Financial Restructuring

Most restructuring professionals will tell you that there is no “typical” restructuring. That is absolutely true. Every financially distressed business is different and the character and direction of its restructuring will be highly dependent upon, among others, its capital structure, its liquidity profile, and the level of support it can build for its reorganization among key stakeholder bodies. Nevertheless, there are some important similarities in the way that any company should initially address a distressed situation.

In his quest for economic stimulus in the Autumn Statement, George Osborne failed to drive banks and borrowers to put the assets and resources of moribund businesses to good use.

The Chancellor said today in his Budget Speech, with reference to small businesses: "The improved time to pay scheme has helped businesses spread £5bn worth of tax payments over a timetable they can afford. Between them, these businesses employ over...