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<br /> Published by TIMES Group First Edition 2015<br /> Business Restructuring<br /> & Insolvency Report<br /> www.pwc.ie<br /> Portfolio<br /> workouts<br /> in Ireland<br /> As Ireland's recovery continues, opportunities are arising for<br /> international capital. PwC is Ireland's foremost restructuring and<br /> insolvency practice. We can advise on all aspects of loan and asset<br /> portfolio workouts. We have extensive experience in delivering<br /> successful restructuring, through formal and informal processes,<br /> to a range of international clients. To discuss your restructuring<br /> requirements, please contact:<br /> Declan McDonald<br /> +353 1 792 6092<br /> declan.mcdonald@ie.pwc.com<br /> Ken Tyrrell<br /> +353 1 792 5184<br /> LFOUZSSFMM!JFQXDDPN<br /> „1SJDFXBUFSIPVTF$PPQFST"MMSJHIUTSFTFSWFE1X$SFGFST<a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 1" href="http://viewer.zmags.com/publication/754019a7?page=1"> Published by TIMES Group </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 2" href="http://viewer.zmags.com/publication/754019a7?page=2"> www.pwc.ie Portfolio workouts in Ireland </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 3" href="http://viewer.zmags.com/publication/754019a7?page=3"> Business Restructuring & Insolvency Report Edit</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 4" href="http://viewer.zmags.com/publication/754019a7?page=4"> Contents 04 Towards a unified bankruptcy</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 5" href="http://viewer.zmags.com/publication/754019a7?page=5"> 52 Business restructuring and insolvency </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 6" href="http://viewer.zmags.com/publication/754019a7?page=6"> Towards a unified bankruptcy law? by Robert v</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 7" href="http://viewer.zmags.com/publication/754019a7?page=7"> Article 46 of the EIR provides for the revision o</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 8" href="http://viewer.zmags.com/publication/754019a7?page=8"> The International Bar Association by Pekka Ja</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 9" href="http://viewer.zmags.com/publication/754019a7?page=9"> against these so-called `gatekeepers'. The sessio</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 10" href="http://viewer.zmags.com/publication/754019a7?page=10"> Modernising insolvency law: current work of the U</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 11" href="http://viewer.zmags.com/publication/754019a7?page=11"> of the group, eligibility to commence insolvency </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 12" href="http://viewer.zmags.com/publication/754019a7?page=12"> Insolvency Lawyers Association - (ILA) by Phi</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 13" href="http://viewer.zmags.com/publication/754019a7?page=13"> disqualification is appropriate, such as `the ext</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 14" href="http://viewer.zmags.com/publication/754019a7?page=14"> Turnaround Management Association - A busy year a</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 15" href="http://viewer.zmags.com/publication/754019a7?page=15"> Recovery and Insolvency Specialists Association -</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 16" href="http://viewer.zmags.com/publication/754019a7?page=16"> Global reach and commercial insight – award winni</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 17" href="http://viewer.zmags.com/publication/754019a7?page=17"> The Restructuring landscape - looking ahead to 20</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 18" href="http://viewer.zmags.com/publication/754019a7?page=18"> addresses valuations and recommends that these ar</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 19" href="http://viewer.zmags.com/publication/754019a7?page=19"> reorganisation. This includes where the debtor re</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 20" href="http://viewer.zmags.com/publication/754019a7?page=20"> to compromise the creditors and 100% consent coul</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 21" href="http://viewer.zmags.com/publication/754019a7?page=21"> The legislation is currently in draft but will li</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 22" href="http://viewer.zmags.com/publication/754019a7?page=22"> © 2015 Ernst & Young AB. All Rights Reserved.</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 23" href="http://viewer.zmags.com/publication/754019a7?page=23"> Restructuring in the Nordics - outlook for 2015 </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 24" href="http://viewer.zmags.com/publication/754019a7?page=24"> PART 2: THIS IS NOW… FINLAND IS STILL IN RECESSI</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 25" href="http://viewer.zmags.com/publication/754019a7?page=25"> and GDP might shrink further. Government deficit </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 26" href="http://viewer.zmags.com/publication/754019a7?page=26"> Micro environment and trends · Somewhat popul</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 27" href="http://viewer.zmags.com/publication/754019a7?page=27"> MEDIAN DEBT LEVELS BY EV > EV USD 250m </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 28" href="http://viewer.zmags.com/publication/754019a7?page=28"> across Europe participating. The attendees includ</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 29" href="http://viewer.zmags.com/publication/754019a7?page=29"> in oil prices in 2014. Unemployment is stil</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 30" href="http://viewer.zmags.com/publication/754019a7?page=30"> INSOLVENCY AND RECONSTRUCTION They are accessi</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 31" href="http://viewer.zmags.com/publication/754019a7?page=31"> Insolvency law in Australia - changing the rules </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 32" href="http://viewer.zmags.com/publication/754019a7?page=32"> that apply to liquidators and trustees in bankrup</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 33" href="http://viewer.zmags.com/publication/754019a7?page=33"> creditors without a formal meeting,20 creditors w</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 34" href="http://viewer.zmags.com/publication/754019a7?page=34"> Navigating turbulent times Deloitte