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Last updated on 2024年9月26日

What new strategies can you use to restructure bankruptcies and insolvencies?

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Restructuring is a vital skill for businesses and individuals facing financial distress, especially in times of economic uncertainty and disruption. Bankruptcy and insolvency are legal processes that can help resolve debt problems, but they also come with challenges and risks. In this article, you will learn some new strategies that can help you restructure bankruptcies and insolvencies more effectively and efficiently.

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1 Assess your situation

Before you decide to file for bankruptcy or insolvency, you need to assess your situation carefully. You should consider your assets, liabilities, income, expenses, and cash flow, as well as your legal obligations and rights. You should also evaluate your options and alternatives, such as negotiating with your creditors, refinancing your debt, or selling some of your assets. You may want to consult a professional advisor, such as a lawyer, an accountant, or a licensed insolvency trustee, to help you with this process.

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Lazar Halfon

Diretor HSA Solu??es em Finan?as S/A
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A primeira coisa que deve ser avaliada s?o as estratégias de gera??o de caixa. E , por mais incrível que possa parecer, a gera??o de caixa n?o está limitada ao lucro da opera??o. Empresas e acionistas tem muitas alternativas e op??es de monetiza??o de ativos. Desde um balanceamento melhor dos estoques, venda de ativos n?o operacionais, aliena??o parcial de alguma opera??o. capta??o estruturada. Enfim, há várias alternativas que, postas nas mesas de negocia??es, podem sensibilizar os credores para uma negocia??o menos estressada.

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Daniel Báril

Head da área de Insolvência e Reestrutura??o | Silveiro Advogados
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O presente artigo está eivado de um vício quase conceitual: falências n?o se reestruturam. Isso porque, se de um lado a recupera??o judicial é o processo de salvamento de uma empresa (caso em que a express?o reestrutura??o tem pertinência), a falência funciona de maneira a que os ativos sejam liquidados, e os passivos pagos, quando há a derrocada, ou o fim de um negócio. Por isso é que seria n?o técnico falarmos de reestrutura??o de falências.

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Dan Scouler

Principal at Scouler | Providing expert guidance and pragmatic solutions for organizations as they navigate critical financial, operational, and strategic challenges.
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For many situations, Chapter 11 has become prohibitively expensive. The exit strategy must be clear before considering a filing. For example, if the exit is a 363 sale, file the sales motion with the first day motions. Languishing in Chapter 11 is a value shrinker.

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2 Choose the right type of restructuring

Depending on your situation, you may have different types of restructuring available to you. For example, if you are a business, you may be able to use a Chapter 11 bankruptcy in the US, or a Company Voluntary Arrangement (CVA) in the UK, to reorganize your debt and operations while staying in control of your business. If you are an individual, you may be able to use a Chapter 13 bankruptcy in the US, or an Individual Voluntary Arrangement (IVA) in the UK, to repay some or all of your debt over a period of time while keeping your assets. You should weigh the pros and cons of each type of restructuring, and choose the one that best suits your goals and circumstances.

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Howard Morris

Experienced professional services business leader, specialist lawyer in corporate restructuring and co-founder of Greyscape.com
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@Michael Lacey says that the real skill is "to think inside the box". He's right. Clients don't want the untried, untested solution unless there's no alternative and the smart professional uses the existing tools with maximum efficiency. In restructurings one invariably has insufficient time and inadequate information so the keys to success are to bring process, communication, organisation, identify the key, achievable goals and get buy in from the needed stakeholders. I'd add, don't make unnecessary enemies, be a reliable source of information, don't be a follower of fashion and do know the law, there are some dusty and neglected tools that can yield stunning results.

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Philipp Wolters

Rechtsanwalt I Partner bei BBR I Fachanwalt für Insolvenz- und Sanierungsrecht ? Fokus auf Sanierung von Unternehmen in der Krise
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Es klingt abgedroschen, aber wichtig ist vor allem, dass man frühzeitig handelt. Dann steht einem die ganze Bandbreite an Restrukturierungsoptionen offen. Liegt also "nur" eine drohende Zahlungsunf?higkeit vor, gibt es folgende Optionen: - Sanierungsmoderation (StaRUG) - Restrukturierungsplanverfahren (StaRUG) - Insolvenzverfahren in Eigenverwaltung (vorl?ufige Eigenverwaltung/Schutzschirmverfahren) (InsO) Von der Einleitung eines ebenfalls m?glichen Regelinsolvenzverfahrens ist zun?chst grunds?tzlich abzuraten. Mit zunehmender Vertiefung der Krise schwinden die M?glichkeiten. Aber selbst bei einer eingetretenen Zahlungsunf?higkeit oder überschuldung bedeutet dies in aller Regel nicht das Ende des Unternehmens.

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Daniel Báril

Head da área de Insolvência e Reestrutura??o | Silveiro Advogados
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O diagnóstico sobre qual remédio se valer, para fins de reestrutura??o ou liquida??o, é sine qua non para se obter êxitos em contextos insolvenciais. Há que se dizer que esse diagnóstico é multidisciplinar, contando com expertises da área jurídica, mas também econ?mico, financeira, estratégica, dentre outras.

