Distressed Asset
Recovery &
Completion Platform

UK-Wide IMS-Led Recovery,
Completion & Value
Maximisation Platform

Distressed Asset Recovery & Completion Platform

UK-Wide IMS-Led Recovery, Completion & Value Maximisation Platform

  • A single point of recovery coordination operating alongside lenders, receivers, insolvency practitioners and institutions seeking to stabilise, complete and maximise recoverable value from distressed development assets.
  • Operating through nationally recognised Independent Monitoring Surveyors, receiver partners and established contractor delivery networks across the UK.

Keystone ARVM is only
materially rewarded
where recovery is
improved.

The Keystone Three-Stage Recovery Framework™

A structured methodology for assessing, planning and
delivering distressed development recovery.

Rather than approaching each distressed development as an isolated project, Keystone ARVM has established a structured recovery framework designed to provide lenders, receivers, insolvency practitioners and Independent Monitoring Surveyors with a consistent methodology for assessing, governing and delivering recovery outcomes.
The Framework brings together recognised industry disciplines into a simple, repeatable process capable of supporting recovery decisions across a broad range of distressed development situations.

Stage 1 – Assess the Opportunity

Initial Recovery Viability Screen™

Purpose

Determine whether sufficient recovery potential exists to justify a detailed review.

 

Typical Output

  • Initial viability assessment
  • Recovery potential indication
  • Completion potential indication
  • High-level risk observations
  • Recommendation regarding progression

Outcome

GREEN

Potentially suitable for ARVM progression.

AMBER

Further investigation required.

RED

Unlikely to justify further review at present.

Stage 2 – Determine the Optimum Strategy

Detailed ARVM Review™

Purpose

  • Undertake a detailed technical, commercial and financial review where Stage 1 identifies potential recovery opportunity.
  • Delivered on a pre-agreed fixed fee basis, providing complete cost certainty before detailed work commences.

Output

A recommended recovery strategy
supported by technical, commercial
and financial analysis.

The Review May Include

  • Recovery strategy assessment
  • IMS technical review
  • Cost-to-complete verification
  • Contractor assessment
  • Programme review
  • Commercial review
  • Procurement recommendations
  • Recovery modelling
  • Stakeholder recommendations

Stage 3 – Deliver the Agreed Recovery Strategy

ARVM Recovery Delivery™

Purpose

Coordinate implementation of the agreed recovery strategy alongside existing lender-appointed professionals.

Output

Delivery of the agreed recovery strategy with the objective of maximising lender recovery outcomes.

Scope

  • IMS-led governance
  • Stakeholder coordination
  • Contractor mobilisation
  • Programme management
  • Cost control
  • Delivery oversight
  • Recovery reporting
  • Controlled completion
  • Exit support

Key Principle

The Keystone Three-Stage Recovery Framework™ is not intended to replace existing professional appointments.

It provides a structured methodology through which lenders, receivers, insolvency practitioners, Independent Monitoring Surveyors and delivery partners coordinate recovery activity within a consistent governance framework.

Why Controlled Completion Can Outperform Distressed Disposal

Preserving recoverable value through stabilisation, governance and controlled completion.

In distressed development scenarios, immediate enforcement or discounted disposal can crystallise value loss before the asset has been stabilised. The ARVM approach assesses whether controlled completion may preserve recoverable value and improve lender recovery optionality.

OUTCOME

Stabilised
asset

Controlled
completion

Improved
marketability

Enhanced recovery optionality

Lender-controlled
outcome

Traditional Distressed Disposal VS ARVM Controlled Completion

Traditional Distressed Disposal

Immediate value crystallisation at distressed pricing

Contractor recovery outcome or site disruption

Reduced bidder pool due to part-complete status

Limited recovery optionality

Outcome driven by speed of
disposal

Potential value destruction

ARVM Controlled Completion

Stabilisation before value is crystallised

IMS-led contractor review and controlled continuity

Improved marketability following stabilisation and completion

Enhanced lender-led recovery optionality

Outcome supported by governance, cost control and completion strategy

Recovery maximisation framework

MANDATORY DISCLAIMER

Illustrative recovery analysis only. Recovery outcomes remain subject to independent valuation, IMS review, market conditions, lender strategy and transaction-specific due diligence. Keystone does not guarantee GDV, sale price, refinance outcome or disposal timing.

