Restructuring, Professionalism and Ethics in Insolvency Practice

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Restructuring, Professionalism and ethics in Insolvency Practice Assessment Item 2 Discuss the legal and professional responsibilities arising from the facts set out below for

  1. Gerard Mann, ( a director of Manu Ltd and ManF Pty Ltd) and Reconstruction Remedies
  2. Larry Liquidator a registered Insolvency liquidator.

Key facts of the case Manu Ltd (part of a group controlled by Mann family) making parts for specialized medical equipment, in recent years producers of equipment pressuring Manu to lower costs or they will take business elsewhere. In July 2013 Manu Ltd entered contract with one manufacturer to produce parts over 5 years at a set price plus CPI increases. ManF Pty Ltd entered into another production contract for 3 years to produce certain items at a fixed price. To manufacture these products parts machinery came from Germany and both companies incurred substantial debt to the German Manufacturer but hoped that the debt would be paid off out of the contracts. Substantial monies had been paid to the Germans but large amounts are still owed under a time payment arrangement. The machinery failed to perform tasks it was expected to do and the German manufacturers denied any product liability. Further Information required to properly assess the case and advise on the responsibilities of all parties involved. Reconstruction Remedies have closely examined the underlying business of the two companies and believed that the underlying business can be profitable; however none of this information is disclosed in the case notes. The information required can be divided into three categories

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  1. Financial information required by Larry Liquidator for the purposes of determining solvency of the Manu Group of companies.
  • Financial statements of both companies- Profit and loss, Balance Sheet for year ended 30th June 2014.
  • Management accounts/cash flow projections for the 2015 financial year.
  1. Legal advice in relation to the product liability claim required by the directors of the Manu group of companies and Larry Liquidator
  • What legal advice exists in relation to the product liability claim?
  • What insurance policies exist that may assist the claim?
  • What undertakings were given by Manu to the German manufacturer in terms of the work to be performed by the equipment?
  • What director’s guarantees existed in terms of the equipment contracts?
  1. Restructuring options information required by the directors of the Manu group of companies and Larry Liquidator
  • Does the German manufacturer have a Personal Property Securities Register[1] charge over their equipment?
  • What is the ability to restructure the existing debts owed to the German manufacturer?
  • What value was RR putting on the old company and new Co?

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