Corporate recovery, restructuring & insolvency

Insolvency Lawyers

The Coronavirus pandemic caused unprecedented disruption to businesses, with many still struggling with the effects of the disruption and changes to the way we live and work. This, combined with other economic and sociopolitical factors mean that we are entering an uncertain time for our economy. There is mounting financial pressure on businesses as they contend with this uncertainty.

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Make an enquiry Working together to protect your interests

The retail world has clearly been significantly impacted, with CVAs becoming increasingly prevalent. Dealing with circumstances related to financial distress can be extremely difficult from a business and personal perspective be you a debtor or a creditor.

Whether you are looking to restructure your current operations or seeking guidance on insolvency, you need to work closely with specialist insolvency lawyers to devise an innovative strategy which will protect your interests and maximise the economic outcome of your situation. Whilst we cannot predict or control outside events, our insolvency lawyers can help you plan how best to protect your businesses and any personal liability you could face.

Corporate Recovery

Our Corporate Recovery & Restructuring lawyers work with financial institutions, insolvency funders, private equity houses and turnaround professionals, insolvency practitioners and businesses and individuals across a range of different industries. We have substantial experience working with Boards to guide them through difficult trading periods. We work with cash flows to deal with creditors in the best way for all, including negotiation and drafting appropriate standstills. We also work for officeholders and litigation funders, always striving to maximise returns for creditors.

We fully integrate with your team, building up a thorough understanding of your business and your commercial position. We will then guide you through the potential opportunities and risks and work collaboratively with you to develop a pragmatic and commercially focused strategy tailored to your business. Our team is constantly striving to find new and more effective solutions for our clients and is committed to delivering the best possible results.

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Make an enquiry Turnaround and restructuring

We have wide and varied experience of all aspects of turnaround and restructuring over many financial crises whether acting for creditor groups, restructuring practitioners or working with the board through the process, providing them with protection and comfort they need through the difficult times. We were at the front end of restructuring in the Covid 19 crisis working to mothball companies during the lockdowns and planning the exit strategy including CVAs and Schemes of Arrangement to avoid overtrading.

We were at the front end of restructuring in the Covid 19 crisis working to mothball companies during the lockdowns and planning the exit strategy including CVAs and Schemes of Arrangement to avoid overtrading

 

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Make an enquiry Administrations

We regularly act for administrators, advise directors on putting their company into administration and assist creditors of companies which have gone into administration, particularly landlords.

Our insolvency lawyers advise companies on the accelerated M&A process and administrators on the many issues trading the business of insolvent companies and on selling the businesses whether via a pre-pack or following a period of extensive marketing through the trading period.

 

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Make an enquiry Buying businesses from administrators and liquidators

As well as selling the businesses and assets of insolvent companies for administrators we act for entrepreneurs and investors  (ranging from high net worth individuals looking to diversify their investments to venture capital and private equity firms) in buying businesses from administrators and liquidators.

One of the hopes of the end of the closing of the economy caused by Covid 19 was the ability of this new money to save otherwise good businesses which have failed through no fault of their own.

 

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Make an enquiry Compulsory and voluntary liquidations

Our insolvency lawyers regularly advise liquidators, directors, shareholders and creditors on all issues relating to compulsory and voluntary liquidations, including solvent liquidations (MVLs).

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Make an enquiry Insolvency litigation both for and against insolvency practitioners

We regularly act on Insolvency Act and ‘breach of duty’ claims by liquidators and administrators; we also advise directors threatened with such claims.

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Make an enquiry Bankruptcy

Our corporate recovery team have acted for the trustee on many high-value and complex bankruptcies; we also regularly advise bankruptcy creditors, the bankrupt’s spouse and the bankrupt. We also have considerable experience of advising on voluntary arrangements and bankruptcy annulments.

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Make an enquiry Directors’ disqualification proceedings

We have considerable experience of advising directors threatened with disqualification proceedings. We regularly defend such proceedings, negotiate the terms of disqualification undertakings and act on applications for permission to be a director while disqualified.