Restructuring</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 35" href="http://viewer.zmags.com/publication/754019a7?page=35"> Restructuring in Austria and CEE by Ben Trask</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 36" href="http://viewer.zmags.com/publication/754019a7?page=36"> do business further east due to its robust and st</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 37" href="http://viewer.zmags.com/publication/754019a7?page=37"> FINANCING OF ENTERPRISES* IN 2013 5 % </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 38" href="http://viewer.zmags.com/publication/754019a7?page=38"> SUMMARY OF THE KEY ASPECTS OF THE AUSTRIAN INSOLV</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 39" href="http://viewer.zmags.com/publication/754019a7?page=39"> As shown with the example for Austria, there are </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 40" href="http://viewer.zmags.com/publication/754019a7?page=40"> mckennalong.com Global Experience McKenna Long &</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 41" href="http://viewer.zmags.com/publication/754019a7?page=41"> A market-led approach to group restructurings </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 42" href="http://viewer.zmags.com/publication/754019a7?page=42"> The economic reality of the way in which groups o</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 43" href="http://viewer.zmags.com/publication/754019a7?page=43"> concept of `a single economic entity' and the ext</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 44" href="http://viewer.zmags.com/publication/754019a7?page=44"> all parties involved and avoids artificial shifts</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 45" href="http://viewer.zmags.com/publication/754019a7?page=45"> legal entity restructuring11 and ii) consolidated</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 46" href="http://viewer.zmags.com/publication/754019a7?page=46"> We help companies and divisions overcome a range </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 47" href="http://viewer.zmags.com/publication/754019a7?page=47"> The new challenges of corporate restructurings in</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 48" href="http://viewer.zmags.com/publication/754019a7?page=48"> of importance. However, in the current environmen</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 49" href="http://viewer.zmags.com/publication/754019a7?page=49"> CHART 5 Balance between internal an</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 50" href="http://viewer.zmags.com/publication/754019a7?page=50"> Insight. Expertise. Cross-border reach. We offer </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 51" href="http://viewer.zmags.com/publication/754019a7?page=51"> Cayman restructuring options by Mike Saville,</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 52" href="http://viewer.zmags.com/publication/754019a7?page=52"> of any restructuring coming under attack, or, in </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 53" href="http://viewer.zmags.com/publication/754019a7?page=53"> approach has been recognised by the Court, as ill</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 54" href="http://viewer.zmags.com/publication/754019a7?page=54"> Business restructuring and insolvency report - Fi</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 55" href="http://viewer.zmags.com/publication/754019a7?page=55"> bankruptcy proceedings. The administrator is also</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 56" href="http://viewer.zmags.com/publication/754019a7?page=56"> time of receiving the restructuring application, </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 57" href="http://viewer.zmags.com/publication/754019a7?page=57"> of the realisation may prove to be far less if it</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 58" href="http://viewer.zmags.com/publication/754019a7?page=58"> </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 59" href="http://viewer.zmags.com/publication/754019a7?page=59"> Independent business review - efficient element f</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 60" href="http://viewer.zmags.com/publication/754019a7?page=60"> complexity might also arise from legislative grou</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 61" href="http://viewer.zmags.com/publication/754019a7?page=61"> of different scenarios. The analysis can include </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 62" href="http://viewer.zmags.com/publication/754019a7?page=62"> There are challenges that overwhelm and there are</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 63" href="http://viewer.zmags.com/publication/754019a7?page=63"> Restructuring and insolvency in Germany 2015 </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 64" href="http://viewer.zmags.com/publication/754019a7?page=64"> leverage ratios increased to pre-crisis level of </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 65" href="http://viewer.zmags.com/publication/754019a7?page=65"> issue corporate bonds. These bonds are traded at </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 66" href="http://viewer.zmags.com/publication/754019a7?page=66"> Multi track M&A processes in debtor-in-possession</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 67" href="http://viewer.zmags.com/publication/754019a7?page=67"> If the management is not willing to start such an</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 68" href="http://viewer.zmags.com/publication/754019a7?page=68"> ARE DISTRESS AND UNCERTAINTY IMPACTING YOUR BUSIN</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 69" href="http://viewer.zmags.com/publication/754019a7?page=69"> Operational turnaround - imperative for reviving </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 70" href="http://viewer.zmags.com/publication/754019a7?page=70"> Restructuring `CDR' process or bilaterally). In m</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 71" href="http://viewer.zmags.com/publication/754019a7?page=71"> needed, 2) ability of the turnaround team on the </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 72" href="http://viewer.zmags.com/publication/754019a7?page=72"> www.pwc.ie Portfolio workouts in Ireland </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 73" href="http://viewer.zmags.com/publication/754019a7?page=73"> Ireland - a good place to do business by Decl</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 