Covid-19 has had a dramatic impact on business activity, and in both the US and UK many sectors of the economy have suffered an unprecedented collapse in revenue and consequent cash-flow difficulties with mounting level of unpaid creditors. Companies are now facing a wall of debt, at a time when Government support and measures such as the suspension of creditor rights is being wound down. Companies will need to recover revenue streams, re-boot their business and at the same time seek to deal with creditor arrears.
As a result, a significant amount of company and debt restructuring will need to be undertaken, be that through informal agreement or the use of formal insolvency and/or restructuring processes, to ensure that the company and/or its business is rescued.
The IBSA invite you to join Robert W. Dremluk, Partner at Culhane Meadows (US) and Vernon Dennis, Partner at Howard Kennedy (UK) on Tuesday 25 May at 15:00 BST when we will be discussing the various strategies that professional advisers can recommend to entrepreneurial clients to enable them to remain viable businesses.
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Robert is a partner in the New York office of Culhane Meadows, practicing in the areas of litigation, finance, bankruptcy, and creditors’ rights. His work focuses on diverse interests in federal and bankruptcy court litigation and advice and risk assessment regarding transactional matters, including asset purchases, structured finance transactions, real estate workouts, foreclosures, and purchases and sales of distressed assets. He understands transaction structures and regularly analyzes deal terms. This experience is invaluable because it provides a practical understanding of issues that help shape and develop successful litigation positions and strategies. Simply put, Robert makes deals and, when necessary, knows how to litigate to enforce clients’ rights.
His client representations include Chapter 11 debtors, secured lenders, committees, trade creditors, debtor-in-possession lenders, bondholders, shopping center developers, limited partners, indenture trustees, equipment lessors, asset purchasers, plan proponents, trustees, and other interested parties in all aspects of bankruptcy cases, both domestically and internationally.
Robert holds an AV Preeminent Rating® in the Martindale-Hubbell Legal Directory, meaning he has reached the height of professional excellence and is recognized by his peers for the highest levels of skills and integrity. He is regularly recognized in SuperLawyers Magazine (a Thomson Reuters publication) as one of the top restructuring lawyers in New York.
A highly experienced specialist in business transformation, Vernon Dennis is Head of the Business Recovery and Reconstruction group.
Vernon has over 25 years’ experience designing and implementing financial recovery and restructuring plans for business clients.
Leading our specialist group of experts he utilises the full resources available from within the firm, whether tax, employment, banking or real estate to provide pragmatic and commercially driven solutions for clients. And where applicable, he works in collaboration with leading industry experts.
Known for his technical expertise, but for making the complex, simple, Vernon advises insolvency practitioners, creditors, and debtors on a wide range of corporate recovery, reconstruction, and business rescue issues, both domestically and cross-border. He specialises in strategic and advisory support for company boards when planning programmes of business turnaround, restructuring, or transformation.
He has extensive experience in retail and restaurant distress, property portfolio restructuring, and cases known for their technical complexity.
Vernon is a Fellow of R3 (The Association of Business Recovery Professionals). A regular lecturer and commentator on insolvency, he is author of The New Law of Insolvency (2003), Insolvency Law Handbook (1st Ed 2005; 2nd Ed 2007 and 3rd Ed 2013), Administration (2010), Liquidation (2011), and Bankruptcy (2012). These have all been published by The Law Society.