Single Point of Coordination – Multi-Party Delivery

Keystone ARVM sits at the centre of the recovery coordination structure, integrating lender oversight, receiver alignment, IMS monitoring, contractor delivery and capital support within a controlled recovery framework.

KEY PRINCIPLES

Keystone does not replace existing oversight. It integrates with lender-appointed professionals,
receivers and IMS providers to support controlled recovery execution.

Component

Receiver / IP

IMS

Keystone ARVM

Contractor Network

Recovery Delivery Support
Recovery Optionality

Structure

Aligned partner network where required

Existing or lender-approved IMS retained

Central recovery coordination platform

IMS-led review and delivery support

Transaction-specific where required

Lender-led refinance, sale or restructuring

Result

Independent enforcement governance retained

Continuity of monitoring and reporting

Single point of control and stakeholder alignment

Reduced mobilisation risk
Recovery pathway assessed
Improved marketability and recovery options

ROUTE 1 – Stabilise & Complete – Pre-Enforcement Route

A controlled recovery pathway designed to preserve
optionality before value is crystallised through enforcement.

Prior to formal enforcement, Keystone ARVM can support lenders and borrowers in assessing whether stabilisation and controlled completion may preserve recoverable value and improve recovery optionality.

Scope of Recovery Co-ordination

  • Cost-to-complete review
  • Programme reset
  • IMS-led contractor review
  • Funding gap identifcation
  • Recovery reporting
  • Cost and programme oversight

Benefits

  • Avoid insolvency
  • Protect lender security
  • Complete the scheme
  • Enhance recovery optionality
  • Maximise recovery

Key Features

Delivered through
existing IMS oversight
and lender-approved
governance channels.

ROUTE 2 – Controlled Recovery & Restructuring Route

Alternative recovery pathway where traditional distressed disposal may materially impair lender recovery.

Where appropriate, Keystone ARVM and/or its capital partners may participate in
recapitalisation, restructuring or controlled completion scenarios to support recovery
maximisation and preserve lender optionality.

Approach

  • Coordinate recovery strategy
  • Facilitate controlled completion
  • Support stakeholder alignment
  • Preserve recovery optionality

Benefits

  • Accelerated realisation
  • Reduced enforcement cost
  • Controlled delivery
  • Improved recovery outcome

Lender Consideration

Lenders and appointed professionals retain control of enforcement, recovery and disposal decisions.

Key Principles

Participation is used only where it facilitates stabilisation, controlled completion and improved recovery optionality – not as an end in itself.

Recovery Planning & Governance

Establishing the framework for informed recovery decisions.

Keystone ARVM provides a structured recovery framework that supports lenders, receivers, insolvency practitioners and their appointed professional advisers by improving governance, project visibility and commercial decision-making throughout the recovery process.

Recovery Assessment


Each instruction is assessed to establish:
  • Current project status
  • Remaining construction works
  • Cost to complete
  • Programme and delivery risks
  • Existing contractual position
  • Funding requirements
  • Security and stakeholder
    considerations
  • Information gaps requiring further
    investigation

Recovery Governance


Keystone helps establish:
  • Structured recovery planning
  • Independent governance
  • Clear reporting
  • Defined decision gateways
  • Risk identification and mitigation.
  • Coordination between project
    stakeholders
  • Ongoing recovery oversight

Typical Instructions

  • Part-complete developments
  • Contractor insolvency or default
  • Funding shortfalls
  • Covenant breaches
  • Distressed developments
  • Receivership
  • Administration
  • Complex recovery situations

Benefits

  • Earlier visibility of project risks
  • Improved governance
  • Better-informed commercial decisions
  • Greater transparency
  • Reduced delivery uncertainty
  • Preservation of asset value throughout
    recovery

Key Principle

Successful recoveries are supported by disciplined planning, independent governance and informed commercial decision-making from the outset.

Recovery Outcome Comparison

Illustrative comparison between immediate distressed
disposal and ARVM controlled completion strategy.

Recovery pathways are considered at appointment stage to improve marketability,
preserve optionality and support lender-led recovery decisions.

