ADVISORY

Our Merger & Acquisitions specialist expertise is demonstrated through more than two decades of helping corporates and their owners generate value.

Find out more about M&A and Strategic Advisory

GO
From our decision to pursue this exit route, it was achieved in under 4 months….a strong testament to the professionalism of the advisory team involved….

Managing Partner mid-cap private equity fund

Case Study

Asked to advise an established private equity fund on the exit of its joint-controlling shareholding in a leading healthcare services company, David Hill managed a dual-track exit process, attracting competing offers from notable private equity and UHNW investors. It culminated

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If you’re looking to grow by acquisition, or require additional capital to fund organic growth or as part of a refinancing, ReSolve can advise you on optimal sources of capital.  Our equity capital raising team will help you to prepare and access capital.

Find out more about Equity Advisory and Capital Raising

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The significant investment constitutes a powerful acknowledgement of the outstanding progress made and milestones achieved since the IPO...

Chairman, International Company

Case Study

Essex-based Proficient Security specialises in providing security services to a range of clients including Embassies, HNWIs, construction and education firms, with a £5m yearly turnover. The security services industry suffers from an inherent cash flow challenge – many firms face

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If you’re looking to restructure all or part of your business, ReSolve can help plan, source and direct finance or refinancing for the short and longer-term business needs. We bring our independent perspective and experience to make effective and high-impact changes to your business structure and models.

Find out more about Debt Advisory and Restructuring

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Our experience of ReSolve has been consistently excellent. We have always found their work to be of a high standard, backed by common sense and highly commercial advice. They show professionalism in striving to achieve the right outcome for all stakeholders. I would recommend them to anyone.

Director, National Asset Based Lender

Case Study

In 2015 ReSolve was approached by a solicitor whose client, Javelin Plastics in the engineering sector was facing administration due to growing creditor pressure and a lack of working capital. Whilst the Company had a strong trading history, its management

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CAPITAL

If you’re looking to grow by acquisition or in need of additional capital to fund a breakthrough strategy for organic growth, ReSolve can open the door. Our partner-backed mid-cap investment fund can be accessed directly or we can co-ordinate introductions to a wider set of third party specialist lenders and investors.

Find out more about Partner-backed Investment Fund

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ReSolve immediately understood our business and the issues we faced and then worked tirelessly to ensure the transaction completed quickly so we can now focus on our clients growing needs.

Managing Director of a company in the Entertainment sector

Case Study

The Company, which operate in the TV and Film camera hire and post production sector, turned over circa £6 million per annum. Though looking at a growing business, they faced a challenge of raising additional working capital to meet increasing

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Rules, rules, rules

As we as a nation attempt to extract ourselves from the complexities of EU legislation with Brexit, we thought it might be helpful if we provided some quick pointers to New UK Insolvency Rules (April 6) and EU related Recast regulations (June 26). There are in fact some important elements to note for administrators and businesses alike and we’ve categorised our thinking into some key guidance notes and a ReSolve insight.

New Insolvency Rules
Introduced on April 6, the key change here is around the new ‘decision procedure’ which has a significant impact upon appointing liquidators in a voluntary insolvent liquidation and this procedure itself centres on the concept of ‘deemed consent’.

What are the key considerations of ‘deemed consent’?

  1. Various information has to be circulated to creditors prior to the decision date, therefore the first correspondence with creditor will now often include the directors’ report and statement of affairs.
  2. The onus is now on the directors to provide as much information at the outset and for urgent cases this may be required to be compiled and finalised within 1-2 business days of engagement.
  3. So this has two implications – (i) the onus is now on whether an objection is raised, rather than obtaining consent to the appointment and (ii) a liquidator can be appointed absent any meeting of creditors (although sufficient creditors are able to call a physical meeting if desired).

Other key considerations are around general correspondence and agreeing creditor claims:

  1. Creditors now have the option to opt-out of certain routine correspondence and if reports are to be posted online, there is also no requirement to notify creditors each time a new report is loaded. The first circulation will simply note reports will be posted online at certain key dates.
  2. New Rules allow for any claims of £1k or less to be automatically agreed by the office holder provided he/she is satisfied with a company’s records or directors’ statement of affairs.

EU recast regulations

They came into force on June 26, 2017, and are intended to produce better administration of pan-EU group insolvencies – note they don’t apply to Limited Liability Partnerships. There is a particular focus around a 3 month rule.

  1. To prevent ‘forum shopping’ the general presumption that a debtor’s Centre of Main Business (COMI) is located in the place of the registered office does not apply now if the registered office has been moved to another member state within 3 months prior to the request for the opening of proceedings. The definition of ‘Establishment’ has been changed in line within this.
  2. Whilst it needs approving by creditors, to prevent opening secondary proceedings in another member state, an insolvency practitioner may offer an Undertaking in respect of the assets located there to confirm they will comply with the distribution and priority rights under the laws of that member state.
  3. A company subject to proceedings may not be dissolved until all proceedings in respect to that company have concluded or dissolution has been consented to.

So how does ReSolve see the implications of these changes working through in reality?

Both of these draftings are intended to reduce burdensome administration and seem well intended.

In the case of the new Insolvency rules we think they will save time and money, particularly regarding smaller dividends for whom the relative time cost of locating and providing copy invoices often meant there was little benefit.
There are, however, some inconsistencies in places meaning some immediate amendments are needed.
More importantly, there may be a loss of some checks and balances; for instance whilst the online portal saves on office holder disbursements, we believe creditors are less likely to routinely check an online portal and may therefore not keep up to date with a case.
Other administrators should also note whether their own systems will need to change in order to allow a reliable record to be maintained.

On the Recast Regulation, the aspiration re pan EU insolvency implications is applauded. Two questions arise, however:
Will all practitioners have the ability to provide the Undertakings required – and if not will we see a consolidation across larger practices of EU administrations?
The second is the trumpeting elephant in the room – these regulations do not take account of the implications of Brexit and were drafted in advance of the referendum. ReSolve awaits with interest the development of the negotiations in this regard and expects more changes in the not too distant future.

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