Restructuring & Insolvency

Our expert lawyers are well aware of the complexities facing an administration. We work closely with administrators and advise them on the potential issues affecting a proposed administration, their appointment, and on the structuring and sale of businesses and assets. We regularly advise on any issues that arise during the administration including distributions to creditors, recovery actions, and third–party claims regarding rights to assets. We are also on hand to advise creditors on the use of the administration process and any third parties proposing to buy any assets from the administrator. 

• Advised TPG on the administration of the Republic retail chain.   
• Acted for the administrator in the administration of a £30 million turnover travel company.   
• Advised Alix Partners as administrators and liquidators of the Ilke Homes modular homes group.   
• Acted for telecoms startup Ionica Group in relation to the appointment of administrators over its operating company and subsequently acted for Ionica in a ground-breaking High Court-approved scheme of arrangement.   
• Advised the administrator of a bridging lender on all issues arising in the administration.   
• Advised PwC as special managers in relation to the treatment and renegotiation of existing contracts and relationships with creditors of the Carillion group.  Advised on trading on by a multi-sited retail company in administration   
• Acted for the administrators of a chain of pubs and bars in relation to the sale of the business and assets and ongoing trading arrangements.    
• Acted for the administrators of a large group of English and Scottish care homes in relation to the proposed sale of the business and ongoing trading issues.    
• Acted for the administrators of a chain of well-known holiday camps in relation to the sale of its business and assets.    
• Acted for the administrators of an oil refinery in relation to their funding arrangements and ongoing supply and sale of crude and refined products.    
• Acted for the administrators of a well-known chain of restaurants in relation to the sale of their flagship London sites.    
• Advised the administrators and liquidators of two former financial services companies regulated by the FSA in relation to the company’s administration and liquidation.    
• Advised in relation to the administration of a group operating residential care homes, dealing with the disposal of the business and assets.   
• Acted for the administrators of an AIM listed company.   

Most businesses at some point in their lifecycle will need to restructure and/or refinance. Our team of experts are on hand to guide business entities and creditors in relation to, often complex, restructuring arrangements in a formal or informal capacity. We advise on all matters including the reorganisation of corporate structures, the reallocation of assets and employees, and in the refinancing of existing debt and equity structures. 

• Acted for the Flint Group in a comprehensive recapitalisation of US$1.4 billion of debt through a fully consensual transaction with its creditors.   
• Acted for Capital & Regional PLC (a UK property REIT) on the restructuring of four loan portfolios across the group. The transactions included an equity raise to support a discounted debt buyback.   
• Acted for Technicolour S.A. in its comprehensive restructuring strategy to raise €420m in new financing and to refinance its existing debt through a French accelerated financial safeguard proceeding.   
• Acted for a West African commodities group on its standstill, refinancing and restructuring negotiations in West Africa, the UK and Switzerland.   
• Acted for the agent of a syndicate of banks on the refinancing and restructuring of an international airline group.   
• Acted for a banking syndicate on the restructuring of SAS Airlines.   
• Acted for a leading provider of student accommodation in the UK on its restructuring of £1.2bn of debt including its standstill with lenders and the appointed administrators.   
• Advised Tele Columbus, a leading German cable network operator, in relation to its financial restructuring and schemes of arrangement.   
• Advised Wilmington Trust in its capacity as agent as part of the Estro Group’s financial restructuring.   
• Advised European Directories in relation to its subsequent c.€800 million financial restructuring, resulting in majority control by Triton Partners.   
• Advised Regency Entertainment Leisure & Tourism S.A, a Greek casino business, in relation to its c.€600 million consensual financial restructuring with its senior and mezzanine lenders and sponsor, BC partners.   
• Advised European Directories, a Netherlands-based local search and lead generation company, in relation to all aspects of its €2.1 billion financial restructuring across eight jurisdictions in Europe.   
• Advised Citibank, UniCredit, Raiffeisen and ING Bank in relation to a debt restructuring of a railcar distribution company.   
• Advised the co-ordinating lender in relation to a contentious USD 250 million debt restructuring of a regional oil company.   
• Advised Eurostep as sponsor in relation to a restructuring of its quasi-equity mezzanine debt financing, arranged by Deutsche Bank, including developing a proposed work-out structure to address the legitimate interests of stakeholders..   
• Advised the Government of Cabo Verde and the national airline of Cabo Verde in relation to a debt resolution and liability. management, aircraft operating leases and the privatisation sale to Icelandair Group.  
• Advised Proparco in relation to the restructuring of Mumias Sugar Corporation in Kenya.   
• Advised a group of bondholders in relation to the restructuring of Pescanova, a Spanish fishing company with debt of €1 billion and assets in Europe, South America and Africa.  
• Advised MBIA Assurance S.A., the largest creditor to Eurotunnel plc, in the restructuring of £6.2 billion in debt from Eurotunnel plc.   

