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Corporate Recovery and Insolvency

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Friel Stafford Brochure

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Page 1: Friel Stafford Brochure

Corporate Recovery and Insolvency

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Corporate Recovery and Insolvency

Friel Stafford

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Contents

Overview of Friel Stafford 01

Services to Financial Institutions 02

Our Banking Services Team 07

National and International 08

Experience and Expertise 09

Partners’ and Senior Management Profiles 10

Key Contacts 16

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We are client, not product focused.We generate effective solutions.

We have a high success rate.We have a strong network of partners

which enable us to achieve national and international solutions for our clients.

www.frielstafford.ie

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Friel Stafford is a niche accountancy practice specialising in Corporate Recovery and Insolvency, Personal Insolvency and Forensic Accounting and Expert Witness.

As a leading firm we provide expert advice of the highest professional and ethical standards. We have a long standing reputation for providing a professional service of the highest quality combining technical expertise and commercial awareness.

Our services are:

Partner ledRelationship drivenFocused on the long term needs of our clientsSolution driven with a flexible approachHigh quality

We are well known for our ability to manage large and complex assignments from begining to end and deliver reports and solutions on time.

Origins

The firm was set up in 1994 by Managing Partner Jim Stafford purely as a specialist Corporate Recovery and Insolvency boutique. We have built our name and reputation over the intervening years and it is in this specialist area we are best known today. We are recognised as one of Ireland’s leading firms by Directors, Professional Advisors, Professional Bodies and Financial Institutions.

The firm was founded with the mission of offering a positive commercial approach to business problems and we aim to bring added value to all of the services which we provide. We have a multidisciplinary staff who are specialists in Receiverships, Liquidations, Examinerships and all facets of Corporate and Personal Insolvency. We are also experienced forensic accountants with a strong reputation. We are well known for our ability to manage large and complex assignments in a timely manner and for the personal approach and interaction taken by our partners in each assignment. We generate and achieve timely solutions.

Overview of Friel Stafford

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Friel Stafford has a multidisciplinary team which provides a full range of corporate recovery and insolvency services to Banks and other financial services companies.

Partner led by Jim Stafford and Tom Murray, our services combine our corporate and personal insolvency expertise with our forensic accounting and investigative skills which are tailored to assist the lender in managing its lending and to aid asset recovery when necessary.

Our services include:

Pre Lend Survey and Post Lend AuditFixed Charge ReceivershipsTrading ReceivershipsProperty Development Receiverships Asset Tracing and Forensic ServicesIndependent Business ReviewsIndependent Property Solvency and Asset ReviewsIndependent Personal Reviews

We have been retained by company directors, legal advisors, financial institutions, multi nationals, professional bodies, fellow insolvency practitioners and high net worth individuals to advise and act on all types of recovery, restructuring and insolvency matters for over 18 years. We bring this wide ranging experience to each and every assignment and we are recognised as one of the leading professional firms in this area. We work closely with other leading advisors such as law firms and property consultants and are seen as pragmatic and solution driven.

Pre Lend Survey and Post Lend Audit

Friel Stafford can undertake a pre lend survey, before the bank lends to a new customer to ensure that the right decision is made and that the company fits the Banks’ risk profile. We provide a detailed report based on a review of the business and a detailed review of the company’s financial reports. We can also, post lending – carry out an audit to ensure that the customer’s risk profile has not changed. These monitoring audits can be done at regular intervals and give comfort to the bank and to the customer that the banking relationship is based on full disclosure.

Fixed Charge Receiverships

Fixed Charge Receiverships are partner led by Jim Stafford and Tom Murray. We have developed a stong reputation for taking charge of bank assets and meeting the bank’s wishes as to whether the property should be placed on the market immediately, or leased to tenants until the market improves.

We adopt a 5 stage strategy for dealing with fixed charge receiverships:

1. Stabilisation of the asset2. Determining the appropriate strategy3. Managing the asset4. Disposing of the asset5. Handover of the proceeds to Bank

Services to Financial Institutions

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The primary function of an asset receiver is to realise the asset, collect rent and assuming that the mortgage deed incorporates the power of sale, to ultimately sell the mortgaged property. The clear advantage to a charge holder in appointing an asset receiver is that the receiver and not the charge holder assumes the onerous responsibilities of landlord etc.

Generally a mortgage deed will incorporate a specific power to appoint a receiver, however in the absence of such a power there is provision under the Land and Conveyancing Law Reform Act 2009 which affords a mortgagee the statutory power to appoint a receiver over the income of a mortgaged property.