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Dan Scouler

Principal at Scouler | Providing expert guidance and pragmatic solutions for organizations as they navigate critical financial, operational, and strategic challenges.
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In the US, one option that I think is underused is Federal Court Receiverships. The advantages include: 1. Flexibility to craft the receivership order to address the specific issues of a situation 2. Relatively inexpensive 3. No creditors' committee 4. Subject to Court approval, the Receiver has total control over strategy and its implementation

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3 Communicate with your stakeholders

One of the key aspects of restructuring is communication. You need to communicate with your stakeholders, such as your creditors, employees, customers, suppliers, and regulators, throughout the process. You should inform them of your situation, your plans, your progress, and your expectations. You should also listen to their feedback, concerns, and suggestions, and try to address them as much as possible. Communication can help you build trust, cooperation, and support from your stakeholders, which can improve your chances of success and reduce conflict and litigation.

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Dan Scouler

Principal at Scouler | Providing expert guidance and pragmatic solutions for organizations as they navigate critical financial, operational, and strategic challenges.
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Everyone would agree that communication is a key part of any restructuring. But it has to be strategic and proactive. Start with the revolver, that’s where the cash is. Once liquidity is stabilized then work with other debt holders to formulate a consensual plan. Weekly calls with all lenders sets a constructive cadence for regular, timely communication on progress or problems. Unsecured creditors should not be brought under the tent until senior creditors are in agreement. Premature communication to this group often results in a collapse of vendor terms.

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Mark Fagnani

Senior Managing Director at PKF Clear Thinking Secured Finance Network Hall of Fame Inductee - 2022
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Dan Scouler - still at it. It’s been years. I hope you are well. And yes, I agree with your comments, of course. Never known you to be wrong.

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4 Implement your restructuring plan

Once you have chosen your type of restructuring and communicated with your stakeholders, you need to implement your restructuring plan. This may involve filing the necessary documents and forms with the court or the relevant authority, obtaining the approval of your creditors and other parties, and executing the agreed terms and conditions. You should also monitor your performance and compliance, and report any changes or issues that may arise. You should be prepared to adapt and adjust your plan if necessary, depending on the market conditions, the legal requirements, and the stakeholder feedback.

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Daniel Báril

Head da área de Insolvência e Reestrutura??o | Silveiro Advogados
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Vocês conhecem a anedota dos exploradores que se perderam? Um consegue um mapa, e guia o grupo para fora da floresta. Ao alcan?arem a cidade, em seguran?a, percebem que o mapa estava errado, era de outra localidade. Moral de história: é melhor ter um mapa, e segui-lo à risca - mesmo que errado! - do que seguir sem destino, sem lideran?a e sem esperan?a...

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5 Seek professional help

Restructuring is a complex and challenging process that requires a lot of expertise and experience. You may not be able to handle it on your own, especially if you have multiple creditors, large debts, or complicated operations. You may benefit from seeking professional help from qualified and reputable advisors, such as lawyers, accountants, consultants, or licensed insolvency trustees. They can help you with the legal, financial, operational, and strategic aspects of restructuring, and guide you through the process with confidence and competence.

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Louisa Sijabat

Open to Connect | Liquidations | Bankruptcy | Small Business Restructuring | Voluntary Administrations | Finalist - Women In Finance Awards 2020 - Director of the Year | Managing Principal at Merchants Advisory
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Yes, definitely seek professional advice as to which type of restructuring is best in your specific situation! Sometimes the facts may look similar, and it may only take 1 different factor to recommend a completely different strategy. For example, in Australia, a company with $500k ATO debt as its only debt may potentially benefit from a Small Business Restructuring. However, if most of it is superannuation, the company's going to need a completely different restructuring strategy, as superannuation must be paid in full in order for a company to be eligible for an SBR.

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Daniel Báril

Head da área de Insolvência e Reestrutura??o | Silveiro Advogados
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Quando a doen?a é complexa, um paciente n?o se cura sozinho. Da mesma forma, é de todo improvável que os gestores que levaram o negócio à derrocada consigam dela tirá-lo. Assim, opini?es de experts s?o indispensáveis para que os caminhos sejam encontrados e implementados.

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6 Learn from the experience

Restructuring is not only a process, but also a learning opportunity. You can learn from the experience and use it to improve your future decisions and actions. You can identify the root causes of your financial problems, and avoid or mitigate them in the future. You can also learn from your mistakes and successes, and apply the best practices and lessons learned to your business or personal finances. You can also use the experience to develop new skills, such as negotiation, communication, planning, and management, that can help you succeed in any situation.

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Daniel Báril

Head da área de Insolvência e Reestrutura??o | Silveiro Advogados
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Aprenda com as experiências.... dos outros! Porque, se de um lado, aprender com as suas é melhor do que simplesmente nunca aprender, de outro é bem mais econ?mico aprender com as experiências (falhas, fracassos, quedas) dos outros....

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Daniel Báril

Head da área de Insolvência e Reestrutura??o | Silveiro Advogados
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Uma vez me procurou um empresário, herdeiro, altamente capitalizado, que n?o levava muito jeito para suceder o negócio familiar. Como n?o havia sucess?o, recomendei que liquidasse o negócio, e terminasse com ele enquanto ainda fosse patrimonialmente rico. Por uma série de motivos ele n?o conseguiu, e o negócio continuou sangrando por alguns anos, até o momento em que ele finalmente tivesse que ser encerrado. Passaram-se anos, e capital familiar foi investido (ou perdido). Uma pena: quanto mais cedo encaramos a realidade, melhor lidamos com ela.

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What new strategies can you use to restructure bankruptcies and insolvencies?

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3

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1 Assess your situation

2 Choose the right type of restructuring

3 Communicate with your stakeholders

4 Implement your restructuring plan

5 Seek professional help

6 Learn from the experience

7 Here’s what else to consider

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