Twitter Logo Youtube Circle Icon LinkedIn Icon

Publishing firms

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by KPMG LLP

View the listing for KPMG LLP

The CVA – a retailer’s new best friend?

July 2009 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

JJB Sports plc (JJB) is a high street retailer which had fallen into diffi culties and couldn’t determine a mechanism for dealing with the lease costs of its closed stores, which created cash pressures. A rescue of the business would only be possible if its landlords consented to a compromise. However, there had already been other high-profi le failures to achieve landlord consent. We developed a tailored Company Voluntary Arrangement (CVA) which was approved by 99% of creditors. Blane Leisure Ltd’s CVA (a wholly owned subsidiary) was approved by 98% of creditors. No one in attendance at the Creditors’ Meeting on 27th April 2009 voted against the proposal.

Two more years of recession: a crisis of confidence

June 2009 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

When asked how long the current credit crisis will last, Mick McLoughlin, Global Head of Restructuring at KPMG, tends to take issue with the question. He maintains that we are no longer in the grips of a credit crisis. Instead, he maintains that we have moved on to something far more difficult to escape from; a crisis of confidence.

Financial market participant insolvency

March 2009 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

In the aftermath of the initial credit crunch storm, smaller market participants are feeling the pinch. It is possible that some of these will have insufficient liquidity to continue to trade, or will fail to meet their capital ratios, and may have to seek support from a stronger participant or wind themselves down. However, it is also possible that some will follow Lehman into insolvency.

FACTORING ECONOMIC CONDITIONS INTO BUSINESS PLANS

January 2009 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

The current recession is unprecedented, which makes the outcome difficult to predict. But one thing is certain: it is very dangerous to keep talking down the economy. We do not want to see a deep, prolonged recession. What we actually need, after the excesses of the last four or five years, when too much finance was available, is a correction or readjustment of the economy, not a wholesale recession.

International Corporate Rescue

November 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

This article discusses the way in which the CVA, a highly flexible UK insolvency procedure, was used to implement a complex cross-border restructuring without damaging the operations of a global Tier One automotive supplier.

The importance of preserving cash in a downturn

November 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

Insights from 2008 research into cash and working capital management

Firing up the internal cash generator

November 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

This time a year ago you probably looked forward to phone calls from your bank. They tended to be from the friendly relationship manager inviting you to another cricket match or perhaps a convivial catch up over lunch. Today the same bank may find you slightly less enthusiastic about their calls.

Restore asks KPMG’s Simon Whicker about the potential impact of the collateralised debt crisis

November 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

According to some commentators, the credit crunch possibly represents the worst financial crisis since the Great Depression. Outside the financial sector, however, in the ‘real’ economy, employment is holding up, many companies are predicting continued growth and talk is of a period of readjustment rather than deep recession

In a downturn, cash really is king

November 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

‘Cash is king’ is one of those phrases that business executives often pay lip service to, but relatively few really mean it and even fewer really understand what it means. For many of those executives, cash has never been a real issue. It has always turned up when it has been needed.

Taking down the Sword of Damocles: Definition of Illiquidity

January 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

‘Damocles was an excessively flattering courtier in the court of Dionysius II of Syracuse, a 4th Century BC tyrant of Syracuse, Italy.

Schefenacker

January 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

In the spring of 2007, the English coastal village of Portchester welcomed a new corporate citizen. Schefenacker, a manufacturer of mirrors and lights for the global automotive industry, relocated its headquaters from the German town of Schwaikheim near Stuttgart to Hampshire in the UK as part of a wide-ranging restructuring operation. It was more a move that enabled a troubled company to ward off German corporate law and the German Insolvency Code, while implementing a rescue plan that would satisfy the demands of its financial backers. That the strategy succeeded was good news not only for Schefenacker itself, but also for its car-industry customers.

Thorn in your side

December 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

Underperforming business units depress enterprise values and consume cash that could be better used elsewhere, but it is easy to waste resources on ineffective fixes. Roger Bayly, a Partner in KPMG’s UK Restructuring practice discusses how to spot these problem areas and how to decide what to do.

Restructuring: An overview of services

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

KPMG's Restructuring practice can help to solve complex problems that may threaten a company's value. Working alongside lenders, stakeholders and all levels of management, our professionals are able to plan and deliver restructuring actions that can provide real improvements to the cash flow, profit & loss and balance sheet.

The Pensions Bill, March 2004

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

New duties on trustees and employers with Defined Benefit Schemes will make restructuring more complex. This covers key points for lenders and their concerns (Briefing Sheet)

Pensions Act 2004 - Clearance an overview, May 2005

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

The Pensions Regulator ("the Regulator") has issued guidance on the matters to consider when corporate transactions requiring clearance, i.e. those which might materially affect the recovery to a pension scheme if the employer became insolvent, are proposed. Failure to consider whether to seek clearance may result in financial contributions to the company's pension scheme being sought not only from parties to the transaction but also from their associates. This could undermine the commercial justification for a transaction or impose an inflexible cash drain. (Lender Briefing - 212717)

Pensions Act 2004 - Pension Scheme Creditors - A force to be reckoned with, May 2005

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

Where a pension creditor exists in a distressed situation, other creditors may have to get used to the pension trustees and / or their advisors becoming considerably more assertive. This situation will arise as trustees must ensure that they do not allow the pension scheme to have fewer assets that would support the benefits available to members under the new Pension Protection Fund regime ("the PPF"). (Lender Briefing - 212717)

Pensions Clearance - Sense and sensibility. Share sales from an administration, Oct 2005

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

A welcome decision from the Pensions Regulator may give comfort to lenders and corporate groups in distressed situations. Where circumstances allow, clearance may be available to protect subsidiary companies from Financial Support Directions (FSDs) where the holding company is insolvent, thus allowing viable companies to be subject to share sales. Lenders and corporates can also be reassured that the Regulator is displaying a reasonable and proportionate attitude. (Lender Briefing - 212716)

Spectrum Plus versus the Pensions Act, Jan 2006

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

Where a company alters its security from an existing debenture to factoring or invoice discounting arrangements, this may require negotiation with the pension trustees or clearance from the Pensions Regulator. (Lender Briefing - 300082) 

 

Pension Restructuring - A great leap forward, June 2006

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

The CVA of Pittards Plc (Lender Briefing/Case Study - 301732)

Pensions a roadmap for users Recovery Magazine, Nov 2006

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

Much has been written about the powers of the Pensions Regulator (tPR), the safety net provided by the Pension Protection Fund (PPF), and we are becoming familiar with a whole new dictionary of jargon that previously resided soley on the bookshelves of the actuaries. But in all this complexity - what does it all mean? (Article)

The CVA - Your flexible friend, Nov 2006

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

More articles by this firm.

An unusual and progressive use of a Company Voluntary Arrangement ('CVA) (Lender Briefing - 304090)