Mon, Jul 6, 2020
Declan Taite Discusses Restructuring Options for COVID-19-Affected Businesses with Biz Plus
Declan Taite, Managing Director in Duff & Phelps Corporate Finance practice in Ireland, was featured in Biz Plus in an article titled, “Deep Dive Into Restructuring Options.” In the article, Declan discussed the importance of COVID-19-affected businesses being realistic about their trading prospects, planning for various scenarios and considering available restructuring options to navigate the economic uncertainty.
Declan commented, “The Irish landscape has more traditionally used examinership as a form of business rescue. The process provides court protection to a company from creditors, for a maximum of 100 days, while the examiner seeks to restructure the business and implement a scheme of arrangement where the creditors must obtain at least what they would obtain if the company was wound up or liquidated.”
He added, “It is important to prepare alternative outcomes—base case, worse case and best case to deal with unforeseen issues or fluctuations in trading levels. Decisions must be made, and some may be difficult, but businesses must avoid the ‘ostrich syndrome.’ When people ask if they should focus on profitability or cash flow, we simply say that businesses don’t necessarily fail due to a lack of profits but due to a lack of cash.”
Read the full article here.
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In an ideal scenario, businesses can reorganize themselves through voluntary agreements and re-negotiations with creditors. When this is not possible, schemes of arrangements can be used as an independent process to maintain business and continue trading.
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