A receiver appointed under statutory power is an agent for the borrower. However, his primary function is to realise the assets charged for the benefit of the mortgagee. A receiver appointed under statutory power can demand and recover any rent due on the property over which he is appointed receiver. In certain cases where a borrower has granted a lease, the charge holder is not bound to the terms of lease even though rent may have been paid to the receiver and the charge holder may terminate the lease at any time. In most cases of receivership over personal assets, the charge does not extend to cover chattels and in certain instances rent receivable may have to be apportioned between the property and chattels.

With all asset receiverships there are common problems encountered which can significantly impact on the net realisable values obtainable

by the mortgagee. Typically lack of cooperation from the borrower can make it difficult to build a profile of the property including its VAT history, potential charges to CGT, rental roll, lease terms and documentation, financial contributions, local authority rates outstanding, certification costs, and duress payments necessary to bring the property to a saleable condition. Add to the above listing the lack of a functioning management company in an apartment development and with potential buyers and their advisors required to meet ever more stringent conditions when drawing finance for any property, the task of an asset receiver becomes more difficult. Despite the difficulties which can be encountered the appointment of a receiver by a mortgagee is often the optimum remedy to take control of a secured asset.

Trading Receiverships

Our multi disciplined team are able to ‘hit the road’ immediately upon appointment.

With practical hands on experience of running businesses in many different sectors we are able to anticipate potential issues and deal with them before they can become problematic.

We adopt a structured approach and carry out a detailed review upon appointment of all key business functions. This enables us to communicate a strategic and operational plan to all key stakeholders. As part of the strategic plan we identify the critical issues concerning

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operations, financial control, staffing and human resources, and corporate compliance. The goal of the strategic plan is to identify a clear and concise strategy to operate the business in a way that it can be sold as a viable going concern which will maximize the return to the charge holder.

Property Development Receiverships

With our strong development property team, headed by our in house Quantity Surveyor, we have a structured methodology to advise on the options available for finishing out a part completed development.

When the preferred option is identified we can then implement it with our own in house team managing and supervising the key functions.

In summary we adopt a six stage process for property developments:

1. Carry out a feasibility study/review on the project.2. Identify any outstanding planning issues before developing and implementing a strategy to resolve those issues.3. Prepare detailed cost plan and budgets with a view to determining the cost benefit of the project.4. Supervise and manage the construction of the development.5. Appoint an appropriate agent and manage the sales and marketing function. 6. Completion of site and handover to local authority and facility management company.

Asset Tracing and Forensic Services

We are Ireland’s leading firm in advising individuals who are facing personal bankruptcy. As ‘poacher turned gamekeeper’ we can identify the issues that individuals are facing, will face and can crucially pre-empt the strategies they may employ to frustrate their creditors.

For centuries debtors have attempted to conceal assets from their creditors and evade paying debts. From the creditors’ perspective, there may be no point commissioning potentially costly litigation without knowing whether the debtors have assets. In order to make informed decisions we establish a detailed picture of the true financial assets of the debtor. This can potentially assist the creditor in realising previously unknown assets.

We have significant multi-jurisdiction experience identifying and tracing assets held by individuals and corporates.

In determining assets, hidden or real wealth, our investigators are skilled and experienced in investigating:

Irish and UK PropertyOffshore assets and propertyBanking in the UK and offshoreInvestments including shares and bondsTrustsDirectorshipsAssets hidden by ownership by connected individuals, companies or corporate entities

Services to Financial Institutions

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Independent Business Reviews

When a business is in difficulty, lenders may request an Independent Business Review before finalising a decision to continue supporting a company or to further support additional lending.

Friel Stafford work with management to prepare a comprehensive review of all areas of a business which gives reassurance as to the viability of a business in the short and medium term. We review all aspects of a business from management to shop floor and everything in between. With our substantial forensic experience we often identify and uncover previously unidentified issues which can materially affect the security position of the bank.

We issue a detailed report of our findings along with recommendations based on our years of expertise as to how best to proceed. Our reports are unbiased, fair and provide an in-depth analysis of the company’s affairs.

Key to our approach is a positive working relationship with the company’s management. We are unobtrusive in our approach and all reports are signed off by company management for factual accuracy before finalisation and submission to the bank or lender.

Independent Personal Solvency and Asset Reviews

Similar to an Independent Business Review we carry out, on behalf of the bank, a comprehensive review of the financial exposure of an individual with a view to ascertaining whether they are able to meet their current or proposed obligations. Ideally, we look at possible restructuring for the individual which would allow them to best meet all their obligations and maintain a reasonable lifestyle. With our substantial forensic experience we often identify and uncover previously unidentified issues which can materially affect the security position of the bank.

