the first major legislative review of its corporate insolvency and restructuring regimes in more than 30 years. This review comes after decades of only piecemeal amendments, resulting in one of the most complex insolvency legislative regimes in the...
China’s Property Crisis May Be at a Turning Point, But Hurdles to Recovery Remain
More than 18 months since the debt crisis of China’s property sector started unravelling, its lingering effects remain in the spotlight and continue to be the main focus of the debt restructuring community in this part of the world. At least 50 Chinese developers have defaulted since 2021 on an...
UK COVID Response Included Permanent Changes to Restructuring and Insolvency Regime
The economic backdrop in the UK, post-COVID, has proven to be extremely challenging for companies operating in many sectors. There are several significant factors, the likes of which haven’t been seen for a generation, which combined, make for an extremely challenging environment for businesses and...
UAE's Post-Pandemic Theme: Business Survival and Recovery
“The COVID pandemic will put to test the UAE’s insolvency and restructuring regime,” was the topic of discussion amongst the government, legal, accounting, and insolvency fraternities in the UAE. The oil price crash that came about in 2020 as a direct result of the pandemic left many companies...
Turkey’s Restructuring Regime Favours Company Rescue
The COVID-19 pandemic has impacted companies in Turkey in many ways. Companies have experienced reductions in the demand for products and services and disruptions in supply chains. Financially, getting credit has become more difficult, and companies have had a hard time paying current debt...
Threat to Invoke  Germany’s StaRUG  Speeds Execution of Amend and Extend Transactions
Recent geopolitical and macroeconomic developments, including inflation, the interest rate environment, money supply, and signs of recession, have had a significant impact on the financing market globally. In Germany, the decline in the financing volume of leveraged loans, high-yield bonds, and...
Since the pandemic hit in March 2020, the restructuring landscape around the world and, in particular, in the United States has altered appreciably. For many, the pandemic began “for real” on Thursday, March 12, 2020, the night the National Basketball Association shut down. At that moment, the...