The size and technical know-how of our award-winning UK Restructuring Group is unrivalled. Our strength and market standing across the UK is recognised by our long-standing top tier rankings in the Chambers & Partners and Legal 500 directories.
As part of our global Restructuring Group, one of the world's leaders, we have dedicated restructuring lawyers across Africa, the Americas, Asia Pacific, Europe and the Middle East. Our experienced lawyers 'on the ground' have extensive knowledge of local markets and the associated challenges our clients face, wherever they occur. This means we have the knowledge, experience and resources to address our clients restructuring and insolvency needs, wherever they choose to do business. We listen to our clients to understand their business objectives and restructuring needs and pride ourselves on developing innovative restructuring solutions that deliver real commercial results. Our clients benefit from our national and international expertise and resources, coordinated and delivered locally through our network of offices across the UK.
We advise clients on all aspects of restructuring and insolvency, whether in anticipation of them or in dealing with their consequences. Our expertise extends to advising clients on any contentious issues arising from restructurings and insolvencies, including investigations, litigation and enforcement.
Our clients range from debt and equity investors to executives of underperforming businesses and accountants engaged in restructuring and recovery work. We also advise financial institutions in leveraged, syndicated, club and bilateral matters. Our personal insolvency team deals with complex, cross-border bankruptcies and individual voluntary arrangements.
We play an active role in the restructuring sector and regularly work with the Institute For Turnaround, Turnaround Management Association, INSOL and R3. We also have long-standing relationships with the principal professional advisers in the market, be they accountants, restructuring advisory firms, distressed real estate consultants or fixed charge receivers.
Our core restructuring services include:
- Debt, asset-tracing and recovery
- Debt and equity rescheduling and refinancing
- Directors’ duties
- Disposals and pre-packaged solutions
- Distressed debt trading
- Distressed mergers and acquisitions
- Distressed real estate
- Insolvency and bankruptcy-related investigation, litigation and enforcement
- Insolvency procedures
- Non-performing loan advice
- Protection against supply chain, customer and supplier insolvency
- Rescue planning and implementation
- Restructuring and reorganisation strategies
- Restructuring structured and leveraged finance vehicles
- Security enhancement and prioritisation
- Special situations
We advise clients across a wide range of industry sectors. Recent highlights include advising:
- The directors of all of the member subsidiaries of Carillion plc (other than six “Topco” entities which entered liquidation on 15 January 2018). This focussed stabilisation of the Group, orderly disposal of assets including solvent sales of profitable corporate entities, sales of equity joint venture interests, advice to directors and placing entities into insolvent liquidation.
- FMS Gertmanagement (a German Bad Bank) in relation to the restructuring of Britain's largest private healthcare group, BMI Healthcare, involving the negotiation of an innovative “stakeholder agreement” affording FMS additional “equity” rights attaching to its bonds.
- Duff & Phelps on the insolvency of British Home Stores (BHS), one of the biggest retail insolvencies of the last decade. Our UK team advised upon a myriad of business related issues, including property, IP, employment and finance and assisted the administrators in the winding down of 164 stores (11,000 employees).
- The Administrators on the trading and ultimate sale of the business and assets of the Wire division of Caparo Steel Products Limited, part of the Caparo Group.
- Beverage group Conviviality on the sale of its retail business, which included the Bargain Booze and Wine Rack brands, to the grocery wholesaler Bestway. The transaction saved approximately 1,700 jobs. We also advised on the sale of Conviviality’s wholesale business to the C&C Group, a deal that saved nearly 2,000 jobs.
- KPMG and PwC in the high-profile administration of Opal Group, Britain's largest student accommodation provider. We played a leading role in the deal, handling accommodation at 14 universities nationwide. We also advised various banks on their exposure to the Group, which had a multi-bank exposure of over £1.2 billion.
- Dyson Group, the global automotive component group, on its successful turnaround which saved more than 400 jobs. The turnaround involved a highly complex debt for equity swap and pension restructuring with international and significant regulatory dimensions.
We regularly advise on multi-jurisdictional mandates. Recent highlights include advising:
- The limited partner advisory committees of seven of the largest Abraaj funds on the complex structure and arrangements put in place within the Abraaj group, restructuring and insolvency options, the appointment of replacement fund managers, litigation and liquidation strategy in relation to each of the funds and the impact of the parent company liquidations on the operation of the underlying funds.
- Bristow Group on contingency planning across multiple jurisdictions with respect to the restructuring of the US listed parent company and the group. We also advised on issues around the US Chapter 11 and particularly the preservation of the UK search and rescue contract, which was critical economically to Bristow’s business, and a matter of public safety in the UK.
- A&M as the joint liquidators of Joannou & Paraskevaides (Overseas) Limited. This involved leading a multi-jurisdictional team covering Saudi Arabia, Jordan, Oman, Qatar, the UAE and Switzerland in connection with a multitude of asset and corporate disposals, a large scale records identification and recovery exercise as part of an extensive multi jurisdiction investigation, recovery action to secure and/or pursue recovery of value for the Company with combined value estimated to run to in excess of USD100 million, enforcement and recognition proceedings across multiple jurisdictions as well as humanitarian issues arising from the companies having over 20,000 employees on the ground in the Middle East.
- The administrators of Lexi Holdings in substantial investigations and consequent cross-border litigation arising from a fraud perpetrated against Lexi Holdings. This included over 15 reported judgments in the High Courts and Court of Appeal as well as court litigation in Spain, Greece, Portugal, France and Pakistan.