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UPDATE: Return to work updates now included – click through the themes below to see what steps your company should be considering. 

The financial effects of the pandemic are reminiscent of the 2008 financial crisis, but with the stresses extended across every sector of the economy. Previously healthy businesses are suddenly coming under acute financial pressure. Without financial resilience, commercial and operational resilience cannot be maintained. Keeping this pillar strong requires firms to adapt existing financial frameworks to a more hostile, volatile environment in which access to finance and liquidity are of paramount importance, and critical cash flow risk management decisions have to be made daily.

Whilst the lockdown period presented acute cash burn pressures for most businesses as activity levels fell off, the re-start phase presents perhaps even more challenge. Mobilising to kick-start revenue growth in a trading environment that will look very different for some time could place enormous pressure on working capital. Decisions on when, how and (even) if units are to be restarted and orders accepted cannot be taken lightly. Economic history tells us that more businesses fail emerging from a downturn than going into it or during it.

KPMG’s Guide to Maintaining Enterprise Resilience has been updated to consider how businesses can prepare for their Return to Work. Below we outline some of the key steps that we believe organisations should take to maintain their Financial Resilience, if they are not doing so already.

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Crisis management Return to work Forward planning Who to contact?

Challenges

  • Lockdown disruption is slowing or stopping revenue generation, while costs like salaries and maintenance remain fixed
  • Cash burn is accelerating, but regular financial management data does not provide adequate granular visibility of short-term cash flow
  • Customers are hoarding cash, while suppliers – whose failure would be harmful – seek faster payment
  • Prioritisation of business-critical payments whilst managing risks from deferral of other payments e.g. HMRC, rent, rates, utilities
  • Defensive cash preservation and generation tactics are of paramount importance but need to be effectively managed
  • Firms want to approach lenders and funders but can’t demonstrate a clear view of their ‘ask’
  • Companies face the likelihood of breaching financial covenants and want to ‘get on the front foot’
  • New government support measures are being introduced around the world at an unprecedented rate with details being filled in through subsequent guidance

Industry insights

  • Adapting cash flow models for uncertainty and disruption, revising them regularly – even daily
  • Using short term cash forecasts to underpin resilience strategies and determine response priorities
  • Using short term forecasting to engage with creditors and funders to seek forbearance and support
  • Considering participation in the Coronavirus Job Retention Scheme (JRS) and, for SMEs, the Coronavirus Statutory Sick Pay Rebate Scheme (SSPRS)
  • Understanding and managing compliance with EU State aid rules is important to avoid nasty surprises

Suggested Actions

  • Set up robust short-term cash flow (STCF) forecasts for 13-17 weeks at business unit and group level, reviewing weekly against prior forecast and outturn
  • Embed the STCF process in the Financial, Commercial and Operational resilience response, creating a circular modelling & feedback loop
  • Assess enterprise-wide cash flow risks to spot potential downsides to the STCF; analyse them by timing, quantum and probability
  • Identify rapid, achievable ways to reduce costs and preserve cash and classify them with impact and risk gradings (prioritisation)
  • Assess the impact of cash flow scenarios on cash reserves, facility headroom and financial covenants, revisiting weekly
  • Initiate early discussions with funders if necessary, supported by forecasting that combine monthly forecast, STCF and risk scenarios
  • Look for quick tax wins, including refunds of corporation tax instalment payments and R&D claims, which can be built into forecasts
  • Understand State aid treatment of all forms of government support being built into forecasts and impact of €800,000 limit for direct grants under Temporary Framework

How is KPMG helping?

  • Forecasts – implementing robust short-term cash flow forecasts, including dynamic scenarios and consolidation
  • Stress testing – sensitising forecasts to model cash burn rates, cash reserves and facility headroom
  • Workshops – facilitating ‘brainstorming’ sessions on cash preservation and financing options
  • Diagnostics – data-driven programmes to identify short and medium-term cash ‘win’ opportunities
  • Training – providing coaching on tactical, strategic and crisis cash management
  • Finance requests – helping firms understand how financial forecasts will be perceived by new and existing funders and lenders
  • Advice to employers – helping firms understand their eligibility for government support measures (e.g. JRS, SSPRS) and model amount and timing of associated cash flows
  • Tax Authority applications – leveraging financial models when providing application assistance for tax deferrals/time to pay arrangements in the UK and internationally; assisting businesses with securing tax refunds in the UK and internationally
  • Legal advice – advising firms on their legal/contractual position and EU State aid issues
  • Government dialogue – helping HM Government understand the operational pressures facing businesses and provide appropriately targeted support and clear guidance on newly introduced measures to support short term cash flow planning  

