1. INSOL International What makes a good insolvency regime
INSOL International What makes a good insolvency regime? Richard Heis, Partner, KPMG, London INSOL Executive Committee
Helsinki
25 August 2015

2. Something that can cope with this …

3. All the way to this …

4. Debtor – focused regimes
Chapter 11
Most continental European regimes
China and Japan

5. Creditor – focused regimesUK
Most Commonwealth countries

6. State – controlled regimes
Bank resolution
Criminal enterprises
Critical infrastructure

7. Debtor-in-possession v. insolvency practitioner
DIP IP
Familiarity 
Cost
Independence
Fraud
Disruption
“Chapter 33” problem

8. Court v. out of court processes
Cost 
Speed
Fairness
International recognition

9. Immediate process v negotiated process
People business 
Banks
Value Preservation
Best price ?
Fairest outcome
Transparency

10. Pre-packs Valuation/value break Management Marketing New structure
Viability
“show me the money”
Information
Phoenix transactions
Good and bad pre-packs

11. Non-insolvency solution
Debt-for-equity swaps
Cramdown
Excluded creditors
Binding the minority
Mechanism:
By consent
By court
By vote
Valuation issues
Shareholder veto

12. International issues “regime change” Centre of main interest
Other international tricks
Co-operation/reciprocity
Model law
Territoriality v universalism v modified universalism

13. Questions

14. Thank you
Presentation by Richard Heis

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