Independent Property Reviews

Our Property Services Team can prepare a comprehensive review of all areas of a property management and development business and portfolio business which gives reassurance as to the viability of the portfolio in the short and medium term. We focus on managing the debt and cash flows, vetting and refining existing strategies and identifying alternate cost effective strategies. We assist financial institutions to make informed decisions about whether to continue supporting projects.

Where further development is required, we can supervise the projects on behalf of the institution to ensure that deadlines are met, issues proactively dealt with and the strategies are implemented to plan.

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Services to Financial Institutions

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Friel Stafford’s multidisciplinary banking services team delivers a‘Big Firm’ service with the advantages of a ‘boutique firm’ personal relationship and access.

We also avoid many of the obvious conflicts of interest that firms with large corporate finance and tax departments may have.

Our team has a broad skills base enabling them to be more efficient in terms of decision making and implementation which in turn is passed on to the client in terms of timely delivery and cost effective fees.

‘Everyone’s a Specialist...’

We deliver a high quality, competitively priced service. Key to this is that our banking services team comprises highly dedicated insolvency trained staff. Every one of our staff members are full time Insolvency Practitioners and are not seconded from other departments as and when the need arises.

Leadership Approach At a time when insolvency and restructuring assignments can be complex, high profile and in need of immediate advice and guidance, we can immediately bring to the table a team of experts to take charge and give leadership. We have multidisciplinary teams who have practical experience in all key industry sectors.

Partner Quality Assurance

Our partners provide overall quality assuranceon each client engagement.

Each partner has overall responsibility for delivery of the engagement. Our team ensures compliance with our quality guidelines and procedures.

Our Banking Services Team

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Friel Stafford complete insolvency appointments within the Republic of Ireland and have a portfolio of successful assignments across the Island.

We have developed a network of leading service providers in every county and can take charge of assets immediately.

For international assignments we believe that local knowledge and expertise achieves the best result. As an increasing number of our assignments have an international perspective, particularly asset tracing assignments, we have developed relationships with leading independent accounting, legal and property advisors in the key jurisdictions around the world.

Key to the development of our international relationships has been Managing Partner Jim Stafford’s international experience in New York and London.

Crucially, as an independent specialist firm, we are not tied into any one global firm and as such can identify and work with the best experts in any specific jurisdiction to advise on specialist assignments.

National and International

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Friel Stafford are one of Ireland’s most experienced and established Corporate Recovery and Insolvency firms operating in Ireland since 1994.

Reputation

We have experience advising on a broad variety of insolvency and restructuring work both nationally and internationally. We have worked on Receiverships, Liquidations, Corporate Restructuring’s, both informally and formally through the Courts. We have built up a strong reputation for taking charge of, managing and selling property assets on behalf of charge holders.

The current financial crisis has seen us advise individuals on bankruptcy options both locally and internationally. We have been engaged by financial services companies who are concerned that debtors are dissipating or hiding personal assets.

Corporate Recovery and Insolvency

We were appointed to over 100 Corporate Insolvency appointments in 2011 and have advised the directors of over 300 companies on their options. We have a successful track record as almost two thirds of the companies that engage with us are able to avoid insolvency proceedings.

Personal Insolvency

Since September 2008 we have advised a significant number of individuals, who owe financial institutions €1m plus, on the options they have in relation to restructuring, including negotiating with creditors and various personal bankruptcy options. This has included advising on various cross border bankruptcy regimes and various asset protection strategies.

Asset Tracing

We have been engaged and consulted by financial institutions regarding the tracing of assets held by debtors both nationally and internationally where the financial institution is concerned that the debtor is under declaring assets on a statement of affairs or has dissipated assets or transferred them to family members and third parties to frustrate the institution and other creditors.

Experience and Expertise

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Friel Stafford have a varied and accomplished range of staff who enable us to provide a diverse, high quality and comprehensive service to our clients.

Partners’ and Senior Management Profiles

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Jim Stafford qualified as a Chartered Accountant in 1987. He is one of Ireland’s leading Corporate Recovery and Insolvency specialists.

Whilst training he obtained Insolvency experience on a number of assignments. Upon qualifying, he moved to New York and joined Spicer & Oppenheim. During his two years with Spicer & Oppenheim, he had experience with Chapter 7 and Chapter 11 bankruptcy procedures. In 1989 he joined Cork Gully, the insolvency practice of Coopers & Lybrand (now PWC), in London. He spent five years in London, specialising in Corporate Recovery and Insolvency. He returned to Ireland in 1994 and established Friel Stafford.