Challenges

  • Revenue will be slow to return to pre-COVID levels and the ‘ramp-up’ profile uncertain for many businesses
  • New and incremental cost categories e.g. deep cleaning, employee welfare, PPE, longer site running times need to be modelled
  • Suppliers will be facing their own operational challenges, which may result in delays receiving parts and inability to fulfil orders on time
  • Customers will be facing similar operational challenges, resulting in delays in new orders and sales receipts timing
  • The expiry of the Job Retention Scheme will expose many businesses to accelerated cash burn
  • Deferred trade creditor, property and HMRC payments could become due and subject to enforcement action in the short term
  • Tax authorities are likely to apply greater scrutiny to further deferral requests after the initial deferral period has expired and payment schedules will need to be agreed where not agreed up front
  • Commercial terms with suppliers/customers are likely to change in practice as all parties seek to preserve cash

Industry insights

  • Cash flow modelling is critical, and businesses are stress testing a range of re-start profiles with risk sensitivity analysis overlays
  • Those making best progress have leveraged integrated P&L, BS and CF models with short term receipts and payments forecasts
  • Best-in-class have embedded Financial teams in the Commercial and Operational planning process, translating all variables back to cash flow
  • Collaboration between Finance, Sales and Operations teams to support detailed modelling and avoid excessive strain on working capital
  • Some businesses are struggling with the modelling process itself as key resource is depleted and/or more difficult to deploy effectively

Suggested Actions

  • Reduce DOA and alter large sales, spending and commitment approval process to mandate detailed cash flow assessment with CFO approval
  • Continuation of robust 13-17 week, short term cash flow (STCF) forecasts, reviewing at least weekly against prior forecast and outturn
  • Ensure stress testing is refined continuously based on new intel and risk identification e.g. secondary lockdown, customer & supplier disruption
  • Assess enterprise-wide cash flow risks to spot potential downsides to the STCF; analyse them by timing, quantum and probability
  • Maintain register of cash mitigation initiatives to cash flow risks, based on timing and quantum. Revisit regularly and input them to STCF
  • Assess the impact of cash flow scenarios on cash reserves, facility headroom and financial covenants, revisiting weekly
  • Ensure material tax balances are considered as part of forecasting processes, including timing for paying deferred tax liabilities and any refunds which can be accelerated
  • Increase level of STCF management information going to key financial stakeholders and maintain active dialogue
  • Put short term cash flow on the agenda of monthly Executive or Board meetings, allocating cash flow targets outside the Finance function

How is KPMG helping?

  • Forecasts – implementing robust short-term cash flow forecasts, including dynamic scenario planning and consolidation
  • Stress testing – sensitising forecasts to model cash burn rates, cash reserves and facility headroom
  • Tax advice – advice on managing tax cash flow including accelerating compliance where this can generate refunds
  • JRS – helping companies understand the cash flow implications of early returns to work by workers furloughed under the JRS
  • Diagnostics – data analytics tools to rapid identify short and medium-term cash ‘win’ opportunities
  • Training – providing coaching on tactical, strategic and crisis cash management and cash forecasting
  • Secondments – embedding experienced members of our cash and working capital team into Finance functions to enhance capability
  • Interim Exec Appointments – deploying KPMG’s network of external independent interim CFOs and turnaround professionals

Challenges

  • Many businesses will have been generating trading losses throughout the recovery phase, heavily eroding equity value
  • Further debt funding capacity could be minimal/nil given balance sheet strain, meaning existing funding avenues could be closed
  • Cash balances and available contingency reserves will be depleted, leaving business vulnerable to further volatility
  • Existing financial stakeholders may be reluctant to ‘double down’ if they can’t see a clear pay-back profile in the medium term
  • Some sectors anticipating a prolonged (multi-year) recovery, and having to completely re-think pre-COVID-19 investment parameters
  • Some firms expecting cash flow for capital investment plans may no longer be available in the medium term
  • Financial models of reduced operating structures and severe funding constraints leading to questions over viability (units and/or overall)
  • Some alternative/contingency strategies requiring Boards to consider complex financial restructuring models
  • Likely fundamental shifts in tax policy in the UK and internationally as a consequence of the unprecedented government support measures provided in response to the COVID-19 outbreak

