Early restructuring and a second chance for entrepreneurs
Headlined as a modern approach to business insolvency (a.k.a. Chapter 11 plus), the long-awaited EU proposal on business restructuring is every turnaround manager’s dream come true; an early Christmas present and wishes fulfilled beyond expectation. Having spent over 15 years banging on about consensual pre-insolvency restructuring saving enterprise value for creditors and jobs for employees […]
RBS to pay back £400 million for GRG’s “serious failings” but this will be no consolation to the owners of the businesses they destroyed.
RBS has set aside a £400 million fund for a complaints scheme to return complex and opaque fees wrongfully charged to 4,000 of the 12,000 companies, many of which were forced into insolvency, that were handled by the bank’s discredited Global Restructuring Group (GRG) between 2008 and 2013. This follows the publishing of preliminary findings […]
What can we really learn from RBS’s GRG horror story?
Information leaked this week sheds more light on the murky RBS GRG story. Internal RBS documents appear to have encouraged the provocation of healthy businesses into default condition from where extortionate fees were charged, external independent property valuations overridden by internal valuations and properties sold into an RBS property company to be sold later at […]
A new rescue culture on the cards
At the end of May 2016 the UK Government’s Insolvency Service published a proposal for innovative new legislation to improve the UK’s business rescue culture. A six-week consultation period ended on 6th July. The full consultation document can be found here: Insolvency Service Proposal May 2016 There are essentially four major strands to the proposal: […]
London Schemes industry set back? Are we about to see an end to aggressive “schemes forum shopping”.
An extraordinary coincidence of timing at the International Restructuring Conference in London today. Global Turnaround Editor, John Willcock’s informative market update featured “London’s Scheme Industry keeps on rolling” as a keynote topic. He pointed out the recent COMI shift objections in the Codere and Indah Kiat cases to what the Court described in Codere as […]
Closing the NPL bid offer gap
For over 4 years the talk has been about the €1 trillion and rising of European NPL’s and the opportunity for the restructuring profession, but painfully little progress has been made, particularly in the corporate distressed loan sector. Portfolio offerings have been short on the depth of information buyers need to commit their money and […]