If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> Fourth Edition 2018 Published by TIMES Group<br /> Business<br /> Restructuring<br /> & Insolvency Report<br /> www.pwc.ie<br /> PwC Ireland<br /> Business Recovery<br /> Services <br /> <br /> <br /> <br /> Declan McDonald<br /> PwC's Business Recovery Services team provides advice on<br /> UHVWUXFWXULQJRSWLRQVLQFLUFXPVWDQFHVRIğQDQFLDOGLVWUHVVDQG<br /> RULPPLQHQWLQVROYHQF\2XUWHDPEDVHGLQ3Z&łV'XEOLQRIğFH<br /> SURYLGHVDGYLFHWR,ULVKGRPHVWLFDQGLQWHUQDWLRQDOFOLHQWVRQ<br /> FRPSOH[FURVVERUGHUUHVWUXFWXULQJ3OHDVHFRQWDFW <br /> +353 1 792 6092<br /> declan.mcdonald@ie.pwc.com<br /> Ken Tyrrell<br /> +353 1 792 5184<br /> LFOUZSSFMM!JFQXDDPN<br /> „1SJDFXBUFSIPVTF$PPQFST"MMSJHIUTSFTFSWFE1X$SFGFSTUPUIF1X$OFUXPSLBOEPSPOFPSNPSFPGJUTNFNCFSåSNT FBDIPGXIJDIJTBTFQBSBUFMFHBMFOUJUZ<br /> Please see www.pwc.com/structu<a title="Business Restructuring &amp; Insolvency Report 2018 page 1" href="http://viewer.zmags.com/publication/8154e3b9?page=1"> Fourth Edition 2018 </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 2" href="http://viewer.zmags.com/publication/8154e3b9?page=2"> www.pwc.ie PwC Ireland Business Recovery Servic</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 3" href="http://viewer.zmags.com/publication/8154e3b9?page=3"> Business Restructuring & Insolvency Report </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 4" href="http://viewer.zmags.com/publication/8154e3b9?page=4"> Onshore. Offshore. One coordinated approach Gra</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 5" href="http://viewer.zmags.com/publication/8154e3b9?page=5"> Contents 7 Roadmap to the future By A</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 6" href="http://viewer.zmags.com/publication/8154e3b9?page=6"> Navigating turbulent time</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 7" href="http://viewer.zmags.com/publication/8154e3b9?page=7"> Contents 38 Restructuring and Insolvency in </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 8" href="http://viewer.zmags.com/publication/8154e3b9?page=8"> Making the difference TAX AND LEGAL ADVICE With </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 9" href="http://viewer.zmags.com/publication/8154e3b9?page=9"> Roadmap to the future By Adam Harris, INSOL Presi</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 10" href="http://viewer.zmags.com/publication/8154e3b9?page=10"> INSOL has undertaken in recent years. Whilst INSO</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 11" href="http://viewer.zmags.com/publication/8154e3b9?page=11"> the website. In fact, INSOL International produce</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 12" href="http://viewer.zmags.com/publication/8154e3b9?page=12"> Blockchains, smart contracts, and cyber- currenci</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 13" href="http://viewer.zmags.com/publication/8154e3b9?page=13"> insolvency disputes often present novel and untes</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 14" href="http://viewer.zmags.com/publication/8154e3b9?page=14"> ixpert / Shutterstock.com </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 15" href="http://viewer.zmags.com/publication/8154e3b9?page=15"> An overview of insolvencies in Europe By Radu Lot</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 16" href="http://viewer.zmags.com/publication/8154e3b9?page=16"> increase the efficiency and certainty of gr</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 17" href="http://viewer.zmags.com/publication/8154e3b9?page=17"> Country Number Tr</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 18" href="http://viewer.zmags.com/publication/8154e3b9?page=18"> www.pwc.nl Restructuring solutions that matter </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 19" href="http://viewer.zmags.com/publication/8154e3b9?page=19"> Modernising insolvency law: the continuing work o</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 20" href="http://viewer.zmags.com/publication/8154e3b9?page=20"> individual debtors. Although it can be used with </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 21" href="http://viewer.zmags.com/publication/8154e3b9?page=21"> nition of a planning proceeding, to decline to co</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 22" href="http://viewer.zmags.com/publication/8154e3b9?page=22"> www.pwc.co.za Business Restructuring Servic</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 23" href="http://viewer.zmags.com/publication/8154e3b9?page=23"> Insolvency regimes to promote entrepreneurship an</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 