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2015 AdvertisingInformation for
eurofenixReach and influence Europe’s bestEurofenix is the official quarterly journalof INSOL Europe. It is essential reading for INSOL Europe members, licensedinsolvency practitioners and allprofessionals involved in business recoverythroughout Europe. Eurofenix is sent to allINSOL Europe members providing uniqueaccess to Europe’s leading insolvencyprofessionals and academics.
The indispensable guide toEuropean insolvencyEurofenix has a truly pan-Europeanapproach, with an editorial board drawnfrom a variety of jurisdictions andbackgrounds. News, interviews andfeatures are written by insolvencypractitioners and representatives of widerinterest groups, eg bankers and lenders,from all jurisdictions. Regular contentincludes:
• Cross-jurisdictional surveys and analysis of key issues
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• Access practitioners at the leading edge of their profession, including company partners and directors, consultants/ entrepreneurs, academics, judges and government officials
• Published quarterly throughout the year
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Publication Dates* Winter 14/15 Spring 2015 Summer 2015 Autumn 2015Booking deadline 02/12/2014 27/02/2015 25/05/2015 13/08/2015Artwork deadline 30/12/2014 27/03/2015 22/06/2015 10/09/2015Publication 13/01/2015 10/04/2015 06/07/2015 01/10/2015*Subject to change
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14
SUMMER 2014
EECC PRAGUE
EECC celebrates its 10thconference in PragueDr. Carlos Mack reports on the 10th event for the Eastern European Countries’ Committee
DR. CARLOS MACKLead Chair of the EasternEuropean Countries’ Committee
The 10th Anniversaryconference of theEastern EuropeanCountries’ Committee washeld in the picturesquecapital of the CzechRepublic, Prague. This very successfulconference took place on Fridayof April 11, 2014 and it waspreceded by a networking dinneron Thursday evening in a localrestaurant overlooking the famousCharles Bridge. Over 100delegates from many Europeancountries attended this one dayevent, the theme of which was“Time for Change”.
We could not ask for a betterdestination for our 10thconference. Prague is truly a jewelamong world cities and a veryimportant business hub in centralEurope. It was an honour tospend a couple of spring days inthis magnificent city and take partin such a successful conference.Firstly, Catherine Ottaway,President of INSOL Europe, andmyself, as EECC Lead Chair,welcomed all participants and setgo to a very interesting anddiverse programme which wasdivided into five sessions.
Energy sectorSession 1 dealt with energy sectorchallenges and the panel ofspecialists was moderated by ErnstGiese of Giese and Partner inPrague. It gave the audience anoverview of the current energymarket and its challenges inconnection to the unpredictabilitythat can often be caused bypolitical intervention. Thequestion whether the politicalintervention in the energy sector isnecessary or not still remains.
Automotive sectorSession 2 called “Challenges forrestructuring in the AutomotiveSector - How to maintain theSupply Chain” lead by Michael J.Schachler, of Johnson ControlsAutomotive Electronics &Interiors, gave an interestinginside view into the challenges theautomotive sector is facing sincethe crisis in 2008. He pointed outthe changes individual subjects inthe automotive industry have hadto make in order to stay solventand master the crisis.
Judges’ rolesThe conference took a pause for a delicious lunch followed bySession 3. The topic of the thirdsession was the role of judges ininsolvency proceedings. Threejudges from Hungary, the CzechRepublic and the Netherlandsgave the audience an overview of the role of the judge ininsolvency proceedings in therespective countries and outlinedpotential ways of improvement in the procedure.
Case studySession 4 dealt in detail with theinsolvency proceedings of Czechlottery company Sazka, a.s. A veryinformative analysis of the wholeproceedings was provided to us bythe panel. The main reasons thatled to the insolvency proceedingsof Sazka, a.s. were introduced and the key mistakes of theproceedings were pointed out in the case study.
Bad banksThe theme of Session 5 was “Bad banks - Regional theory andpractice”. The speakers gave thedelegates an overview of reasonsand the process of becoming a‘bad bank’ including exampleswhen bad banks were identified in the past.
Lively debateAll panelists and speakers werespecialists in their fields and thisled to lively discussions after eachsession among the members ofthe panel as well as the audiencewho were keen to ask questionsand find out more on the giventopics. Even though the weatherin Prague was amazing theaudience stayed put until the verylast presentation despite it being inthe late afternoon.I concluded the day with asummary of the conference,talked about the nine precedingconferences and invited alldelegates for a drink reception tonetwork some more and discussthe just finished conference.A big thank you goes to ErnstGiese and Nigel Davies, theTechnical Committee, for settingup such an exciting content. Wewould also like to thank oursponsors for their generousfinancial support without whichsuch a conference would not bepossible. Last but not least manythanks are owed to the OrganisingCommittee for putting togetherthis great event, as well as to thetranslators.
Overall Prague was anothergreat conference and we are veryfortunate to be a part of such anoutstanding organisation. We arelooking forward to welcoming youto our next conference!
Share your views!
SUMMER 2014
15
EECC PRAGUE
Ernst Giese gets the first session underwayThe panels took questions from the audience
The attentive audience enjoyed a varied programme
Catherine Ottaway introduces the conference
“EVEN THOUGH THE WEATHER IN PRAGUE WAS AMAZING THEAUDIENCE STAYED PUT UNTIL THE VERY LAST PRESENTATION”
I T & FRAUD
IT & Fraud:
The Golden Hour
David Ingram and Carmel King list the important steps to take at the very beginning of a case where
there is a suspicion of fraud and dishonesty of the directors
The “golden hour” is
that brief period of
time following a
serious accident in which the
outcome for a victim of that
accident will depend on what
happens in that first hour.
