1 / 10

Corporate Restructuring Summit

Corporate Restructuring Summit. David Baxter A&L Goodbody. 25 September 2013. R ecent legal developments in Restructuring. Current landscape New & f orthcoming legislation Pensions & insolvency Deleveraging update. Current Landscape. Retail examinerships still in vogue

gaenor
Télécharger la présentation

Corporate Restructuring Summit

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Corporate Restructuring Summit David Baxter A&L Goodbody 25 September 2013

  2. Recent legal developments in Restructuring • Current landscape • New & forthcoming legislation • Pensions & insolvency • Deleveraging update

  3. Current Landscape • Retail examinershipsstill in vogue • NAMA’s first Irish portfolio loan sale (including a JV arrangement) • Large corporate restructurings - out of court & consensual • New debt holders working through loan books;inter-creditor tensions remain within syndicates • Steps taken to improve liquidity in property market e.g. R.E.I.T.s legislation • Impact of IBRC liquidation

  4. New & forthcoming legislation • IBRC Act, 2013 • Companies Bill, 2012 • Amendments to EU Insolvency Regulation • Personal Insolvency Act, 2012 • Land and Conveyancing Law Reform Act, 2013

  5. Land and Conveyancing Law Reform Act, 2013 • The legislation addresses a specific loophole arising from …. • …. Start Mortgages Limited v Gunn decision • 2009 Act unintentionally removed right of a lender to seek repossession of registered property where mortgage created pre 1 December 2009 • Act does not have retrospective application; key date: 24 July 2013 • Possibility of adjournments when principal private residence at play

  6. Companies Bill, 2012 • Codification of directors’ duties • Receivership • More extensive powers; although short of NAMA receivers’ powers • Examinership • SME examinerships at Circuit Court • Liquidation • Reducing court’s supervisory role • Threshold to petition to wind up is now €10,000

  7. Amendment of EU Insolvency Regulation • Review after a decade timely • EC publishes reform proposals in December 2012 • Key proposed changes: • More clarity around COMI – impact on forum-shopping? • Scope of Regulation extended – inclusion of UK schemes?

  8. Pensions & Insolvency • Key English Supreme Court decision (Nortel/Lehman) on 24 July 2013 • Broad powers of UK Pensions Regulator; ranking of contribution notices • Relevance in Ireland • Irish subsidiary part of group that sponsors a UK DB scheme • IrishCo a target for UK Pensions Regulator • Secured and preferential creditors now not at risk • Challenges for DB pension trustees in Ireland

  9. Deleveraging • Source: Department of Finance and NTMA • Cumulative deleveraging at AIB, BOI & PTSB to end-Dec 2012 of €57bn (81% of 3yr target); €20.8bn achieved in 2012 • AIB - disposals are ahead of plan and the programme is nearing completion. Remaining deleveraging required to reach their target is to be achieved through loan work-out and amortisation. • BOI - has completed it’s disposal plan and the remaining deleveraging is on target and forecast to be achieved through rundown of non-core loan books. • PTSB- deleveraging programme postponed pending consideration of EC Restructuring Plan.

  10. Loan Portfolio Sales - 2013 • Why not more portfolio loan sales in 2013? • Impact of IBRC loan sales • Some unhelpful domestic case law • Preference to sell single assets • For some banks, deleveraging targets have been met • Reaction to pricing on 2012 loan portfolio sales • Banks not in a position to to crystallise losses • Stress-testing banks’ balance sheets in H1 2014

More Related