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    Key Characteristics of Distressed M&A in Malaysia
    2024-10-16

    A distressed merger and acquisition (“M&A”) is essentially a sub-category of a conventional M&A, which involves sales of shares or assets of companies that are in financial turmoil and these companies are being placed under administration, receivership and/or liquidation. Due to the unprecedented Covid-19 pandemic, distressed M&A transactions have become more common in recent years with companies in financial and operational distress looking to dispose of their assets to better manage high illiquidity as well as reducing over-indebtedness risk.

    Filed under:
    Malaysia, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Adnan Sundra & Low, Liquidation, Due diligence, Receivership
    Authors:
    Putri Norlisa Najib , Chioh Jia Chiam
    Location:
    Malaysia
    Firm:
    Adnan Sundra & Low
    ABCs (Assignments for Benefit of Creditors) Are NOT Receiverships—And Should NOT Be Treated As Receiverships!
    2024-09-17

    I’m serving on a Drafting Committee of the Uniform Law Commission for a uniform law on assignment for benefit of creditors (“ABC”). A draft of such a uniform law is coming together, with lots of input from many people and organizations. But we are always looking for more input. So, if you’d like to participate in the drafting process, let me know.

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Koley Jessen PC, Receivership
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Distressed M&A in New Zealand: An overview
    2024-02-07

    New Zealand’s economy, like many others, has been significantly impacted by global events such as the COVID-19 pandemic hangover (inflation, supply chain shocks and high interest rates). These events have led to an increase in distressed M&A activity as healthy companies seek to acquire those in financial distress. Distressed M&A is not without its challenges. The uncertainty of the distressed company’s true value, potential liabilities, and the risk of subsequent insolvency proceedings can deter potential acquirers.

    Filed under:
    New Zealand, Corporate Finance/M&A, Insolvency & Restructuring, MinterEllisonRuddWatts, Supply chain, Due diligence, Coronavirus, Insolvency, Receivership
    Authors:
    Michael Langdon , Sean Gollin , Sean Dolan , Neil Millar , John Conlan , Mark Forman , Mark Stuart , Isaac Stewart , Igor Drinkovic
    Location:
    New Zealand
    Firm:
    MinterEllisonRuddWatts
    Holt Fund SPC: Restructuring Officers, SPCs and the dual approach to solvency
    2024-02-02

    In the Matter of Holt Fund SPC (Unreported, 26 January 2024) is the first occasion where an application has been made to appoint Restructuring Officers over portfolios of a segregated portfolio company. At first glance the judgment appears uncontroversial. However, it highlights a lacuna in the law which readers should be aware of.

    Background

    The Petitioner sought the appointment of Restructuring Officers (ROs) in respect of two segregated portfolios of the Holt Fund SPC.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Mourant, Insolvency, Receivership
    Authors:
    Simon Dickson , Nicholas Fox
    Location:
    Cayman Islands
    Firm:
    Mourant
    Approval of a court appointed receiver’s remuneration: sufficiency of evidence in support of the remuneration claim
    2023-12-11

    A recent court decision considers the legal principles and sufficiency of evidence when a court-appointed receiver seeks approval of their remuneration.

    A court-appointed receiver needs court approval for the payment of their remuneration. The receiver has the onus of establishing the reasonableness of the work performed and of the remuneration sought.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Cooper Grace Ward, Receivership
    Authors:
    Graham Roberts
    Location:
    Australia
    Firm:
    Cooper Grace Ward
    A General Introduction to the Restructuring and Insolvency Legal Framework in Australia
    2023-12-03

    Peter Bowden heads Gilbert + Tobin’s Restructuring + Insolvency group.

    He specialises in front-end restructuring and insolvency and has significant experience advising hedge funds, banks, special situations groups, investment banks, insolvency practitioners, creditors and debtors on all elements of restructuring, insolvency, liability management, workouts, banking and distressed debt transactions in a range of industries including financial services, energy, mining, mining services, property, construction, agriculture and manufacturing.

    Filed under:
    Australia, Insolvency & Restructuring, Adjudicate Today, Insolvency, Receivership, Corporations Act 2001 (Australia), Companies Act 2006 (UK)
    Authors:
    Peter Bowden
    Location:
    Australia
    Firm:
    Adjudicate Today
    This Could Be ‘The One’: Considerations for When a Property Developer Faces Insolvency
    2023-11-14

    Introduction

    A few weeks ago, real estate practitioners, investors, speculators, lenders and aspiring homeowners were all surprised to learn that The One, a monster development at 1 Bloor St. West in Toronto, was being placed into receivership. The project undertaken by Sam Mizrahi and his company, Mizrahi Inc., is slated to be an 85-storey mixed-use residential tower in the heart of the city, comprising retail stores, a restaurant, a hotel and luxury residential suites. It would be an iconic addition to Toronto’s growing skyline…

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Real Estate, Aird & Berlis LLP | Aird & McBurney LP, Supply chain, Coronavirus, Commercial tenant, Insolvency, Receivership, Ontario Superior Court of Justice, British Columbia Supreme Court
    Authors:
    Steven L. Graff , Bardia Jalayer , Danielle Muise , Calvin Horsten
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Is Arrowood the next Kemper? The insurance insolvency system is broken
    2023-10-12

    The Kemper/Lumbermens saga

    To refresh everyone’s recollection, this is a report from Business Insurance from March 14, 2010:

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Reed Smith LLP, Receivership
    Authors:
    Ann V. Kramer
    Location:
    USA
    Firm:
    Reed Smith LLP
    Company insolvencies on the rise
    2023-10-06

    The recent rise in company insolvencies has been driven by a high number of creditors’ voluntary liquidations (CVL). The outlook for the rest of 2023 is that there will be an even higher number of companies entering a formal insolvency process in almost every sector and industry.

    A high proportion of these insolvencies are small businesses (SME’s), some of which had managed to keep going with the help of Government-led support packages and bounce back loans, but with rising interest rates and inflation, they are now struggling to repay loans and obtain financing.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Boyes Turner LLP, Insolvency, Receivership
    Authors:
    Donna Goddard
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    It’s All Peakhill From Here: Appellate Confirmation of Courts’ Jurisdiction to Grant Reverse Vesting Orders in Receivership Proceedings
    2024-07-03

    On July 2, 2024, the Court of Appeal for British Columbia (the “Court”) released its highly anticipated decision in British Columbia v. Peakhill Capital Inc., 2024 BCCA 246 (“Peakhill”) concerning the use of reverse vesting orders (“RVOs”) to effect sale transactions structured to avoid provincial property transfer taxes for the benefit of creditors.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Receivership
    Authors:
    Matilda Lici , Sam Babe
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP

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