24" href="http://viewer.zmags.com/publication/8154e3b9?page=24"> in practice) is not an easy undertaking but a wor</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 25" href="http://viewer.zmags.com/publication/8154e3b9?page=25"> Best practices dictate that a country's restructu</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 26" href="http://viewer.zmags.com/publication/8154e3b9?page=26"> Financial Crisis 24 ten years on xtock / Shutters</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 27" href="http://viewer.zmags.com/publication/8154e3b9?page=27"> By Declan McDonald, Partner, PwC Ireland Head of </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 28" href="http://viewer.zmags.com/publication/8154e3b9?page=28"> NAMA commenced acquiring loans in early 2010 whil</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 29" href="http://viewer.zmags.com/publication/8154e3b9?page=29"> debt (at par) and real estate collateral change h</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 30" href="http://viewer.zmags.com/publication/8154e3b9?page=30"> 28 Joachim Wendler / Shutterstock.c</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 31" href="http://viewer.zmags.com/publication/8154e3b9?page=31"> Restructuring Reforms – recent examples of innova</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 32" href="http://viewer.zmags.com/publication/8154e3b9?page=32"> Universalism, Territorialism and the rule in Gibb</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 33" href="http://viewer.zmags.com/publication/8154e3b9?page=33"> away, both creditors would remain able to enforce</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 34" href="http://viewer.zmags.com/publication/8154e3b9?page=34"> fellner wratzfeld partner we pitch a perfect ga</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 35" href="http://viewer.zmags.com/publication/8154e3b9?page=35"> Restructuring and Insolvency in Austria By Markus</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 36" href="http://viewer.zmags.com/publication/8154e3b9?page=36"> Damira / Shutterstock.com </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 37" href="http://viewer.zmags.com/publication/8154e3b9?page=37"> Consultants (et al) in March 2016. These guidelin</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 38" href="http://viewer.zmags.com/publication/8154e3b9?page=38"> Vaflya / Shutterstock.com </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 39" href="http://viewer.zmags.com/publication/8154e3b9?page=39"> is able to pay at least 30% of the claims of its </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 40" href="http://viewer.zmags.com/publication/8154e3b9?page=40"> Restructuring and Insolvency in Austria and CEE. </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 41" href="http://viewer.zmags.com/publication/8154e3b9?page=41"> Resolution AG. This first `wave' of nationalisati</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 42" href="http://viewer.zmags.com/publication/8154e3b9?page=42"> AlexLMX / Shutterstock.com · a proposal for</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 43" href="http://viewer.zmags.com/publication/8154e3b9?page=43"> Austria's largest banks have over-performed on th</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 44" href="http://viewer.zmags.com/publication/8154e3b9?page=44"> AlexLMX / Shutterstock.com There is a ca</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 45" href="http://viewer.zmags.com/publication/8154e3b9?page=45"> The new law shall come into force on 1 May 2018 a</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 46" href="http://viewer.zmags.com/publication/8154e3b9?page=46"> designer491 / Shutterstock.com </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 47" href="http://viewer.zmags.com/publication/8154e3b9?page=47"> Subject to the exceptions as provided in the Coll</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 48" href="http://viewer.zmags.com/publication/8154e3b9?page=48"> </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 49" href="http://viewer.zmags.com/publication/8154e3b9?page=49"> Ask Not What the Statute Says You Can Do, Ask Wha</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 50" href="http://viewer.zmags.com/publication/8154e3b9?page=50"> person or without notice as it may see fit, make </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 51" href="http://viewer.zmags.com/publication/8154e3b9?page=51"> Chapter 11 The US Trustee is a neutral third part</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 52" href="http://viewer.zmags.com/publication/8154e3b9?page=52"> Sebastian Kaulitzki / Shutterstock.com </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 53" href="http://viewer.zmags.com/publication/8154e3b9?page=53"> Multi jurisdiction offshore structures – complexi</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 54" href="http://viewer.zmags.com/publication/8154e3b9?page=54"> Common problems associated with offshore in- solv</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 55" href="http://viewer.zmags.com/publication/8154e3b9?page=55"> stead harmonising insolvency law. The complexitie</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 56" href="http://viewer.zmags.com/publication/8154e3b9?page=56"> Lisa S / Shutterstock.com Ongoing Insolven</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 57" href="http://viewer.zmags.com/publication/8154e3b9?page=57"> company experiences financial difficulties. The I</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 58" href="http://viewer.zmags.com/publication/8154e3b9?page=58"> The agreement will also provide a guarantee to pa</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 59" href="http://viewer.zmags.com/publication/8154e3b9?page=59"> 4. Job preservation Finally, the Insolvency Bill </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 60" href="http://viewer.zmags.com/publication/8154e3b9?page=60"> Update on Dutch restructurings By Vincent Vroom a</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 61" href="http://viewer.zmags.com/publication/8154e3b9?page=61"> legislative side. Six years ago the Dutch legisla</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 62" href="http://viewer.zmags.com/publication/8154e3b9?page=62"> distress to propose a composition to its creditor</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 63" href="http://viewer.zmags.com/publication/8154e3b9?page=63"> competent court by the pledgee. At the court hear</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 64" href="http://viewer.zmags.com/publication/8154e3b9?page=64"> Restructuring and Insolvency in Sub-Saharan Afric</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 65" href="http://viewer.zmags.com/publication/8154e3b9?page=65"> has also over the period been liquidated by the O</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 66" href="http://viewer.zmags.com/publication/8154e3b9?page=66"> hopefully lead to the acceptance of insolvency la</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 67" href="http://viewer.zmags.com/publication/8154e3b9?page=67"> In South Africa, Business Rescue (as set out in C</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 68" href="http://viewer.zmags.com/publication/8154e3b9?page=68"> The Swedish law firm specialised in turnarounds, b</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 69" href="http://viewer.zmags.com/publication/8154e3b9?page=69"> Valery Evlakhov / Shutterstock.com Issues</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 70" href="http://viewer.zmags.com/publication/8154e3b9?page=70"> that will demand too much in negotiations will, o</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 71" href="http://viewer.zmags.com/publication/8154e3b9?page=71"> This method is best when the claimant evidently h</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 72" href="http://viewer.zmags.com/publication/8154e3b9?page=72"> Walder Wyss Ltd. Zurich, Geneva, Basel, Berne,</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 73" href="http://viewer.zmags.com/publication/8154e3b9?page=73"> Is a financially sound Swiss subsidiary allowed t</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 74" href="http://viewer.zmags.com/publication/8154e3b9?page=74"> General Duties of the Board The primary duty of t</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 75" href="http://viewer.zmags.com/publication/8154e3b9?page=75"> NicoElNino / Shutterstock.com </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 76" href="http://viewer.zmags.com/publication/8154e3b9?page=76"> Characteristics of Chapter 11 Proceeding At this </a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 77" href="http://viewer.zmags.com/publication/8154e3b9?page=77"> conversion of its proceeding into a chapter 15 pr</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 78" href="http://viewer.zmags.com/publication/8154e3b9?page=78"> Index of Advertisers Advokatfirman Carle</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 79" href="http://viewer.zmags.com/publication/8154e3b9?page=79"> A talented team for high-precision work At Na</a> <a title="Business Restructuring &amp; Insolvency Report 2018 page 80" href="http://viewer.zmags.com/publication/8154e3b9?page=80"> </a>