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Workout Representation Services

Creditor Representation Service

Our professionals have achieved a record of success in helping our clients make the complex judgment calls needed to optimize recovery in troubled business settings. We provide services specific to the situation, but that will often encompass the following:

* Representing clients as a member of a Steering Committee;
* Critical assessment of information provided by a debtor or its Advisors;
* Analysis of options available to optimise recovery;
* Represent clients in the sale or payout of a loan position;
* Provide a formal report to senior management of the client to support a strategy recommended by an account officer;
* Estimate the likely recovery from a position to support internal provisioning.

Creditor Meeting Representation

Creditors meetings for insolvent companies can range from informal meetings between company management and creditors, through syndicate meetings to formal meetings under the Corporations Act.

The professionals at FSIA have each attended hundreds of creditors meetings. Creditors need to be mindful of their rights when attending any creditors meetings of companies which are in liquidation or voluntary administration, as an ill advised move can severely jeopardise a creditors position.

FSIA represents specific creditors at creditors meetings or we will attend a meeting with a clients account manager. Where required, FSIA is then able to provide a report of our recommendations and suggested strategy to optimise recovery for our clients.

In the past we have achieved the following for our clients:

* Been appointed to a Committee of Creditors to influence the direction of a workout.
* Reviewed and lowered the fee approvals being sought by an Insolvency Practitioner that were inadequately justified.
* Removed an unsatisfactory Insolvency Practitioner and replaced them with our client’s nominee;
* Redirected a workout to stall proceedings while a much more comprehensive investigation of the past use of funds was completed, then dramatically altered the terms of settlement.

Settlement Investigation Service

Are you accepting a compromise offer from a debtor, settling a Legal Action or in the midst of negotiations and hearing that a debtor “just can’t pay”? Then you should consider our Settlement Investigation Service. The Settlement Investigation Service is suited to the following situations:

* When you have commenced or are about to commence legal action to recover a debt or damages and the other side says they can’t pay any judgement and you should therefore accept a compromise.
* Where you are a lender and a debtor is offering a payout based on a re-financing from another bank, but at a discount.
* You are a lender and you have negotiated what you consider to be a reasonable settlement but need further backup to verify your view or for your credit submission.

What is the Settlement Investigation Service? FSIA will conduct a fixed price investigation resulting in a report and recommendation regarding the financial position of the debtor/defendant. We will provide you with a recommendation for an acceptable payout, or propose an alternate recovery strategy. We will also negotiate for you if you require.

The investigation can be tailored to suit your needs. Typically, we will:

* agree with you the scope and the fixed price;
* obtain copies of relevant documents from you;
* send the debtor and any guarantors a detailed questionnaire for them to complete;
* obtain key financial data from the debtor including financial statements, management accounts and forecasts;
* conduct relevant searches such as land title searches, directorship, shareholding and company extract searches;
* interview each of the primary debtors and guarantors, preferably at their premises, in order to gain additional information and resolve any conflicting information provided.

We tailor the investigation and report to your specific needs but usually the investigation will involve an analysis of recent asset transfers, current income and earning prospects and past use of funds. Our report will typically be a one to two page report discussing the main issues discovered during our investigation and providing a specific recommendation. If need be, we will provide a full report disclosing all findings of our investigation and enclosing copies of all searches and questionnaires.