Metric

Gross Development
Value (GDV)

Current As-Is Value

Cost to Complete

Contractor
Position

Monitoring
Recovery
Pathway
Illustrative Gross
Recovery Outcome
Illustrative Net Lender
Recovery
Illustrative Recovery
Improvement
Strategic
Outcome

Immediate Enforcement

GDV
8.5m

GDV 2.9m

N/A

Site disruption / contractor
recovery outcome

Disrupted oversight

Distressed
disposal

GDV
2.4m

GDV
2.1m

–
–

Value crystallisation
/ discount

Keystone ARVM

GDV
8.5m

GDV 2.9m

GDV 1.8m

Controlled
continuity

Existing IMS retained

Controlled completion and
enhanced optionality

GDV
7.8m

GDV
5.9m

+ 181%
–

Recovery maximisation
framework

Metric
–

Immediate Enforcement

Keystone ARVM
–

Gross Development
Value (GDV)

GDV
8.5m

GDV
8.5m

Current As-Is Value

GDV
2.9m

GDV
2.9m

Cost to
Complete

N/A
–

GDV
1.8m

Contractor Position

Site disruption / contractor
recovery outcome

Controlled continuity
–

Monitoring

Disrupted oversight

Existing IMS retained

Recovery Pathway

Distressed disposal
–
–
–

Controlled completion and
enhanced optionality

Illustrative Gross
Recovery Outcome

GDV
2.4m

GDV
7.8m

Illustrative Net Lender
Recovery

GDV
2.1m

–

GDV
5.9m

–

Illustrative Recovery
Improvement

–

+181%

Illustrative Net Lender
Recovery

–Value crystallisation / discount
–

Recovery maximisation
framework
–

MANDATORY DISCLAIMER

Illustrative recovery analysis only. Recovery outcomes remain subject to independent valuation, IMS review, market conditions, lender strategy and transaction-specific due diligence. Keystone does not guarantee GDV, sale price, refinance outcome or disposal timing.

Receiver-Aligned Recovery Delivery Model

Integrated lender, receiver and IMS-led recovery
coordination structure.

The Keystone ARVM platform is designed to operate alongside lender-appointed fixed
charge receivers, LPA receivers, insolvency practitioners and existing IMS providers within
a coordinated recovery and completion framework.

Lender
▼

Receiver / IP
▼

Keystone ARVM
▼

IMS / QS / Contractor Network
▼

Stabilisation & Controlled Completion
▼

Enhanced Recovery Optionality
▼

Key Principle

Keystone does not replace the receiver, IMS or lender-appointed professional team. It coordinates recovery execution through an aligned value destruction and support lender recovery objectives.

Component

Lender
–
Receiver / IP Partner
–
Keystone ARVM
–
IMS / QS
–
Contractor Network
Recovery Optionality

Component

Retains ultimate decision-making authority and recovery
strategy control

Maintains independent appointment and enforcement
governance

Coordinates recovery strategy, delivery oversight and
stakeholder alignment

Provides independent monitoring, cost review and
programme oversight

Supports controlled continuity or replacement delivery route

Supports lender-led refinance, sale or restructuring decisions

Aligned Economics Framework

High-level concept that Keystone is materially rewarded
where recovery outcomes are improved.

Commercial structures are tailored on a transaction-specific basis and may comprise a combination of fixed oversight fees, delivery-linked economics and performance-aligned recovery participation aligned with lender outcomes.

The framework is designed to align risk, execution intensity and reward with improved recovery outcomes rather than fixed-cost delivery alone.

Illustrative Commercial Alignment Principles

ARVM does not replace receivers or insolvency practitioners. It provides additional recovery execution capability
designed to support lender and creditor outcomes.

Economic Component

Fixed Oversight Fee
–

Delivery-Linked
Recovery Fees

Performance-Aligned
Recovery Participation

Transaction-Specific
Engagement

Purpose

Reflects active coordination, reporting and stakeholder
management

Aligned to execution intensity and
controlled completion requirements

Linked to improved recovery outcomes
above agreed baseline methodology

Allows lender-specific requirements
and transaction constraints

Positioning

Kept proportionate and
transaction-specific

Structured around the
specific recovery mandate

Primary alignment
mechanism where appropriate

Designed to align risk, execution
and recovery outcome
MANDATORY DISCLAIMER

All commercial terms remain subject to transaction-specific agreement, lender approval and relevant professional input.

Contact Us

Please complete the below and we will get back to you as soon as possible

CBS DB Import

Office: 0333 577 8859

Email: support@keystone-arvm.co.uk

 

Kestone ARVM is part of the CBS Real Estate Group