Banking and finance

Restructuring and insolvency

Our restructuring and insolvency practice handles a wide variety of instructions for a diverse client base encompassing creditors, debtors, accountancy firms, insolvency practitioners and turnaround professionals. We believe our offering differentiates us in the following ways:

Breadth of expertise: In tune with the wide-ranging requirements of our varied client base, we handle high-profile company-side work for creditors and debtors as well as other stakeholders. We undertake the full range of stressed and distressed advisory work including advising on operational and financial restructuring and turnaround. Our expertise covers the entire restructuring toolkit ranging from schemes of arrangement through to administrations, company voluntary arrangements, receiverships and liquidations.

Strong relationships among financial sector clients and turnaround professionals: We have very strong relationships with a number of major banks dealing with distressed situations. In addition to handling complex mandates for these clients, our restructuring team provides regular training to the "high risk" groups at leading banks. We also work very closely with leading restructuring accountants including PwC, KPMG, Deloitte, AlixPartners, FRP Advisory, Grant Thornton and BDO and leading turnaround professionals. These relationships mean we are often sought out at a very early stage by investors and corporates who want to avoid insolvency and create equity value.

Complex cross-border work: We have significant experience in high profile cross-border mandates. Our cross-border expertise has grown partly due to our ability to leverage our flourishing international office network, which now includes restructuring specialists in our European practice. Our network of UK offices enables us to move work around to where it can be handled with the greatest efficiency.

Sector expertise: We have considerable expertise in a range of key areas that are presently encountering difficulties, such as the retail, financial services, digital business, energy & renewables, real estate & infrastructure, and leisure & hospitality sectors.

Experience


Bonmarché

Acting for FRP Advisory in their capacity as administrators in relation to both the continued trading of the 318 store womenswear retailer, and the planned disposal of the business.

Mothercare

Advising TEAL Group, owner of Early Learning Centre, on contingency planning and continuing to trade from Mothercare premises during the administration.

Thomas Cook

Acting for a FinTech company and, separately, an international IT service and consulting company, on contingency planning and then continuing to supply Thomas Cook following its compulsory liquidation.

Carillion

Advised a key funder on the liquidation of Carillion Services Limited and Carillion Construction Limited. Work involved contingency planning and working closely with projects, litigation and finance lawyers as well as negotiations with lenders and agreeing continued trading arrangements/ payments with the Special Managers in respect of hospitals and other strategic sites.

Agent Provocateur

Acting for AlixPartners and lenders  on the  appointment of administrators and  sale to an entity after a highly competitive process with repayment to the main secured lender in full.

Monarch Airlines

Advised a longstanding European client who provided merchant acquirer (credit card) services to Monarch and who is therefore a major creditor of various group entities.

Swoon Editions

Acting for lenders in relation to a pre-packaged administration and debt for equity swap in the purchasing entity.

Cox & King’s Travel

Acting for the administrators from KPMG on various issues arising on their appointment and sale of the business to Abercrombie & Kent.

Bell Pottinger

Advised the purchaser on multiple issues and the related documentary aspects arising from their acquisition of Bell Pottinger's business in the Middle East.

Pulse Flexible Packaging

Acting for the administrators of Pulse Flexible Packaging Limited from KPMG, the former operator of two manufacturing sites. Our cross-disciplinary team successfully negotiated terms with key customers and advised on continued trading, as well as the sale of the business and assets.

Television Versioning & Translation (TVT)

Acting for the secured creditor and administrators from FRP on the trading, funding by broadcasters and later sale of the content and related services business with trading operations and sales of business in AsiaPac.

Rcapital / AirHop

Acting in respect of Rcapital's purchase and restructuring on the AirHop business, including the German operations.

Saltrock Surfwear

Acting for the administrators from KPMG on their appointment and sale of the business to Crew Clothing.

The Oxygen Freejumping group of companies

Advised the companies on their options, and the directors on their duties, in light of the financial difficulties being experienced by the group plus later aspects for investors. We also supported them throughout an accelerated M&A process and advised certain group companies which did not enter administration on wind-down plans for those entities.

Countrywide Farmers PLC

We were instructed by the Pension Protection Fund to advise upon the pension fund trustee security and the appointment of fixed charge receivers over the large property portfolio owned by Countrywide following the administration.

Heathside Preparatory School

Acting for the secured lender and administrators from FRP on all issues relating to their appointment and the sale of the business to a competitor as a going concern.

Protec Group

Acting for FRP as administrators of  a large business with a French parent that entered into French Conciliation Proceedings and dealing with all cross-border issues plus the later sale of the business.

The Green Deal Finance Company

Advised in connection with various Green Deal Providers that have become insolvent and with the liquidation of the former parent company of the group following its sale.

Alitalia Airlines

Acted for the UK liquidators from PWC and dealing successfully at trial with a reported case on the co-operation between office-holders.

Directors’ duties issues

Extensive experience prosecuting cases pursuant to the Company Directors Disqualification Act. Acted for defendants involved in defending claims and directors faced with misfeasance claims, including issues concerning the delivery of documentation and information.

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