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The acquisition of insolvent businesses in the UK more than doubled in the past year, according to research into M&A by Experian Corpfin on behalf of insolvency trade body R3. This article first appeared as 'Insolvent deals double' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in March 2010.
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Rejuvenated Brandon Hire moves into acquisitive mode
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Turnarounds continue to be in the spotlight and, to shed more light on how to deliver a successful turnaround strategy, a new book for management teams has been published. This article first appeared as 'Building trust in a crisis' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in September 2010.
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‘Tidal wave’ of turnaround opportunities on the way, says private equity pioneer Jon Moulton.
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At Euro ’96, Baddiel and Skinner sung of supporters’ 30 years of pain. It’s now more than 40 years since the England football team have beaten a heavyweight rival in the knockout stages of the World Cup and who knows how much longer the wait will be. This article first appeared as 'Chairman’s letter – points of view' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in December 2010.
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The sale of DavyMarkham to Hindustan Dorr Oliver shows how commitment can create companies with the potential to be world leaders. By Brian Bollen. This article first appeared in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in May 2010
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After 18 months of debate with the UK’s Pensions Regulator, Uniq plc has struck a deal on the restructuring of its pension scheme, which was in deficit to the tune of more than £400m. By Lorant Porkolab.
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In the days of ‘cov-lite’ lending, equity cures were just another example of the power borrowers had over lenders. Now they are increasingly being used to avoid painful breaches, as Corinna Mitchell of Dechert explains. This article first appeared as 'Self-help remedies' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in June 2010.
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Falling insolvency figures are hiding a ‘hidden tsunami of corporate failures’, according to Steve Clancy, partner at MCR tax arrears solutions (pictured)*. Corporate insolvencies in the first quarter of 2010 fell by 8.4%. And the number for last year was 4,082, a 17.8% drop year-on-year. But Clancy fears HMRC’s leniency is staving off a wave of insolvencies. This article first appeared as 'HMRC – the lender of last resort?' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in July 2010.
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Like people, organisations can suffer from long-term debilitating conditions which, if left untreated, result in death. Fortunately for such organisations, which may well fear their decline is terminal, there exists a type of specialist - the 'company doctor' - trained in the financial and operational equivalent of resuscitation, and quite capable of nurturing even the sickest organisation back to health.
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The UK has emerged from its worst recession in living memory, but companies and insolvency practitioners expect the difficult times to continue as banks, suppliers and HMRC get tough. Neil Sen asks whether UK plc will weather the onslaught.
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Information is critical to all businesses, but even more so in turnaround situations. The Faculty’s first webinar examines how technology needs to be applied and managed to help save troubled companies. This article first appeared as 'Technology for turnaround' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in July 2010.
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‘This is a perfect example of how turnaround advisers working alongside the correct funders can work wonders for an ailing business,’ says Steven Chait, director and head of new business at Burdale Financial, the asset-based lending arm of Bank of Ireland. He is referring to the role that his firm, working alongside turnaround advisers AlixPartners, played in the turnaround of the business now known as Galiform. This article first appeared as 'Back on an even keel' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in July 2010.
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The UK’s Insolvency Service statistics for Q4 2010 revealed that company voluntary arrangements (CVAs) in the UK real estate sector increased by one-third compared with the previous quarter.
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The number of unlisted infrastructure deals hit a four-year low last year, according to a report by Preqin. Just 130 deals were completed in 2009 worldwide, one-third down on 2008 and the lowest total since 2005. With the crisis in the debt markets curtailing the amount of leverage available for infrastructure deals, average deal value fell 45% from $1.1bn to $600m. This article first appeared as 'Four-year low for infrastructure deals' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in March 2010.
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The British Property Federation (BPF) has warned administrators of growing resentment from landlords to businesses – in particular retailers – being put into administration in order to shed leases on loss-making stores. The comments come in the wake of landlords giving 98% backing to a Speciality Retail Group (SRG) company voluntary arrangement (CVA). This article first appeared as 'BPF warns against opportunistic CVAs' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in April 2010.
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As a new government comes to power, the old questions over the insolvency regime resurface. Last year, there was a green paper, Consultation on Encouraging Company Rescue, which of course sounds like a ‘good thing’. This article first appeared as 'Editor’s view: a new chapter?' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in July 2010.
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Corporate financiers will no doubt wonder where the opportunities will lie in the year ahead. Emboldened business confidence, and increased appetite for M&A, will go some way to providing them, but in straightened times, innovative thinking will be needed.
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The Pensions Regulator’s Determination Panel has issued its first contribution notice since it was given the powers in 2004. The £5.1m contribution notice was issued in relation to the Bonas Group Pension Scheme. The case may open the door for the Pensions Regulator to take a similar approach in viewing and judging other cases. This article first appeared as 'First pensions contribution notice' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in September 2010.
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Tim Mahapatra is making some big changes to Deloitte’s corporate finance arm.
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Stuart Deacon, director to M&A restructuring at Ernst & Young (E&Y), tells how the firm used stalking horse auctions to maximise value from a multinational telecoms company administration. This article first appeared as 'Badge of Honour' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in July 2010.
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Banks offer umbrellas when the sun is shining, but stand by as you get soaked in the rain, goes the saying. In the wake of banking and political pronouncements, will the rhetoric about lending turn into hard cash for UK businesses looking to grow.
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When banks send in a chief restructuring officer, a welcome mat is seldom waiting. What skills are needed to turn round a perilous situation? By Lyndon Driver
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Despite harsh trading conditions and a financial squeeze in the UK, we’ve seen relatively few turnaround deals. But are all the pieces about to fall into place? By Richard Young.