12:15pm for a 12:45pm start
2:00pm – 5:00pm
A half-day intensive masterclass on red flag indicators and the restructuring toolkit available to directors and lenders. In this masterclass, we will consider:
1. Identifying the key drivers of a struggling business, red flag indicators and restructuring tools available from a business’ perspective.
2. Banker and borrower perspective and levers, with a spotlight on the use of restructuring practitioners to conduct independent assessments (IA/IBR).
3. If a formal process is deemed appropriate, the options and getting the right fit for the situation.
Interactive case study to bring the issues to life for participants.
Larissa Logan, North Island Turnaround & Restructuring Strategy Leader, Ernst & Young | Lara Bennett, Executive Director, PwC | Rees Logan, Partner, BDO Auckland | Scott Abel, Partner, Buddle Findlay | Jane Innes -Jones, Counsel, Mayne Wetherell
Welcome Networking Event for All WIRI, Workshop and Conference Delegates and Speakers
The world has just exited a time of stimulus, Covid restrictions and opportunities for the at home mind to wonder and ponder. This created a perfect environment for a significant uptake in crypto currency as an investment, a way to spend time or an easy way to make money. However, as the stimulus falls away and regulators across the globe circle the cryptocurrency market who will be the winners, losers and what will the fallout be for the restructuring practitioners cleaning up the ruins?
John Mouawad and Paul Hewson from KordaMentha will provide an overview of the recent market turbulence and provide insights from the collapse of FTX and the restructure of Digital Surge. They will bring different generational perspectives to the discussion and key considerations for conference delegates – which side of the crypto coin are you on?
John Mouawad, Partner, KordaMentha | Paul Hewson, Director, KordaMentha
A concurrent Receivership/VA was utilised to quantify and reschedule debts to enable recapitalisation and trade-on.
KDIC (a farmer and community owned irrigation scheme) embarked on a upgrade and expansion of its total water delivery system. Unfortunately, construction did not go to plan which led to a protracted and expensive dispute with its contractor (MENZ).
• MENZ’s total claim against KDIC was $23 million and KDIC’s counterclaim against MENZ was $4.8 million.
• The key arguments were complex and there was unlikely to be a middle ground outcome in an adjudication or arbitration process.
• The Adjudicator released their determination in April 2022 and awarded MENZ a net $12.9 million, payable within 2 days with interest accruing at $4.2k per day.
• Although KDIC was legally obliged to pay the award, the dispute itself was still able to be resolved through arbitration under the Contract.
• KDIC had no means to immediately pay the award and had $40 million of secured debt from the Crown and local Council.
• A dual receivership/VA strategy was employed to allow the business to continue to trade while the award was challenged, and a resolution achieved.
• MENZ were ultimately the only compromised creditor.
This session will cover the issues faced not only in a construction contract dispute but against the backdrop of dealing with a farming community totally reliant on the irrigated water to survive. We will also discuss how KDIC was successfully restructured and able to be returned to its directors.
Brendon Gibson, Partner, Calibre Partners | Colin Gower, Business Restructuring Partner, BDO | Michael Harper, Partner, Chapman Tripp | Sean Gollin, Partner, MinterEllisonRuddWatts
11:20am Refreshment Break
As we enter into a period of higher interest rates and more constrained credit appetites from traditional Bank lenders, it is useful to understand recent changes and trends in Australasian debt markets. This session will provide a high level overview of the current debt market environment, explore the emergence of credit funds in our market and discuss the increased options that this provides borrowers, particularly at the more leveraged or distressed end of the credit spectrum.
From a legal perspective we will also cover the process of addressing financial covenant breaches by borrowers and the importance of understanding intercreditor rights.
Alton Pollard, Director, KPMG | Tim Stewart, Head of Asia Pacific, Gordon Brothers | Dan O’Donoghue, Head of Private Credit, Merricks Capital | Mark Glengarry, Senior Managing Director, Blackstone Credit | David Weavers, Partner, Russell McVeagh
The Courts are constantly shaping insolvency law and practice. As the law is shaped, so trends in insolvency litigation change. This session will cover those recent developments and trends in insolvency litigation over the past year, including in regard to voidable transactions, receivers’ and liquidators’ rights, Court review of liquidator actions, the interplay of equitable property rights and the PPSA, and more.
