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How Recent Insolvency Reform in the UK Impacts Business Valuations

Driven by the pandemic, the Corporate Insolvency and Governance Act (CIGA) 2020 is the largest reform to insolvency law in the United Kingdom in over 20 years. Although targeted to large companies, the impact on business valuation methods and standards will likely trickle down to smaller firms.

In re Baker

In this bankruptcy case, the court found there was no support for a creditor’s objection to discharge, where the creditor had sold her accounting business to the debtor and later claimed the debtor had concealed the existence and value of the business’s client list allegedly with the intent to defraud the creditor or the bankruptcy trustee.

Court Rejects Creditor’s Objection to Discharge Based on Debtor’s Alleged Concealment of Client List From Accounting Business Client

In this bankruptcy case, the court found there was no support for a creditor’s objection to discharge, where the creditor had sold her accounting business to the debtor and later claimed the debtor had concealed the existence and value of the business’s client list allegedly with the intent to defraud the creditor or the bankruptcy trustee.

Six Tips for Handling Key Issues in Tricky Bankruptcy Valuations

A number of issues have emerged that analysts will encounter when performing a valuation in a bankruptcy context. Valuation analysts who become involved in bankruptcy-related assignments should expect their work to come under a great deal of scrutiny because most of these engagements are done within a litigation or some other adversarial context, cautioned Robert Reilly, a managing director at Willamette Management Associates, during a BVR webinar back in 2017. While his remarks were made a few years ago, they continue to resonate, and a chapter from Business Valuation and Bankruptcy: Case Law Compendium, 3rd edition, contains more of his timeless advice on how to handle the challenges valuation experts will face.

New edition of BVR’s Bankruptcy Case Law Compendium

Virtually every bankruptcy case is intertwined with valuation issues at almost every stage of the process, which is why BVR’s Business Valuation & Bankruptcy: Case Law Compendium, 3rd edition, is a must-have resource.

Business Valuation and Bankruptcy: Case Law Compendium, 3rd Edition

March 2021 Hardcover, PDF

BVR (editor)

Business Valuation Resources, LLC

The bestselling Business Valuation & Bankruptcy: Case Law Compendium, Third Edition from BVR once again delivers, digests and summarizes all relevant recent case law.  This one-of-a-kind legal resource saves you hours of research and features a collection of articles and analysis that will prove illuminating for any practitioner. Learn more >>

Choose Your Client Wisely in a Bankruptcy Engagement

Robert Reilly (Willamette Management Associates) and Josh Shilts (Shilts CPA) conducted an informative session on valuations for bankruptcy at the AICPA FVS Conference.

What the New Subchapter V in Bankruptcy Means to Business Valuers

Michael D. Pakter (a managing member at Gould & Pakter Associates LLC in Chicago) discusses the new niche subchapter of the Bankruptcy Code that creates an easier and less expensive path for small businesses to reorganize and survive.

In re Kinser Group LLC

In § 506(a) hotel valuations, bankruptcy court finds creditor’s experienced expert premised appraisals on “fundamentally flawed” base assumption that hotels would be sold on the valuation date, where debtor’s plan said debtor would retain and operate hotels; court said replacement value applied.

Expert’s Failure to Review Debtor’s Reorganization Plan Results in ‘Defective’ Hotel Appraisals

In § 506(a) hotel valuations, bankruptcy court finds creditor’s experienced expert premised appraisals on “fundamentally flawed” base assumption that hotels would be sold on the valuation date, where debtor’s plan said debtor would retain and operate hotels; court said replacement value applied.

‘Plenty of room' for new experts in bankruptcy valuations, says Reilly

There is “plenty of room in the bankruptcy discipline for new practitioners,” says Robert Reilly (Willamette Management Associates), who co-presented a session at the recent AICPA FVS Conference with Josh Shilts (Shilts CPA).

Solvency opinion based on management projections faces Daubert challenge

In a bankruptcy-cum-Daubert case that turned on solvency, a court recently rejected both parties’ claims that the opposing financial expert testimony was inadmissible.

New ‘Subchapter V’ bankruptcies gain steam

Valuations have always been a crucial element in bankruptcies.

