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Name the three crisis from the crisis model and explain how they can be noticed:
- Strategic crisis
What says your product / past of accounting
- Profitablity crisis
You make losses / Equity goes slowly down
- Liquidity crisis
Haven't got any cash / not able to pay the salaries
What's the difference between a genuine and not genuine adverse balance sheet?
Genuine: No reserves to treat the loss
Not genuine: enough reserves to treat the loss
When is an adverse balance sheet concealed?
When the loss is already offset against equity and not disclosed separetely.
How to calculate the:
- Cash ratio / Liqu. 1
- Quick ratio / Liqu. 2
- Current ratio / Liqu. 3
Liqu. 1: Cash / kfr. FK
Liqu. 2: (Cash + Receivables) / kfr. FK
Liqu. 3: UV / kfr. FK
What are the consequences of Art. 725, 1? (Debts are covered but less than 50 % equity!)
The BOD needs to call an AGM and propose restructuring measures!
What are the consequences of Art. 725, 2? (Debt isn't fully covered anymore)
An interim F/S based on going concern and liquidation assumptions needs to be drawn-up: If both show an over-indebtness the judge must be notified unless creditors enter into a subordination agreement.
Price of the old share before capital increase - Price of the share after capital increase = Subcscription right per old share
The share capital of Halfmoonbay is increased to 400'000 (from 200'000) through issue of 200 shares with a nominal value of 1'000 CHF as follows:
- 100 bonus shares
- offset of loans 60'000 CHF
- Cash settlement of balancing account
The cost of issue 5'000 is paid through the bank and is capitalized.
Withholding tax is paid through the bank and debited to free reserves
Record the account for the following:
1. Subscription of shares
2. Bonus shares
a) Netting of loan
b) Bank settlement
4. Cash disbursement
a) Cost of capital increase
b) Witholding tax (net value method)
1. Shareholders / Share Capital 200'000
2. Free reserves / Shareholders 100'000
3. a) Loan / Shareholders 60'000
b) Cash / Shareholders 40'000
4. a) Financial expenses / cash 5'000
b) Free reserves / Cred. withholding tax 53'800
What two types of capital reductions are there?
What's the difference?
- Constitutive (payout funds to the shareholder)
- Declarative (offset losses brought forward)
Explain the process of a declarative capital reduction!
1. audit report - assets still cover liabilities?
2. AGM resolution
3. Notarization of the reduction resolution
4. Entry in the commercial register
What is important in a constitutive capital reduction?
Creditor call (3 times)
What says the debt capacity?
The idea is to assess, how much debt is bearable for a borrower.
When is a loan considered a non-performing loan?
- 90 days unpaid interest
- 90 days overdue amortization
- 90 days credit overdraft
- breaking of financial covenants
- granting special conditions
What are the liability risks (Haftungsrisiken) for a bank?
- Taking of equity stake
- role as restructuring consultant
- definition of turnaround concept
- retardation (Verzögerung) of bankruptcy
- engravement of solvency situation
What are the main features of a restructuring loan?
- Special purpose
- Closeness to the borrower
- only against collaterals
- no 3rd party is willing to grant a loan under these circumstances
What is a debt equity swap?
- Liabilities are transfered into equity
- Economically, the debt position is reduced new equity is created
- From a legal perspective: Debt equity swap capital increase with contribution in kind (Sacheinlage)
Why is the debt equity swap a very controversial topic?
For a contribution in kind, there has to be a valid service in return; if not this constitutes a fraudulent share issue (betrügerische Aktienausgabe)
Which three valuation principles are available?
- lower of cost and market
In a revaluation case when you have three buildings with the following values how do you revaluate them (show the bookings) and why?
Building 1 Building 2 Building 3
Book value: 3'300 Book value: 5'438 Book value: 3187
Cost: 5'000 Cost: 8'500 Cost: 3'500
FMV: 4'500 FMV: 4'375 FMV: 7'000
1. Land % Buildings / Appreciation 1200
Revaluate on lower of cost and value if the value is under cost the bookings are booked in the P&L and not in revaluation reserves
2. Depreciation / Land & Buildings 1'063
Revaluate on the lower value from cost and FMV also if it is under book value
3. Land & Buildings / Appreciation 313
Land & Buildings / Revaluation Reserve 3'500
Revaluate on lower of cost and FMV. In this case the FMV is even higher than cost so you can in addition revaluate with a second booking on the FMV, the difference between cost and FMV has to be booked on the Balance sheet and in the revaluation reserve
How can the revaluation reserve be used?
- Sale of asset
- Re-depreciation of assets
- Transfer into share capital (similiar to bonus share)
What are the measures to do on equity side?
- Capital increase / reduction
- Debt-Equity Swap
- Revaluation of assets
What is the general goal of loan restructuring? And what is the main goal?
Obtain relief in liabilities through negotiations with all creditors.
- Final due date
Main goal: Win time to apply other restructuring measures.
Explain the issue actio pauliana!ga
If the enterprise has shortly before opening of bankruptcy done businesses and actions which was against the equal treatment of all creditors.
Explain the subordination agreement!
- Prevent bankruptcy
- Creditors subordinate their claims in minimum amount of the over-indebtness