Industry insights

  • Pitfalls emerging around product & service rationalisation strategies when combined with alternative footprint/operating model
  • Underlying economic profitability (and viability) of all revenue generating units being tested under multiple forecast scenarios
  • Some businesses pivoting their financial planning now on the expectation of a permanently altered market and revenue profile
  • Some businesses modelling strategic forward overlay and making decisions, not just on when, but if, to re-start certain units
  • Brexit planning is returning to the agenda and is being factored into financial modelling going forward post COVID-19
  • Some equity holders modelling short term exit options against longer term recovery as downside limitation tactic
  • Best-in-class have embedded Financial teams in the Commercial and Operational planning process, translating all variables back to cash flow

Suggested Actions

  • Challenge recovery strategy – returning to ‘what was’ may not be an appropriate (or viable) endeavour. Blank-sheet exercise worthwhile
  • Test all future planning scenarios against available liquidity and financing
  • Important to model the financial impact on returns and incentivisation for all stakeholders, including debt, equity, management & staff
  • Financial restructuring options should be considered sensible; forward planning endeavours for most, regardless of current liquidity position
  • Ensure taxes are considered as part of forecasting and consider sensitivity to changing tax parameters (e.g. increasing corporate tax rates)

How is KPMG helping?

  • Profitability Diagnostics – data analytics tools to support ‘stop-go' decisions on products, contracts, markets, business units and divisions
  • Stakeholder Management – dry running financial plans required to engage in ‘challenging’ discussions with key funders
  • Financial Restructuring – undertaking financial modelling and planning in support of complex FR strategies
  • Chief Restructuring Officer appointments – KPMG’s network of elite independent CROs for medium term Board skills augmentation
  • Secondments – embedding experienced members of Financial Restructuring team to enhance management capability
  • Tax advice – advice on potential future tax policy developments

Gareth Williams

Gareth Williams
COVID-19 Financial Restructuring Lead Partner
+44 7825 608588
gareth.williams@kpmg.co.uk

Jane Hurst

Jane Hurst
Partner, Restructuring
+44 7798 572248
jane.hurst@kpmg.co.uk

Crisis management Return to work Forward planning Who to contact?

Challenges

  • Uncertainty over demand and supply chains is creating liquidity pressure across the business
  • Previously healthy firms are suddenly facing running out of cash in weeks or months
  • Managers without experience of business distress are unsure about how to mitigate liquidity pressures
  • Government support packages are evolving fast, but concerns over accessibility and speed of delivery remain
  • EU State-aid rules are not well understood and in some cases, will adversely impact on eligibility for grants and government backed financing schemes (e.g. CBILS/CLBILS)
  • Accessing sufficient debt facilities to meet liquidity requirements
  • Different lending institutions are applying different eligibility and viability threshold which is impacting credit decisions quite significantly
  • Existing or forecast financial covenant breaches requiring lender support and agreement to rectify

Industry insights

  • Firms are drawing down available credit
  • Firms are temporarily halting payments, with some seeking to cut costs – often by reducing staff – even before seeking clarity over funding options
  • Businesses are assessing financing strategies/options and approaching lenders to access or amend debt facilities or participate in the Government-backed funding schemes
  • Companies are engaging (successfully in most cases) with HMRC and other country’s tax authorities to seek tax payment holidays and obtain tax refunds
  • Smaller firms are finding it hard to understand and access UK funding packages fast enough
  • Guidance regarding Government-backed funding schemes continues to be evolving at pace, sometime with unexpected issues
  • Understanding and managing compliance with EU State aid rules is important to avoid nasty surprises

Suggested Actions

  • Draw down all existing funding lines to maximise available cash
  • Identify and risk grade those levers which can be used to accommodate different scenarios; this will illustrate to lenders proactive identification of risks and steps taken to mitigate
  • Assess baskets and triggers under existing financing documentation
  • Evaluate funding strategies, options, markets, lenders and other sources of capital in order to meet your funding needs in the timescale available
  • Approach lenders on both HM Government supported schemes and wider commercial offerings and monitor for ongoing changes
  • Engage with other key stakeholders on interim funding and payment alleviation options supported by HM Government, e.g. Job Retention Scheme, business rates relief, grants, various tax support offered by HMRC and Statutory Sick Pay cover
  • Confirm that the business was not an “undertaking in financial difficulty” on 31 December 2019 (see British Business Bank guidance for further details)
  • Understand State aid treatment of all forms of government support received and monitor compliance with €800,000 limit for direct grants under Temporary Framework
  • Review tax processes to maximise cash, ensuring that the claims for all tax reliefs and incentives that provide cash credits, have been made
  • Engage with other significant 3rd party creditors on payment deferral options, e.g. with landlords on rent

How is KPMG helping?

