Trends in Insolvency Presented by Tom Kavanagh 1Trends in Insolvency & Restructuring.

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Presentation transcript:

Trends in Insolvency Presented by Tom Kavanagh 1Trends in Insolvency & Restructuring

Statistics Receiverships Examinerships / Liquidation Other Trends Loan / Asset Portfolios Outlook Contents Trends in Insolvency & Restructuring2

Statistics – Overall Insolvencies 2014 (Actual) 1, (Projected) 990 Decrease of 15% Total Corporate Insolvencies Source: (facilitated by Deloitte Ireland) 2014 (Actual) 3, (Projected) 2014 (Actual) Decrease of 13% Total Corporate Receiverships 3Trends in Insolvency & Restructuring

Statistics – RIP Receiverships Total at 31/12/13 (Actual) Total as at 30/06/15 (Actual) 3,179 6,433 RIP Receiverships – excluding private equity Source: Dept. of Finance / Central Bank *Excludes appointment of Private Equity Firms 4Trends in Insolvency & Restructuring

Statistics – Personal Insolvency 2014 (Actual) 1, (Projected) 2,313 DRA / PIA etc (Actual) 3, (Projected) 2014 (Actual) Source: Insolvency Service Ireland Bankruptcies 5Trends in Insolvency & Restructuring

Receiverships Corporate Receiverships −Parolen / Gerry Maguire Connection −Alykes / Conlon Connection −Irish Pride Bakeries Litigation within Receiverships −Rhatigan / Radisson Golden Lane V Beltany −Vico Limited Still low volume of trading receiverships Trends in Insolvency & Restructuring6

Examinerships / Liquidations Successful Examinerships −Ladbrokes −Prime Fitness High Profile Liquidations −Clerys – lessons to learn Ongoing Examinerships −Best Menswear −Mothercare Trends in Insolvency & Restructuring7

Other trends Crystallisation of Floating Charge - Belgard Motors Companies Act – enhanced receiver powers Examinership Lite – not working Trends in Insolvency & Restructuring8

Portfolio Sales - Loans InstitutionPortfolios Loan Value €bn Buyer UBAran5.6Cerberus LloydsPoseidon4.2Carval / Goldman Sachs / BOI UBFinn2.6 Apollo / Deutsche / Sankaty / Cerberus LloydsParasol2Carval / Goldman Sachs PTSBMunster / Leinster1.5Apollo / Deutsche PTSBConnacht0.5Carval UBConey0.5Sankaty Total16.9 Currently on the market… NAMAArrow7.2On Market UBClearTBCCurrently being launched Overall Total24.1 Trends in Insolvency & Restructuring9

Currently on the market… NAMAJewel2.4Preferred Bidder InstitutionPortfolios Loan Value €bn Buyer NAMA Arch0.6Deutsche Maeve0.8Deutsche Portfolio Sales – Individual Borrowers Trends in Insolvency & Restructuring10

Portfolio Sales - Assets Currently on the market… NAMAHazel PortfolioOn Market BOINational PortfolioOn Market InstitutionPortfolios Price Paid €bn Buyer NAMAProject Trinity.2 Chartered Land and Abu Dhabi Investment Group Lone StarDublin Portfolio0.5Starwood Trends in Insolvency & Restructuring11

Outlook… NAMA – focus on development opportunities Examinerships - very effective in large trading cases Trading cases - working capital challenges Pillar banks - working through challenged cases Portfolio Acquirers - working through loan books with service providers Deleveraging phase coming to an end Trends in Insolvency & Restructuring12

Trends in Insolvency Presented by Tom Kavanagh 13Trends in Insolvency & Restructuring