Jim has had extensive practical experience of all types of industries, ranging from aerospace and mining to hotels, construction and IT.

Jim has been a member of the Chartered Accountants Ireland Ethics Committee for the past ten years, being the sole representative of Insolvency Practitioners. He is also a member of the Chartered Accountants Ireland NAMA Forum, which was established to assist Chartered Accountants in dealing with NAMA.

Jim drafted the complete syllabus for the Diploma in Insolvency course run by Chartered Accountants Ireland. He wrote and presents two of the six modules on the course. Jim was selected by the Institute to present the Module on Corporate Turnaround Strategies given his expertise in the area.

Jim is also engaged by Chartered Accountants Ireland as a lecturer for their CPD (Continuous Professional Development) in the areas of Corporate Recovery, Insolvency, Personal Bankruptcy and Credit Management. He is frequently asked to speak about specialist Corporate Recovery and Insolvency topics by other institutes and organisations such as the Irish Institute of Credit Management, EBS, Goodbody Stockbrokers, IBRC, Bank of Ireland, Investec, KBC Bank. Jim has contributed numerous technical articles on Corporate Recovery and Insolvency for the magazines of the three leading accountancy bodies in Ireland, and for the Sunday Business Post. He has also done a number of radio and television interviews on Corporate Recovery and Insolvency.

In addition, Jim is a member of council of The Irish Society of Insolvency Practitioners, a group which was established in 2004 as a forum for the development of expertise and experience of those practicing in the insolvency profession in Ireland.

Jim StaffordManaging Partner

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Tom Murray qualified as a Chartered Certified Accountant (ACCA) in 1997 whilst working in banking.

Before moving into Corporate Recovery and Insolvency with Friel Stafford in 2003, Tom developed wide ranging experience in finance roles with a number of leading financial institutions such as Chase Manhattan Bank, Ernst & Young, Dexia and AIB Investment Managers in a number of diverse areas including Corporate Treasury, Corporate Finance and Corporate Accounting. Tom has been appointed Insolvency Practitioner on a large range of insolvencies since January 2006. Approximately 30% of those appointments were construction related companies and approximately 15% were hotel and leisure related companies. Over the years he has worked with a wide range of developers on residential and commercial sites. Tom has significant experience in preparing Independent Business Reviews and “Look See’s” on behalf of financial institutions.

Tom is heavily involved with the ACCA accountancy body and is the incoming President of ACCA Ireland for 2012/2013. He is also a member of the ACCA Ireland Executive Committee and is the current

Chairman of ACCA Ireland Practitioners Network. He represented ACCA Ireland at the ACCA international Assembly in 2011. In addition, he is a member of the Institute of Certified Public Accountants in Ireland.Tom is engaged by the three leading accountancy bodies in Ireland as a lecturer for their CPD (continuous professional development) in the area of Corporate Recovery, Insolvency and Personal Bankruptcy.

Tom has written and presented two of the six modules in the Diploma in Insolvency run by Chartered Accountants Ireland. He has contributed technical articles on Corporate Recovery and Insolvency for the magazines of the three leading accountancy bodies in Ireland.

He is currently writing a regular column in this area for Accounting and Business Ireland – the magazine of ACCA Ireland. Tom has done a number of radio and television interviews on Corporate Recovery and Insolvency. He is also a member of The Irish Society of Insolvency Practitioners, has a diploma in Forensic Accounting and is a Certified Mediator.

Tom MurrayPartner

Partners’ and Senior Management Profiles

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Liam Murphy heads up the firms services to Banks on construction and property projects.

Liam originally qualified as a Quantity Surveyor in 1984 through Bolton Street College of Technology and Trinity College Dublin and commenced practising as a Quantity Surveyor with Eugene Guerin and Partners. He gained great experience in large scale public projects and private commercial projects through practising in Dublin. The keen interest in the practical side of construction led him to join Cedar Building Co. in 1986 and he developed the company from a small scale domestic builder to a large/medium sized contractor with an impressive portfolio which included the development of the Kildare Hotel and Country Club, Ireland’s first grade A five star facility. During the time spent in contracting he developed a detailed knowledge of Project Management and honed a valuable commercial awareness which has stayed with him over the years.

In 1996 Liam established LJM Quantity Surveying and Project Management Ltd., which offered professional QS and PM services to private and public clients alike. The company offered services to the industry including Management, Cost advice, Tendering, Strategic development advice, Contractual issues including the presentation and assessment of Contractual Claims, a comprehensive raft of services tailored to suit medium to large scale contractors, Government agencies, Private clients, small/medium sized developers and Premier Division developers. He also established a development company at this

time called LJM Management Contracting Ltd. The company provided a vehicle for the production of private development schemes designed to add value to the private practice sector and also to drive the property portfolio arising out of the success of LJM QS & PM. The company also ensured the commercial awareness of the major parties involved in the QS practice.