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Make an enquiry Unfair prejudice proceedings

Our insolvency lawyers regularly act in shareholder disputes and often advise minority shareholders unhappy with the way a company is being run on their rights and remedies. We are very experienced in these disputes which can be as bitter as a divorce, particularly with family companies (often following a bereavement or arising during succession planning)

and between former friends who went into business together and we have the patience and the insights and experience to steer the parties to a successful outcome, most frequently through mediation.

 

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Make an enquiry Security Reviews

Having worked in Insolvency and restructuring for so long (our Team’s experience goes back to 1980) we are expert and analysing often complex security and priority arrangements affecting companies and members of the security group.

This is of particular importance for boards, investors and funders considering any form of restructuring, and to administrators and liquidators who need to know how to deal with assets in their control which may be subject to fixed or floating charges.

 

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    Corporate recovery, restructuring & insolvency key contacts

    Latest content and downloads

    Check out our latest content and downloads View all our downloads

    Thirty minutes free legal advice

    Corporate Recovery, Insolvency & Restructuring Helpline

    Due to the disruption caused by the pandemic, as well as the current economic climate, we are now offering clients a Corporate Recovery, Insolvency & Restructuring Helpline. This provides clients with instant access to our team of specialist corporate recovery, restructuring and insolvency lawyers and up to thirty minutes free legal advice.

    We are here to answer any queries or concerns you might have regarding the legal options are available to you, and what steps you can take to protect your business.

    Six options that could help businesses stave off the need for immediate redundancies

    Coronavirus: six alternatives to making redundancies

    The economic impact of Coronavirus (COVID-19) on businesses will be significant. Employers will need to strike a delicate balance between protecting the solvency of their business and supporting their employees.

    Recent experience

    • We advised a large commercial landlord on its rights and options after it was served with House of Fraser’s CVA proposal. House of Fraser’s CVA, which was approved by creditors in June 2018, included plans to close 31 of its 59 UK and Ireland stores, and reduce rent on stores remaining open. The landlords argued that they were being unfairly prejudiced by the CVA process and challenged its approval before later reaching a settlement with the company.

      CORPORATE RECOVERY, RESTRUCTURING & INSOLVENCY

      Landlord advice following retail tenant CVA

      Gavin KramerSenior Associate

      Case study

      We advised a large commercial landlord on its rights and options after it was served with House of Fraser’s CVA proposal. House of Fraser’s CVA, which was approved by creditors in June 2018, included plans to close 31 of its 59 UK and Ireland stores, and reduce rent on stores remaining open. The landlords argued that they were being unfairly prejudiced by the CVA process and challenged its approval before later reaching a settlement with the company.

      Read more

    • We are acting on a fraudulent trading and misfeasance claim against a director who caused his company to incur over £250,000 of professional fees on a speculative property development despite the company having no funds, no bank account, no loan facility and capital of precisely £1. The claim was acquired from the company’s liquidators by Manolete Partners plc.

      CORPORATE RECOVERY, RESTRUCTURING & INSOLVENCY

      Fraudulent trading and misfeasance claim

      Gavin KramerSenior Associate

      Case study

      We are acting on a fraudulent trading and misfeasance claim against a director who caused his company to incur over £250,000 of professional fees on a speculative property development despite the company having no funds, no bank account, no loan facility and capital of precisely £1. The claim was acquired from the company’s liquidators by Manolete Partners plc.

      Read more

    • We recently  advised two (unconnected) high-net worth individuals with complex off-shore interests who were/ are defending bankruptcy petitions. In the first case, we were able to negotiate a dismissal of the petition by consent in return for a payment of about 8% of the debt (which was £4m) after persuading the petitioning creditor that the lack of UK assets in the client’s name meant his bankruptcy would lead to a much lower recovery. The other case is still ongoing.

      CORPORATE RECOVERY, RESTRUCTURING & INSOLVENCY

      High-net worth individuals with complex off-shore interests defending bankruptcy petitions

      Gavin KramerSenior Associate

      Case study

      We recently  advised two (unconnected) high-net worth individuals with complex off-shore interests who were/ are defending bankruptcy petitions. In the first case, we were able to negotiate a dismissal of the petition by consent in return for a payment of about 8% of the debt (which was £4m) after persuading the petitioning creditor that the lack of UK assets in the client’s name meant his bankruptcy would lead to a much lower recovery. The other case is still ongoing.

      Read more

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