  • Cash & Working Capital – rapid diagnostic and implementation of holistic enterprise-wide liquidity improvement programme
  • Liquidity planning – supporting the design and execution of cash flow management plans, to demonstrate ongoing ‘liquidity grip’ to lenders
  • Debt market advice – Identifying options to meet funding requirements, including government backed funding schemes
  • Lending application support – structuring requests to lenders for funding
  • Debt amendment support – structuring requests for amendment/waivers to financial covenants to succeed within timescales available
  • Legal advice – providing legal advice to assist in the negotiation of terms, drafting and implementation of finance and security documentation, understanding EU State aid rules
  • Stakeholder Management – supporting firms’ negotiations with key stakeholders and funding providers
  • Tax – supporting with deferral of tax payments, identifying opportunities for tax refunds and reclaims (e.g. VAT, R&D, overpaid corporation tax instalments)
  • Government dialogue – helping HM Government to understand the operational pressures facing business and develop improved structures for engagement with business

Challenges

  • Cash burn likely to continue, and may even accelerate as government schemes e.g. Job Retention Scheme, come to an end
  • Redundancies outside of an insolvency process result in significant cash outflow
  • Demand/revenue levels likely to be unpredictable and funding requirement will be ‘lumpy’
  • Supply chain flows may be disjointed due to operational and financial issues, tying up working capital in WIP or finished goods
  • Some operations may not be possible to resume in a safe socially distanced manner for an extended period, limiting revenue & cash
  • Large backlog volumes still being processed by main lenders supporting Government schemes
  • Funding required to regrow business, providing flexibility to manage through uncertain times and to support performance restoration
  • Risk of a disorderly unwind of time to pay and other tax deferral arrangements
  • Short term financing (potentially including Government-backed if availability is tapered) needing to be refinanced

Industry insights

  • Cash, rather than profitability, is becoming the key financial driver of future business decisions in the short and medium term
  • Best-in-class businesses are analysing liquidity at revenue-generating unit (RGU) level, to understand individual funding requirements
  • Pitfalls are visible when considering the liquidity impact (working capital stretch) of new sales orders – acceptance criteria is being updated
  • Success is emerging where commercial, operational and financial objectives are given equal weighting and key decisions are tested across all three
  • Failure risk is the highest where individual value-chain partners are acting purely in self-interest, as compared to those with an “in it together” attitude
  • Delicate balance needs to be struck in determining obligations under commercial contracts
  • Delivery of well-constructed information and requests for lenders is providing stronger base for achieving support

Suggested Actions

  • Continue to take a holistic view of the full range of internal and external options to support liquidity
  • Active dialogue with lenders – maintain lines of communication to avoid more difficult conversations down the line
  • Engage with suppliers, landlords and other significant 3rd party creditors to support working capital position
  • Review product range and simplify it to maximise output and/or margin and reduce operational risk
  • Review tax processes to maximise cash, ensuring that the claims for all tax reliefs and incentives that provide cash credits have been made (e.g. VAT reclaims, R&D tax credits, prior year CT refunds through loss carry backs)
  • Where not already operated, assess viability of operating deferred duty/VAT payment mechanisms for imported stock/components
  • For larger groups with international operations, consider transfer pricing implications of refinancing and routing of cash to where it is needed, and impact of transfer pricing on entity/country level tax cash flow forecasts
  • Where stock for sale has depreciated in onward value (fast fashion etc) consider potential for approach to HMRC to reduce customs duty liability

How is KPMG helping?