In recent years Liam has provided advice to the construction industry and the banking sector on solutions to distressed projects and also to the commercial sector on survival and damage limitation due to the economic climate.

Liam has worked extensively on the continental commercial projects including Spain, Italy, Portugal, Belgium, Holland and Bulgaria. He has worked in Egypt and has extensive experience in numerous forms of contract and procedures used both at home and abroad. The scale and range of projects to which services have been offered vary from the smallest domestic project to large scale strategic developments such as new towns including all infrastructures and utilities. Liam is a member of the Royal Institution of Chartered Surveyors and The Society of Chartered Surveyors of Ireland together with being a member of the Chartered Institute of Building. He serves on the Conservation Committee within the SCSI.

Liam MurphyDirector of Property Services

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Martin O’Reilly qualified as a Certified Public Accountant in 1982 and has almost 40 years experience in professional accounting and business roles.

Martin originally trained with Oliver Freaney & Co. before moving into industry. Since then he has developed broad and wide ranging experience in a number of sectors.

For the past 18 years Martin specialised in Insolvency and has worked in all aspects of insolvency work including court and voluntary liquidations, receiverships and examinerships. These have included a number of high profile national assignments.

Martin specialises in all areas of business recovery work which includes advising other insolvency practitioners, banks and directors and has developed an in-depth understanding of the complexities and challenges facing many large scale businesses.

In particular, Martin has developed considerable experience within the construction and leisure sector in his time as an Insolvency Practitioner. He is also a specialist in the area of forensic accounting with almost 20 years experience to the legal profession when expert opinion is sought on fraud, disputes and accountancy issues.

Along with Tom Murray, he leads Friel Stafford Forensic Accounting and Expert Witness practice. He has worked on forensic assignments which have involved business reviews for banks, fraud investigations, loss of profits/earnings calculations and business valuations with a specific background in asset tracing. Asset tracing is an increasing part of his workflow in the current economic climate where assets have been converted or dissipated for the purpose of distancing or disassociating those assets from their true owner.

Martin is a member of the Irish Society of Insolvency Practitioners.

Martin O’ReillyDirector of Insolvency Services

Partners’ and Senior Management Profiles

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Gráinne Stafford has a proven track record in health care with extensive experience of health services management in the US, UK and Ireland.

Before moving into consultancy twenty years ago, Gráinne worked in the marketing and planning department of Thomas Jefferson University Hospital in Philadelphia, US. Gráinne received her MBA Degree in the US in May 1989. From 1990 to 1994, Gráinne was an executive consultant with KPMG in London and spent over four years working on strategic consultancy projects. In 1994, Gráinne established Friel Stafford Consulting in Dublin, offering a range of services specifically to meet the changing needs of the health care sector in Ireland.

In 2002, Gráinne was appointed Managing Director of Secta’s new company in Ireland when Friel Stafford Consulting incorporated its ongoing business within Secta Group to more effectively serve a growing market that faced many challenges as organisations respond to the Government’s new health strategy.

Gráinne has worked with a wide range of health bodies across the US, UK and Ireland on all aspects of the strategic planning process.

She has played leading roles in a considerable number of projects, in particular those relating to client strategy reviews of services for the HSE, hospitals, pharmaceutical companies, nursing homes, health insurance bodies etc.

Gráinne led the development of planning guidance for health bodies as they embraced Government challenges and initiatives. She has worked on numerous assignments in the private and public health sector relating to strategy, cost improvement and value for money.

Gráinne is a Fellow of the Institute of Management Consultants and Advisors in Ireland (FIMCA) and is a Certified Management Consultant (CMC).

Gráinne StaffordConsultant

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Jim StaffordManaging Partner

087 251 [email protected]

Tom MurrayPartner

087 834 [email protected]

Liam MurphyDirector of Property Services

087 259 [email protected]

Martin O’ReillyDirector of Insolvency Services

086 830 [email protected]

Gráinne StaffordConsultant

087 222 [email protected]

Key Contacts

Alan GeraghtySenior Manager

087 641 [email protected]

Jonathan FoleyManager

087 121 [email protected]

Ciara NolanManager

087 291 [email protected]

Andrew HendrickManager

085 714 [email protected]

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Friel Stafford44 Fitzwilliam PlaceDublin 2, Ireland

T: + 353 1 661 4066F: + 353 1 661 4145E: [email protected]

www.frielstafford.ie