1. Deal flow
    1. Kelso Place did o deals in 2011 – prices were too high.
    2. RBS did 800 restructuring deals in 2011 – who did them?
    3. Corporate finance seems to be the leading source of deals not IPs in 2011/2012, with the outlook for insolvency practitioners looking bleak, laying off workers. RBS view – 2013 may be an upturn in insolvencies, as businesses.
    4. Zombie companies are adversely affecting the competitive landscape often buying some business below cost, artificially screwing pricing.
    5. RBS Santander deal is expected to be completed Jan 31 2012, to meet the end of 2012 window. If the deal falls through there will be a limited window to find another. Only 5% of commercial is in fact 23pc value of the portfolio, and 318 retail branches – the divestment is complex as its part of the business.
    6. Buy good business is at the core of turnaround acquisitions – regardless of whether it is in out of an insolvency process, whatever is the best process to retain value and viability. The complexities of buying a business post admin should not be underestimated either.
  2. Insolvency law / developments;
    1. 2011 insolvency Begbies led – 243  with 167 KPMG ;
    2. Case law indications are that pensions may be ongoing liabilities post administration!
    3. Fairline boats / Better capital JV with RBS is an interesting development
    4. In 2011 – Prepack made up 27pc of all administrations yet the outcome is 70% of all businesses entering administration were still sold back to their owners! The new 3 days prepack creditor review seems to be on the cards in April!
    5. Football creditor rule ending will likely make no difference as FA will use own rules to find another way around
    6. Retail; high St closing 1000 shops week, retail property owners 80pc are in breach of their loan to value covenants
    7. 30pc premier football clubs have player fees greater their turnover, but foreign owners will likely once again save the entities and they will carry on regardless
  3. No one offered a view of 2012
    1. Subsequent news – On the Euro; The Italian Mafia are now the largest Italian bank with €65Bn liquidity.