  • Fix/Sell/Close – analysis, planning and implementation support on key strategic re-start and recovery initiatives
  • Customer credit risk – supporting enhancement of credit review procedures to consider medium/long term customer viability
  • Supply chain support – helping larger businesses in taking positive intervention steps to support critical suppliers and avoid failures
  • Liquidity planning – supporting the design and execution of re-start cash flow management plans, to avoid liquidity pitfalls
  • Finance requests – continuing to help firms to prepare applications to new and existing funders and lenders
  • Stakeholder Management – supporting firms’ negotiations with key stakeholders and funding providers around repayment profiles
  • Legal Advice – implementation of new agreements or financing facilities, security arrangements and equity funding rounds
  • Tax Advice – managing and forecasting tax cash flow including accelerating compliance where this can generate refunds
  • Customs Mitigation – helping access applicability of various customs mitigation measures and negotiating with HMRC
  • Trade Credit Insurance (TCI) – supporting the TCI industry in better understanding risk profiles to help maintain cover where appropriate

Challenges

  • Resilience enhancement measures e.g. shorter supply chains, increased WIP and completed stock levels, pressure liquidity further
  • Trading losses, whether funded by cash reserves, increased debt or working capital stretch, have impacted overall balance sheet health
  • Repayment of trade creditor back-log and deferred crown liabilities are weighing heavily on future cash flow profiles
  • Debt burdens taken on to fund liquidity as a ‘crisis reaction’ may not be serviceable from future cash flow profiles in a long recovery
  • Free cash flow from go-forward profits will not be reinvested in the business for a considerable period, limiting recovery prospects further
  • For many businesses, enterprise value may now break within the debt for the medium or even longer term, shifting economic ownership
  • Recapitalisation of ‘broken balance sheets’ essential to recovery but likely to be difficult within existing structures
  • It may be appropriate to give consideration to re-start under new capital structures if those pre-existing cannot support the recovery
  • Ensuring the right funding structure and partners in place to support delivering sustainable performance post COVID-19
  • Balance sheets may emerge post COVID-19 with greater embedded debt
  • There are likely to be fundamental shifts in tax policy in the UK and internationally as a consequence of the unprecedented government support measures provided in response to the COVID-19 outbreak

Industry insights

  • Planning around non-core disposals is being considered now, as businesses consider future structure, scale and market orientation
  • Some businesses commencing longer-term fund raising from a position of relative strength, acknowledging volatility & uncertainty ahead
  • Equity-holders considering the ‘stop-go’ decision now in anticipation of further losses to be funded, elongating value return point
  • Significant capital available from private equity and alternative debt funds for otherwise strong businesses looking to fund recovery
  • Debt-for-equity swaps and other financial restructuring options starting to be considered as strategic planning initiatives
  • Legacy balance sheet and capital structures appears to be the barrier to entry from new funders in many scenarios, but options exist
  • Best-in-class have embedded financial teams (with appropriate specialist skills e.g. tax and treasury) in the commercial and operational planning process, translating all variables back to cash flow

Suggested Actions

  • Continue to take a holistic view of the range of internal and external options to support your liquidity
  • Operating footprint and product/service line coverage model should be reviewed and challenged for a fundamental reset and change
  • Disposal or part-disposal of business divisions may help generate immediate liquidity that can be used to bolster core operations
  • Procure debt funding advice to determine current and future debt funding capacity, with or without a financial restructuring option
  • Balance capital allocation and risk priorities given interplay between debt leverage and headroom levels against growth opportunities
  • Open dialogue with equity holders early to understand ongoing support intentions and/or capacity, will help focus strategic options
  • Engage M&A advisors to consider market options in respect of new or replacement equity funding and terms on which it could be secured
  • Continue to review government funding package announcements closely (balance sheet recapitalisation options are being considered)
  • Ensure taxes are considered as part of forecasting and sensitivity analysis

How is KPMG helping?

