Moyer / distressed applicability to UK
Hi all,
I’m currently reading Moyer with the intent to move into the distressed investing space in the UK. Can anyone please comment on how applicable it is to the UK bankruptcy process?
also any resources recommendations for the UK specifically? Thanks
The Moyer text, while comprehensive in distressed investing, primarily focuses on the U.S. bankruptcy process, which differs significantly from the UK's insolvency framework. In the UK, the process is governed by the Insolvency Act 1986 and the Enterprise Act 2002, which introduce different procedures and priorities.
For resources specifically tailored to the UK market, you might consider the following based on the WSO content:
WSO Investment Banking in the UK - An Overview: This resource provides a broad understanding of the financial landscape in the UK, including aspects of distressed investing.
WSO Financial Modeling Resources: These include various modeling courses and materials that can be adapted to distressed investing scenarios in the UK.
Local UK Financial Law Texts: Books and resources that focus on UK insolvency law would be highly beneficial. While not specified in the context, general advice would be to look for texts by UK authors or publishers that specialize in financial law.
WSO Community Forums: Engaging with the WSO community forums can also provide insights and recommendations from professionals who are actively involved in the UK market.
These resources should provide a solid foundation for understanding and navigating the distressed investing landscape in the UK.
Sources: Any helpful material for UK undergraduates (UPDATE: AM in the United Kingdom), Apollo, Moelis and GS internships, UK and abroad, Resume vs. CV for UK Jobs, Investment Banking in the UK - An Overview
Look up “UK administration process”—it’s something like British Chapter 11. It’s pretty different but there are some similarities. If I remember correctly, in the UK the pre-petition management is replaced by “an administrator” (hence the name), who’s job is what John Ray does in the U.S.
Closest comparison to Ch 11 in the UK is a Restructuring Plan (RP) - introduced in 2020 and improves on the previously used tool Scheme of Arrangement. RP allows for a cross class cram down (not available in a Scheme) making it more similar to a Ch 11.
Kirkland & Ellis do great coverage on UK restructuring developments which can be used to get up to speed on some of the major themes - go to their insights section on website.
The best debtor-side RX advisor in the market. No surprise they release golden content here
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