74" href="http://viewer.zmags.com/publication/754019a7?page=74"> exercise those powers for a lawf</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 75" href="http://viewer.zmags.com/publication/754019a7?page=75"> entities. A year on from its introduction there h</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 76" href="http://viewer.zmags.com/publication/754019a7?page=76"> /R\HQV /RHIILVDQLQGHSHQGHQWIXOOVHUYLFHODZ¿UPVSHF</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 77" href="http://viewer.zmags.com/publication/754019a7?page=77"> The Dutch pre-pack and scheme by Hendrik van </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 78" href="http://viewer.zmags.com/publication/754019a7?page=78"> `pre-cook' matters as much as possible in a struc</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 79" href="http://viewer.zmags.com/publication/754019a7?page=79"> he should take such actions that would lead to cr</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 80" href="http://viewer.zmags.com/publication/754019a7?page=80"> outside an insolvency proceeding. Creditors can a</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 81" href="http://viewer.zmags.com/publication/754019a7?page=81"> If a composition has been approved by the require</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 82" href="http://viewer.zmags.com/publication/754019a7?page=82"> </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 83" href="http://viewer.zmags.com/publication/754019a7?page=83"> Restructuring is here to stay by Peter Wolter</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 84" href="http://viewer.zmags.com/publication/754019a7?page=84"> companies operate. Examples of today's megatrends</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 85" href="http://viewer.zmags.com/publication/754019a7?page=85"> increased demand from (i.e. competition amongst) </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 86" href="http://viewer.zmags.com/publication/754019a7?page=86"> Turning complexity into opportunity Our Global </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 87" href="http://viewer.zmags.com/publication/754019a7?page=87"> Transfer pricing issues associated with business </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 88" href="http://viewer.zmags.com/publication/754019a7?page=88"> BUSINESS RESTRUCTURINGS FROM A NORWEGIAN PERSPECT</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 89" href="http://viewer.zmags.com/publication/754019a7?page=89"> The concept `options realistically available to t</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 90" href="http://viewer.zmags.com/publication/754019a7?page=90"> www.pwc.co.za/deals Advising you in challe</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 91" href="http://viewer.zmags.com/publication/754019a7?page=91"> South Africa – increasing adoption of a rescue cu</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 92" href="http://viewer.zmags.com/publication/754019a7?page=92"> keen participants in funding commodity and oil an</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 93" href="http://viewer.zmags.com/publication/754019a7?page=93"> distances between major towns and cities in South</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 94" href="http://viewer.zmags.com/publication/754019a7?page=94"> Although steering towards a more creditor friendl</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 95" href="http://viewer.zmags.com/publication/754019a7?page=95"> limited to ring fencing of lender cash over which</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 96" href="http://viewer.zmags.com/publication/754019a7?page=96"> The Swedish law firm specialised in turnarounds, b</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 97" href="http://viewer.zmags.com/publication/754019a7?page=97"> Getting rid of unwanted contracts by Nils Åbe</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 98" href="http://viewer.zmags.com/publication/754019a7?page=98"> As a background to the matter in hand, it is impo</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 99" href="http://viewer.zmags.com/publication/754019a7?page=99"> In the case, Rörvik Timber (the Customer) had a f</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 100" href="http://viewer.zmags.com/publication/754019a7?page=100"> From opening thoughts to closing the deal – we kn</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 101" href="http://viewer.zmags.com/publication/754019a7?page=101"> Financing alternatives of utilities with low cred</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 102" href="http://viewer.zmags.com/publication/754019a7?page=102"> CHART 1 - SWISS ELECTRICITY PRICE DEVELOPMENT CH</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 103" href="http://viewer.zmags.com/publication/754019a7?page=103"> (O&M), technical and commercial management and ad</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 104" href="http://viewer.zmags.com/publication/754019a7?page=104"> Walder Wyss Ltd. Zurich, Basel, Berne, Lugano </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 105" href="http://viewer.zmags.com/publication/754019a7?page=105"> Restructuring under the revised Swiss law by </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 106" href="http://viewer.zmags.com/publication/754019a7?page=106"> whether its assets are appraised at going concern</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 107" href="http://viewer.zmags.com/publication/754019a7?page=107"> creditors or governmental offices of the proceedi</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 108" href="http://viewer.zmags.com/publication/754019a7?page=108"> i.e. irrespective of the ordinary termination dat</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 109" href="http://viewer.zmags.com/publication/754019a7?page=109"> NEW LAW AHEAD In addition to the amendments to t</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 110" href="http://viewer.zmags.com/publication/754019a7?page=110"> Index of Advertisers Advokatfirman Carl</a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 111" href="http://viewer.zmags.com/publication/754019a7?page=111"> MORE THAN ANY OTHER LAW FIRM IN ISRAEL We aim to </a> <a title="Business Restructuring &amp; Insolvency Report First Edition 2015 page 112" href="http://viewer.zmags.com/publication/754019a7?page=112"> The professional association for European restru</a>