Yes, 27th October, 2017 marked the 10th anniversary of Kepstorn – doesn’t time fly when you’re having fun? It has been a tremendous time and I have enjoyed just about every minute of it (some of the hours haven’t been that great, admittedly!) but I have no intention of sitting back and reminiscing.
I’m conscious that it has been some time since I have been in touch but that has been down to pressure of work. There have been a number of technical points that I have thought justified an update but finding the time to sit down and prepare one has just been impossible.
Recently, there have been some excellent pieces of work undertaken by the whole Kepstorn team with some great results. It has also been very enjoyable to be involved in some pure corporate finance work as well – who said M&A was dead? Donald Stewart has been particularly busy with AIM and regulatory work and we have both been acting in a CVA with a very positive outcome – not many of them, of late.
Restructuring and re-financing are still major areas of activity but at least there is now some traction in these types of cases, rather than the impression that you are whistling in the wind. Good businesses with prospects are now beginning to see the light at the end of the tunnel and that must be good news for all concerned.
Insolvency has also been on the up. From the rather depressing days when good quality assets sat unused as a result of there being no market, we now seem to have a properly functioning insolvency process once again and there have been some excellent results for creditors in some of the mandates where I have been acting. A couple of extremely complex international cases have also provided a fair bit of intellectual rigour. Who would have thought that I would have been discussing Roman law with Donald Stewart in the context of a Peruvian security in favour of international bond holders and the rights of the security trustee? Does it get any better!
Various changes in insolvency law and procedure, both north and south of the border, have also added to the interest.
As ever, I want to thank you for the support that you have provided over the years. Kepstorn is the product of its clients, its supporters and its friends and we couldn’t have achieved what we have without you. There are interesting times ahead but I’m sure that with a positive attitude, a spring in our step and a jaunty little tune in mind, we can achieve great things.