Michael Arthur, Partner, Chapman Tripp | Janko Marcetic, Senior Associate, Chapman Tripp
1:20pm Networking Lunch
Nerolie Curran, Propel Performance Group
Recognising climate change’s impact on business is essential for managing risks, complying with regulations, meeting stakeholder demands, and enhancing reputation. In New Zealand, over 35% of businesses have acted on climate change, while cost, lack of resources, technology, and other priorities prevented others. Dr. Carly Green’s talk will address the significance of climate change in business, examining the benefits of action and challenges such as cost and resource limitations. Her presentation offers valuable insights for business success in today’s climate-conscious world.
Dr Carly Green, Environmental Accounting Services
ESG factors will become increasingly relevant to practitioners dealing with distressed businesses. A successful business turnaround or an insolvency process can expect ESG scrutiny from buyers, lenders, regulators, and other stakeholders. Our session will address the ESG issues that practitioners should be thinking about before they accept an appointment and during that appointment.
James McMillan, Partner, Dentons Kensington Swan | Jenni Rutter, Partner, Dentons Kensington Swan
Join our panel of leading cybersecurity experts as we delve into the changing landscape of cyber threats, and offer actionable insights on how small businesses can adapt and thrive in this digital age. This session will cover the latest trends and case studies in cyber threats, including ransomware attacks, Denial-of-Service (DoS) attacks, malicious emails, and data breaches.
Our experts will shed light on the importance of cyber resilience, offering strategies to build robust security systems that not only defend against these threats, but also ensure quick recovery and minimal disruption to business operations.
The session will also address the often-overlooked but significant impact of cyber threats on a business’s financial health, discussing how security lapses can lead to insolvency and what measures businesses can take to mitigate this risk.
Equally important is the issue of data protection. Learn about the best practices in safeguarding sensitive data, and how to comply with evolving data protection laws and regulations, while maintaining the trust of your stakeholders.
Mark Micklefield, Associate Director, Datacom Security Consulting | John-Paul Sikking, Head of Cyber Protection, BNZ | Michael Wallmannsberger , ex CISO of Air NZ and Wynyard Group
A crash course in business interruption
With the assistance of a real life case study, learn from our expert panel on how to identify, and solve, key issues that arise in business interruption claims. Ideal for those interested in expanding their practices into claims quantification and advisory work.
Nick Frith, Partner, MinterEllisonRuddWatts | Shaun Hayward, Partner, Calibre Partners
Networking Drinks and Gala Dinner
Are there hordes of zombie businesses? Insolvencies are surging after nearly 7 years of unusually low volumes. Shamubeel will unpack the current cocktail of tight monetary policy, high inflation, financial market jitters and general elections, means for the economy and our sector.
Shamubeel Eaqub, Economist, Partner, Sense Partners
Speakers from each of these regulators will provide an update of their current focuses and workstreams and their views on what the year ahead holds.
Rose Rehm, Acting Deputy Chief Executive Operations, Serious Fraud Office | Vanessa Cook, Manager, Integrity and Enforcement Team, Ministry of Business, Innovation & Employment | James Atkinson, Technical Specialist, Inland Revenue
Facilitator: John Fisk, Partner, PwC
10:50am Refreshment Break
In this session, David and Tim will consider the rights of liquidators, receivers, VAs and others to obtain documents and other information, and the grounds on which the recipient can refuse a request. The session will give an overview of the various rights to seek information and discuss the differences between each regime, by reference to recent case law from both New Zealand and Australia.
The session includes:
Presenters: Tim Fitzgerald, Partner Bell Gully | David Friar, Partner, Bell Gully
Presenters: Liza van der Merwe, Director, Deloitte | Colin Gower, Business Restructuring Partner, BDO | Paul O’Neil, Head of Legal, Consultancy and General Counsel, Employers and Manufacturers Association
Facilitator: Crispin Vinnell, Partner, Anthony Harper