Likewise, the first actions
taken by a liquidator can
dictate the outcome of
the case. This article is written from the
viewpoint of a provisional
liquidator - a liquidator appointed
by the Court on a ‘without notice
application’ - and in the context of
English insolvency law. The
appointment of a provisional
liquidator is reserved for the
extreme cases, typically where
fraud is suspected and there is a
real risk of dissipation of assets or,
as examined here, the risk that the
company's records may go missing.
Having secured the
appropriate Court Orders, it will
be necessary to serve the Orders
on the company and its directors.
It is vital that, from the start, the
practitioner takes every possible
step to reduce the risk of further
dissipation of company property,
including its books and records,
and sets himself up to conduct a
meaningful investigation that will
result in the recovery of
misappropriated assets.
I would advocate a three-
stage approach:
• information gathering,
• developing a strategy based
upon information gathered,
and • the implementation of
that strategy.
This approach ensures that
commercially viable cases are
conducted in a controlled manner,
progress steadily and produce the
best outcome for creditors.
Phase 1:
Information gathering
I hope to consider phases 2
(developing a strategy) and 3
(strategy implementation) in
future articles, in order to give
adequate consideration to each.
Phase 1 involves identifying,
securing and collecting available
evidence in a manner which
ensures that it is safely preserved
for analysis and future use.
The sheer volume of
electronic data in the majority of
companies is today significantly
higher than the information
committed to paper. Information
Technology (“IT”) has a crucial
role at the outset of a case: it can
be of vital assistance to the
practitioner, but without
appropriate support from an IT
professional, it can also represent
a significant risk. IT has the
potential to contribute hugely to a
long-term case strategy involving
investigation, litigation and the
recovery of assets for the benefit
of creditors.
“The Knock”
A provisional liquidation usually
involves visiting a company’s
trading address without notice, or
on very short notice, to the
directors and employees. In these
circumstances, the practitioner
needs to secure the site as quickly
as possible, having engaged a
suitably qualified digital forensic
team to accompany him.
Opportunistic fraudsters can
interfere with the process in any
number of ways: computers and
related technologies are integral
tools in the conduct of fraud.
Funds can be transferred,
correspondence and documents
can be deleted, altered or stolen,
even when the practitioner is in
the room. The practitioner should
immediately remove all suspects,
witnesses and bystanders from the
proximity of digital evidence. The
practitioner needs to ensure that
the Court Order provides
appropriate powers. He is likely to
have the authority to seize certain
items these individuals may hold,
including company mobile
phones, USB memory drives,
tablets, credit or debit cards,
security swipe cards and SD
(secure digital) cards. It can be
tempting for disgruntled
employees to try to keep small,
high-value electronic items, or
those which they think will grant
them access to the company
records at a later time.
It may be necessary to obtain
authority to seize or gain access to
additional evidence, for example
where directors have access to the
company’s online banking
facilities through apps installed on
personal phones or tablets. I am
reminded of a case where one of
my partners attended the
company’s trading address with a
digital forensic team. The director,
at one stage, excused himself to
use the lavatory. A few moments
later, the digital forensic expert
raised the alert. The director was
remotely deleting company
electronic data using a tablet,
from the lavatory. Within seconds,
the lavatory door had to be
forced, and the tablet taken from
the director.
Practitioners should obtain
information about the systems
used from employees, IT staff and
the directors. Passwords,
usernames, email addresses used
and details of the various
operating systems are very
20
SUMMER 2014
Share your views!
DAVID INGRAM
Insolvency practitioner,
Grant Thornton UK LLP, London
CARMEL KINGAdvisory,
Grant Thornton UK LLP, London
I T & FRAUD
THE ‘GOLDEN
HOUR’ IS THAT
BRIEF PERIOD OF
TIME FOLLOWING
A SERIOUS
ACCIDENT IN
WHICH THE
OUTCOME FOR A
VICTIM OF THAT
ACCIDENT WILL
DEPEND ON
WHAT HAPPENS
IN THAT FIRST
HOUR
“
”
SUMMER 2014
21
valuable. I understand that Apple
products, such as iPhones and
iPads are notoriously difficult for
forensic technicians to “crack”
when the password is unknown,
and Blackberry devices are not far
behind. This article is not
sponsored by either brand – I
hope readers will take it as a
warning not to get locked out of
valuable sources of information!
External threats
At the same time as mitigating the
on-site security risks posed by
employees, directors and third
parties, the practitioner should
pay attention to the threats that
exist off-site. Are the premises
remotely monitored by CCTV,
and if so, who has access to this
system? Usernames and
passwords should be changed as
soon as possible, as should access
codes for online banking. Cloud
computing service providers and
other third party IT providers
should be notified of the
practitioner’s appointment as soon
as possible, to restrict access to the
practitioner alone, and ensure the
continuity of service where
required. Are the computers
networked? Steps must be taken
to isolate individual stations and
any servers, preventing remote
access. However, when doing this,
special attention must be given to
preserving the integrity of these
items for later interrogation and
use as evidence in recovery
proceedings.
The practitioner’s own
communication needs whilst on-
site should be considered. It is not
a great idea to use the company’s
WiFi or network facilities if they
might be vulnerable, as this could
result in the practitioner’s own
system being compromised.