  • M&A – non-core disposals (fully integrated Deal Advisory solution including diligence, debt advisory and legal advice)
  • Accelerated/Special Situations M&A – disposal and exit transactions where timescales and value are more challenged
  • Debt market advice – identifying options to meet funding requirements and structuring requests to lenders
  • Capital allocation advice – assisting in identifying key drivers for capital allocation decisions and strategies to amend as desired
  • Financial Restructuring – planning and implementation of transactions aimed at right-sizing balance sheets, e.g. debt-for-equity
  • Contingency planning – where funding to the business may be available, but not to legacy corporate structures
  • Identifying alternative capital – including other lenders, alternative investors and support from HM Government
  • Implementation Support – assessing viability of duty/VAT mitigation structures and assisting in designing and deploying the implementation structure
  • Legal advice – advising firms on all aspects of their debt & equity financing arrangements, and on any disposal or acquisition of material assets or trading businesses
  • Tax advice – understanding tax reliefs and costs associated with planned or proposed financial restructuring measures

Mark Raddan

Mark Raddan
Partner, Global Head of Cash & Working Capital
+44 7810 854152
mark.raddan@kpmg.co.uk

Nick Dodd

Nick Dodd
Partner, UK Head of Debt Advisory
+44 7748 112581
nicholas.dodd@kpmg.co.uk

Melissa Geiger

Melissa Geiger
Partner, Head of International Tax & Policy
+44 7786 688719
melissa.geiger@kpmg.co.uk

Nick Roome

Nick Roome
Partner, Head of Legal Services
+44 7920 711970
nick.roome@kpmg.co.uk

Crisis management Who to contact?

Challenges

  • Despite taking all available actions to preserve and generate cash (such as delaying payments and accelerating receipts), some short-term cash flow forecasts are showing imminent funding shortfalls emerging
  • Support packages such as the Coronavirus Job Retention Scheme, the Coronavirus Business Interruption Loan Scheme and the COVID-19 Corporate Finance Funding programme may take too long to access for some and have eligibility criteria which not all firms will meet
  • Other refinancing options with lenders are becoming limited, will take time to arrange, or may already have been exhausted

Industry insights

  • Businesses in immediate cash crisis are taking steps to preserve cash balances by restricting payments to only the most business-critical vendors as they mobilise contingency plans
  • Firms in a variety of sectors are considering solvent mothballing options, founded on support from landlords and the UK’s COVID-19 Job Retention Scheme, although businesses in acute financial distress continue to be challenged by the timescales involved in schemes such as JRS
  • Several businesses have already moved to appoint Insolvency Practitioners who are working to extend the mothballing options available using insolvency mechanisms. This may open up the possibility of implementing a strategy for some of those businesses unable to fully fund the hibernation period (even with Government help schemes)
  • Key members of the R3 tax technical committee; responding to and gaining insights from consultations with HMRC/Treasury on issues for distressed entities

Suggested Actions

  • Take legal advice on mothballing and insolvency options
  • Model mothballing options (to preserve value for a future recovery, sale or exit). The key options are:
    • Limited trading in administration, e.g. with an online revenue stream
    • Closing down all activities for a period with a view to achieving an exit via CVA, or an accelerated sale
    • Shutting down fully, if mothballing or a solvent wind down are unfeasible. Possible insolvency regimes include administration and liquidation
    • If insolvency looks unavoidable, carry out contingency planning to decide the strategy (i.e. administration or liquidation) most likely to protect value for creditors
  • Directors should consider their duties in a financially distressed situation, for example:
    • The duties owed by directors’ shift from shareholders to creditors
    • Personal liability and disqualification risks should be considered
    • Wrongful trading or ‘trading irresponsibly’, a civil offence, should be avoided
    • The duty to ensure employee health and safety continues, including taking reasonable steps to control the spread of COVID-19
  • Consider the impacts of financial restructuring, compromises, insolvency options, reduced/altered trading structures on the tax profile
  • Rationalise the group to focus the corporate mind and simplify structures

How is KPMG helping?

  • Contingency planning – advising on and modelling comprehensive contingency scenarios
  • Supporting businesses implementing solvent mothball/hibernation strategies with key stakeholder support as a primary contingency option
  • Working with Government agencies and regulators on additional support measures to help Directors of challenged companies implement other relevant contingency options, including insolvency, where necessary
  • Providing legal advice regarding their Directors’ duties and obligations to their employees
  • Providing specialist tax advice on:
    • tax loss utilisation/preservation (e.g. terminal loss relief) and tax implications of going into insolvency procedures
    • contingency planning, looking to enhance the estate and minimise tax leakage
    • considering the tax impact of CVA’s e.g. debt compromise and reversal of lease provisions under IFRS and FRS102
    • Providing tax input into rationalisation projects to protect tax attributes and minimise tax costs 

Blair Nimmo

Blair Nimmo
Partner, Head of UK Restructuring
+44 7774 617582
blair.nimmo@kpmg.co.uk

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