Corporate debt can sometimes be too much for a company to handle. We guide companies, creditors and prospective office holders through the complex challenges in relation to proposals for and implementations of entering in to a CVA. 

• Advised creditors of Park First re the CVAs and their claims.   
• Advised landlords in relation to attempted guarantee-stripping in a CVA (Powerhouse).   
• Advising on all insolvency processes and procedures including administrations, liquidations, receiverships, bankruptcy, voluntary arrangements and insolvent estates.   
• Advised on corporate and personal insolvency procedures, including administrations, liquidations, receiverships, bankruptcy, voluntary arrangements, and insolvent estates.   
• Advised on voluntary arrangements (personal and corporate).   
• Advised on voluntary arrangements and trust issues.   

Our expert team covers the full life-cycle of a consensual debt restructuring, from waivers to standstills and override/restructuring agreements. We calibrate our approach to meet each client’s need for assertiveness or restraint, in light of the legitimate expectations of stakeholders. 

• Acted for the Flint Group in a comprehensive recapitalisation of US$1.4 billion of debt through a fully consensual transaction with its creditors.   
• Advised Regency Entertainment Leisure & Tourism S.A, a Greek casino business, in relation to its c.€600 million consensual financial restructuring with its senior and mezzanine lenders and sponsor, BC partners.   
• Advised Citibank, UniCredit, Raiffeisen and ING Bank in relation to a debt restructuring of a railcar distribution company, including leading the negotiations towards a full repayment of the facilities, following loan provisioning by lenders.   
• Advised on consensual debt restructuring, including reservation of rights letters, waiver letters, standstill agreements and override/restructuring agreements.   

Our team of experts has a longstanding reputation in advising secured and unsecured creditors in relation to their owed debt and equity during a restructuring process. We guide them through their obligations and rights during either a formal or informal insolvency or restructuring arrangement. 

• Acted for a significant Chinese shareholder, bondholder and trade creditor on the insolvency of African Minerals Limited.   
• Negotiated bonds for retail investors in the Co-operative Bank.   
• Advised creditors of Park First re the CVAs and their claims.   
• Advised on creditor services, including security reviews, ROT issues, advising lenders, advising landlords and undertaking debt recovery.   

Directors are bound by obligations set out in their duties. We work with them through stressful times and advise them in relation to these duties vis-à-vis their creditors and others when financial difficulties arise. 

• Advised on directors’ duties and disqualification proceedings.   
• Pursued directors for breaches of their fiduciary duties under the Insolvency legislation and Companies Act 2006.   
• Advised various directors regarding director disqualification proceedings which were withdrawn.   
• Advising directors on their duties and liabilities, including disqualification proceedings and s216 prohibited names issues.   

Personal debt can sometimes be too much for a person to bear. We guide individuals, creditors and prospective office holders through the complex challenges in relation to proposals for and implementations of entering in to an IVA. 

• Advising on all insolvency processes and procedures including administrations, liquidations, receiverships, bankruptcy, voluntary arrangements and insolvent estates.   
• Advised on corporate and personal insolvency procedures, including administrations, liquidations, receiverships, bankruptcy, voluntary arrangements, and insolvent estates.   
• Advised on voluntary arrangements and trust issues.   

Our team of corporate and real estate experts work closely together to advise landlords and retention of title claimants in relation to their owed debt and equity during a restructuring process. We guide them through their obligations and rights during either a formal or informal insolvency or restructuring arrangement. 

• Advised landlords in relation to attempted guarantee stripping in a CVA (Powerhouse).   
• Acted for various landlords in relation to the recovery of commercial property including claims against trespassers, squatters, licensees and service occupancies.   
• Advising landlords and undertaking debt recovery.   
• Advised on rent and service charge disputes.   

