The winners of TMA’s 2018 Turnaround of the Year Award: Mid-Size Company were recognized...

Welcome to TMA Talks, a regular series of podcasts hosted by TMA Global CEO Scott Y. Stuart, Esq. Each segment features prominent TMA members, industry experts, and other special guests. These exchanges, edited transcripts of which are printed in the JCR, offer insights into key markets, forward-thinking economic outlooks, insider thoughts on industry trends, and much more. TMA Talks podcasts are available on the TMA podcast channel. Subscribe to our channel wherever you find your podcasts.

...

In October 2018, Quintis Limited, with some 13,000 hectares (32,110 acres) of sandalwood to grow and harvest in Australia, completed a recapitalisation of its business and restructuring of the group balance sheet and debt instruments. The restructure design utilised Australian voluntary administration and scheme of arrangement processes in conjunction with a U.S. Chapter 15 filing recognition proceeding.

Quintis is the latest formal Australian turnaround to use rescue features recognisable to a North American readership. Others include Ten Network, Paladin Limited, Atlas Limited,...

Recreational cannabis use became legal in Canada on October 17, 2018. Canada is now the second country in the world—and the first G-7 nation—to authorize a national cannabis market.1 The passage of Bill C-45, otherwise known as the Cannabis Act, marks a historical moment for advocates of cannabis legalization.

In the United States in 2018, cannabis supporters celebrated smaller victories, with nine states and the District of Columbia now allowing for recreational cannabis use and 30 states allowing for medical cannabis use. Yet cannabis remains illegal in the United...

Post-Brexit, how would creditors in the U.K. retrieve assets that had been transferred to Europe? How would creditors recover debts from European Union (EU) companies that are insolvent? This article looks at how the European Regulation on Insolvency Proceedings (EIR) and recognition of insolvency judgments, as well as schemes of arrangement, will be impacted by Brexit. Just to be clear, English law in relation to insolvency and restructuring procedures is not impacted by Brexit.

Current Position

The EIR was adopted in 2000, came into force in 2002, and was...

Some dreamed of it and others dreaded it, but nobody actually expected the Brexit referendum result. As such, politicians and business leaders seemed unprepared for the negotiations and practicalities of Britain’s exit from the European Union.

Nassim Taleb wrote in “Black Swan” (part of his Incerto series) about unexpected, rare events that are hard or even impossible to predict and have a disproportionately large impact on society, business, finance, and history. Brexit seems to fit this bill. Yet, a key feature of the Brexit narrative, now and as academics build their careers...

Post-Brexit, how would creditors in the U.K. retrieve assets that had been transferred to Europe? How would creditors recover debts from European Union (EU) companies that are insolvent? This article looks at how the European Regulation on Insolvency Proceedings (EIR) and recognition of insolvency judgments, as well as schemes of arrangement, will be impacted by Brexit. Just to be clear, English law in relation to insolvency and restructuring procedures is not impacted by Brexit.

Current Position

The EIR was adopted in 2000, came into force in 2002, and was recast in 2017....

Venezuela is one of the richest countries in Latin America and has the world’s largest oil reserves. But it also has too much debt, severe corruption, and related economic, political, and social problems. What unfolds there will make it a top restructuring story in 2018 and beyond.

Venezuela’s plight might seem curious given its wealth and oil reserves. But the country’s poverty rate is at 82 percent, and many of its 30 million citizens reportedly live on just $8 a month. Some are moving to other South American countries or elsewhere. Others who remain are starving and lack enough...

Restructuring professionals welcome change in the economic order of things. Failed managements’ reactions to change provides increased turnaround opportunities. Companies are forced to adjust to structural change and need professional advice in doing so. With the new U.S. president threatening to upset the established liberal transnational economic order and replace it with a nationally focused protectionist policy, there are significant ramifications for both U.S. and European companies.

The new administration has introduced uncertainty into European business planning. That is bad...

At least up until now, the Japanese buyout market has disappointed many market players in terms of market volume, which, according to Asia Private Equity Review, was $3.6 billion in 2016. This is a 69 percent decrease from 2008 and represents less than 0.1 percent of the nation’s gross domestic product (GDP). Despite Japan being home to more than 3,500 domestic companies and possessing the third-largest economy in the world, its buyout industry is still only a small part of the country’s overall economy.

However, it is mainly the players who benefit from fees that are most...