Restructuring and Insolvency
We advise companies in financial difficulty, insolvency practitioners, banks and other lenders, funds, private equity, debtors, creditors and directors from the pre-insolvency stage right through to the restructuring and/or the formal insolvency procedure and beyond.
Our team is multi-disciplinary and comprises specialists from corporate, dispute resolution, employment, tax, real estate and intellectual property.
We regularly advise on the following matters:
- solvency and the precise point of insolvency
- directors’ duties and personal liability for directors
- protecting the interests of debtors and creditors
- review of existing finance facilities
- availability of grants and reliefs
- loan facilities, security and intercreditor arrangements
- short term (bridging) financing, notes and equity investments
- corporate re-organisations and restructuring
- implementing formal insolvency procedures (incl. CVAs, IVAs and receiverships)
- acting for buyers on the purchase of insolvent businesses;
- creditors’ rights and retention of title claims
- acting the insolvency practitioners on the sale of insolvent businesses;
- maximising recoveries of sums owed
- defending or bringing insolvency claims
- fraud investigations
Insolvency issues for directors05 November 2020
All directors owe duties to their companies. However, once a director knows or should know the company is (or is likely to become) insolvent, creditors' interests become paramount. In practical terms, this means that the nature of directors’ duties undergoes a significant shift when insolvency threatens.
Financial support for SMEs: The Coronavirus Business Interruption Loan Scheme (CBILS)07 May 2020
Government-backed loans of up to £5 million to small and medium businesses
Her Majesty’s Government enters the VC market24 April 2020
The UK Government is now to become the latest VC to provide finance to start-ups, but what are the terms of this support? Is this finance likely to be useful or are those terms overly punitive? Will this impact on the terms available from existing investors? We analyse this below.
Government announces new £250m ‘Future Fund’ to support start-ups and growth companies20 April 2020
Details were published today, 20 April 2020, of the Government’s plan to make investments in growth companies hit by the coronavirus and the drastic reduction in venture capital investment.
Furlough and insolvency – High Court ruling on Carluccio’s16 April 2020
The High Court has given a helpful judgment concerning the furloughing of employees by the administrators of Carluccio’s, the Italian restaurant chain.
Convertible loan notes and/or advance subscription agreements as a source of emergency funding: FAQs07 April 2020
Convertible loan notes and advance subscription agreements are typically used as alternatives to equity fundraising by growth companies or more established businesses looking for short term financing to get them to their next equity round (so-called “bridge financing”)
Corporate solvency – matters to consider in light of COVID-19: FAQs03 April 2020
The UK Government has announced a number of changes to the UK insolvency framework in light of the economic storm caused by the COVID-19 pandemic.
VAT and income tax deferrals to assist VAT-paying businesses and the self-employed during Covid-19 Outbreak27 March 2020
As part of the sweeping financial package announced by the Government on 20 March 2020, the Government is offering VAT and income tax deferrals to assist with the cash-flow of VAT-paying businesses and the self-employed. These deferrals are expected to provide over £30bn of additional cash-flow to a wide variety of British businesses.