Our legal experts have a wealth of experience in dealing with liquidations. We work closely with liquidators and advise them on the potential issues affecting a proposed liquidation, their appointment, and on the structuring and sale of businesses and assets. We regularly advise on any issues that arise during the liquidation including distributions to creditors, recovery actions and third–party claims regarding rights to assets. We are also on hand to advise creditors on the use of the liquidation process and any third parties proposing to buy any assets from a liquidator. 

• Advised Alix Partners as administrators and liquidators of the Ilke Homes modular homes group.   
• Acted for the liquidators in heavily contested proceedings for wrongful trading, preference and unlawful dividend claims; settled on a full liability basis immediately before trial.   
• Acted for the liquidators on a multimillion pound claim against the directors of a company that sold tree rights in Costa Rica.   
• Advised the liquidators in relation to a million pound claim against a former director in relation to misfeasance and reduction of capital when divesting a company of all its assets.   
• Acted for a liquidator in a multimillion pound action against three directors for wrongful/fraudulent trading.   
• Acted for a liquidator in the successful recovery of a substantial EBT payment.   
• Advised the administrators and liquidators of two former financial services companies regulated by the FSA in relation to the company’s administration and liquidation. 

Our team is experienced in advising trustees in bankruptcy on their duties, including the recovery and distribution of assets. These can be actioned by possession of property, preference, undervalue, and other claims. We also advise third parties claiming rights to assets and creditors on the use of the bankruptcy process. 

• Advised a QC on insolvency proceedings being pursued against him.   
• Advised a post bankruptcy National Lottery jackpot winner on his bankruptcy.   
• Advised a husband in relation to his company’s financial affairs in divorce proceedings.   
• Advised the wife of a bankrupt who owed over £30 million regarding various assets.   
• Advised the trustee in bankruptcy in relation to realising the bankrupt’s interest in assets in Singapore, Malaysia, and the UK.   
• Acting for a leading trustee in bankruptcy in high profile UK bankruptcies with international effect.   

Our excellent team often advise security holders and prospective receivers in relation to the receivership process. They advise in all aspects including the appointment of a receiver, duties of the receiver, and on the realisation of assets. 

• Successfully represented the appellant in the leading decision on the powers of receivers in mortgagoroccupied properties: Menon & Menon v Pask & Goode [2020].   
• Advised on administrative, fixedcharge and Law of Property Act receiverships.   
• Advised on all insolvency processes and procedures including administrations, liquidations, receiverships, bankruptcy, voluntary arrangements and insolvent estates. 

Our team of experts are often called upon to advise insolvency office holders and third parties in relation to claims of asset recovery, including transactions at an undervalue, preference, transaction defrauding creditors, misfeasance, and trust claims. 

• Successfully contested an application for removal of an administrator.   
• Acted for an administrator and successfully recovered preference payments made to a thirdparty supplier.   
• Acted for a liquidator in the tracing and recovery of assets pursuant to s423 Insolvency Act 1986.   
• Located hidden assets on behalf of an administrator and brought a claim for misfeasance and fraud against a director including director disqualification proceedings.   
• Acted for the liquidators on a multimillionpound claim against the directors of a company that sold tree rights in Costa Rica.   
• Advised the liquidators in relation to a millionpound claim against a former director in relation to misfeasance and reduction of capital when divesting a company of all its assets.   
• Acted for a liquidator in a multimillionpound action against three directors for wrongful/fraudulent trading.   
• Acted for a liquidator in the successful recovery of a substantial EBT payment.   
• Acting on behalf of insolvency practitioners and HM Revenue and Customs in relation to asset recovery work investigating antecedent and fraudulent transactions, representing clients in both the High Court and County Courts.   

We regularly work with clients in order to draft contracts to ensure their security of assets purchased if the purchaser defaults or becomes insolvent. These are complex documents and we work closely with the client to ensure that all clauses are relevant and tailored to suit their needs. 

• Drafting of, and advice relating to, security documentation including debentures and security over land, shares, intellectual property, book debts, sub-hiring agreements, cash deposits and chattels and in relation to pledges and bills of sale.   
• Advising on creditor services, including security reviews, ROT issues, advising lenders, advising landlords and undertaking debt recovery.   
• Undertaken security reviews.   
• Drafted retention of title clauses and other forms of security.