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– Strategic Management and Corporate Finance.
Strategic Management and Corporate Finance.
Higher undergraduate and graduate levels.
The case demonstrates how a company can be able to manage corporate restructuring successfully and recover from receivership. Uchumi is a company incorporated in Kenya and listed on the Nairobi Securities Exchange (NSE). The case examines how Uchumi successfully recovered from receivership in 2006 owing to previous mismanagement and regained profitability after years of continued losses. A review of the company's management style and the role of the management in turning around the company are presented.
Expected learning outcomes
The case demonstrates how financially and operationally troubled corporations can be managed effectively, illustrates how corporate managers can manage corporate restructuring and receivership successfully, shows the applicability of Kotter's eight stages of leading changes successfully and other leadership approaches/theories and demonstrates the differences between the performance of a corporation before and after the restructuring process.
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Outlines the UK law on insovency and asks whether the financial ratios banks use to assess credit worthiness can discriminate between the companies placed in…
Outlines the UK law on insovency and asks whether the financial ratios banks use to assess credit worthiness can discriminate between the companies placed in administrative receivership (AR) by their lending banks which can or cannot be rescued. Applies both linear discriminant analysis and logistic regression to samples of UK companies placed into AR in 1998, explains the methodology and shows broadly similar results from the two methods; and a predictive accuracy of 85‐90 per cent for the rescued companies and 55‐60 per cent for the failures. Analyses the key ratios for survival in more detail, looking at debtor turnover, the gearing ratio and the current ratio. Recogises the limitations of the study but sees it as a promising approach to predicting survivability.
In both the United States and Europe there has been a spectacular growth in the number and importance of management buy‐outs since the late 1970s. The typical…
In both the United States and Europe there has been a spectacular growth in the number and importance of management buy‐outs since the late 1970s. The typical characteristics of these deals differ somewhat on either side of the Atlantic in ways which are outlined below. However, in each environment the term “buy‐out” refers essentially to the transfer of ownership of the assets of an existing firm — which may itself be an independent entity or a wholly‐owned subsidiary or division — to a new and especially established group of equity holders which intends to keep at least some of those assets in their former use. In the US buy‐outs have often involved very large asset transfers, indeed multi‐billion dollar deals have been quite frequent. The transaction is typically financed by a limited subscription of equity from specialist venture capitalists and perhaps from the firm's management, together with a very large input of debt capital. The latter has often been in the form of high coupon (so called “junk”) bonds. The characteristically high ratio of debt to equity in buy‐out finance has given rise to their American description as leveraged buy‐outs.
This paper explores the links between the PGO and social services in relation to abuse and to local authority management of the finances of vulnerable people. It also…
This paper explores the links between the PGO and social services in relation to abuse and to local authority management of the finances of vulnerable people. It also reports a small‐scale study of adult protection co‐ordinators in social services departments, which explored the nature of and contact between the two agencies in the context of adult protection inquiries.
Discusses some problems associated with a developer′s insolvency part way through a building project. Explains the role and duties of a receiver and an administrative receiver. Stresses the importance to finance companies of appointing a suitable receiver.
This paper aims to provide an examination of the position employees find themselves during corporate insolvencies. The paper examines employees' rights under insolvency procedures such as administration, company voluntary arrangements (CVA), administrative receivership, pre-packs and liquidation, to establish whether the rescue goal can be affected by employees' claims. Priorities in liquidation are also widely examined to establish the status of employees under this procedure and their entitlements.
The law offers more protection to employees than unsecured creditors. In comparison to unsecured creditors and even floating charge security holders, employment claims stand in a highly enviable position during insolvency.
The paper offers a wholesale assessment of the rights of employees during insolvency. There is a lacuna in research literature that addresses the issue of employment rights during insolvency.
The purpose of this research was to determine the reasons behind the volatile nature of the U.K. aircraft manufacturing industry. This instability was demonstrated in 1988…
The purpose of this research was to determine the reasons behind the volatile nature of the U.K. aircraft manufacturing industry. This instability was demonstrated in 1988 when of the handful of U.K. general aviation aircraft manufacturers left in existence, both A.R.V. and Norman went into receivership. A further two had been drawn into receivership earlier in their history and most had a background of takeovers along with persistent financial problems.
This summer the Court of Appeal will hear a case which could affect the right of lessees to appoint a surveyor of their choice to act as a receiver and manager of their…
This summer the Court of Appeal will hear a case which could affect the right of lessees to appoint a surveyor of their choice to act as a receiver and manager of their leasehold flats in place of their landlord, so as to enable urgent repairs to be carried out to their flats and common parts. The case concerned is Evans v Clayhope Properties Ltd and the point to be decided is whether such a receiver appointed in those circumstances can recover from the landlord in advance of the trial his fees and expenses incurred in executing the repairs he was appointed to do. In a situation where the lessees have insufficient funds and the landlord is said to be the only party with the necessary finance to meet the receiver's costs, the High Court ruled late last year that it could not order the landlord to pay the receiver's fees and expenses, in advance of the trial. The residents have appealed and this paper examines the recent developments in the law which enabled receivers and managers to be appointed in respect of leasehold blocks of flats. The paper also looks at the work and duties of a receiver and finally asks the crucial question — does the system work?