Small Business, Bankruptcy and Business Valuation

The Small Business Restructuring Act makes Chapter 11 reorganization proceedings faster, cheaper and more efficient for companies that come to Bankruptcy Court with debts below the statutory cap. That may allow certain small business to survive the current turmoil resulting from the corona virus pandemic. What is, however, not yet clear is the role of business valuators in the process. Michael Pakter explains what that role might be.

Court Finds Valuation of Debtor Entity Must Account for COVID-19 Effect on Industry

Court finds creditor’s interest in debtor’s property is “inconsequential” and says a valuation of debtor’s fitness club must account for dismal state of fitness industry due to COVID-19 shutdown; debtor’s projections related to reorganization plan are too optimistic given economic uncertainty.

In re Body Transit

Court finds creditor’s interest in debtor’s property is “inconsequential” and says a valuation of debtor’s fitness club must account for dismal state of fitness industry due to COVID-19 shutdown; debtor’s projections related to reorganization plan are too optimistic given economic uncertainty.

Experts Need Not Be ‘Blue-Ribbon Practitioners’ to Meet Rule 702 Qualification Requirement

In bankruptcy dispute, court rejects parties’ Daubert challenge to opposing expert testimony; defense expert did not blindly rely on management projections for capital adequacy and balance sheet tests, and plaintiff’s expert did not use hindsight to find debtor was insolvent on fund transfer dates.

Official Committee of Unsecured Creditors v. Calpers Corp. Partners, LLC

In bankruptcy dispute, court rejects parties’ Daubert challenge to opposing expert testimony; defense expert did not blindly rely on management projections for capital adequacy and balance sheet tests, and plaintiff’s expert did not use hindsight to find debtor was insolvent on fund transfer dates.

The Impact of COVID-19 on Restructuring, Insolvency & Impairment

The world of valuation has changed along with everything else. In this panel on the Impact of COVID-19 on Restructuring, Insolvency & Impairment, three experts will discuss the changing environment for valuation assignments. Craig Jacobson, Richard Peil, and Dan Korcyk each bring a unique perspective and will discuss three specific areas where valuation activity might increase due to the virtual shutdown of the U.S. economy. Finally, we will discuss topics related to performing valuations in ...

Valuing Distressed and Impaired Companies in the Time of Coronavirus

The Coronavirus Pandemic has created perhaps the most unusual economic downturn at least in our lifetimes and likely in the past 100 years. For Americans, the Pandemic stopped in its tracks one of the most explosive economic growth and expansion in many years, if ever. Overnight almost, businesses that were economically sound and growing were turned into distressed and impaired businesses. Jim Alerding will analyze the valuation perspective needed to value a distressed or impaired ...

Bankruptcy Court highlights comparables selection in assessing experts’ valuations

A meaningful comparable company analysis requires careful selection of comparable companies, the Bankruptcy Court recently emphasized in a case in which it ruled on the debtor’s proposed reorganization plan.

Bankruptcy Court Calls Choice of Comparables ‘Key Value Driver’ in Expert Valuations

Ruling on plan confirmation, Bankruptcy Court finds debtor expert’s determination of total enterprise value of reorganized debtor more credible than committee for unsecured creditors’ expert; in adopting debtor expert’s comparable company analysis, court calls choice of comparables set a “key value driver.”

In re Emerge Energy Services LP

Ruling on plan confirmation, Bankruptcy Court finds debtor expert’s determination of total enterprise value of reorganized debtor more credible than unsecured creditors’ expert; in adopting debtor expert’s comparable company analysis, court calls choice of comparables set a “key value driver.”

In Allocation Dispute Related to § 363 Sale, Bankruptcy Court Bridges Experts’ Value Gaps

Bankruptcy court performs allocation analysis to divide proceeds from section 363 asset sale between two competing lenders, finding debtor’s intellectual property is most valuable asset; court notes that, at time of sale, debtor was neither healthy going concern nor subject of forced liquidation.

Clawbacks and Creditors: The Valuator's Role in Bankruptcy

Join Pasquale Rafanelli to get the fundamentals on the common issues and topics that arise when performing valuations for bankruptcy. Learn the analytical issues that practitioners face as well as practical tools and tips to use when performing a valuation for troubled companies. Avoid traps and build a defensible valuation in an area that has as high a likelihood of uncertainty as litigation. Using real-life examples to show how and when one needs to perform ...

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