Insolvency & Restructuring
We routinely advise companies, directors and stakeholders on restructuring and insolvency issues. Our priority is to give pragmatic and commercial advice at all times.
Our work includes:
- advice to directors on their duties and liabilities in relation to distressed companies and whether those companies should continue to trade
- advice to companies on restructuring and rescheduling of their debts
- implementing formal insolvency procedures including administration and liquidation
- assisting with members’ voluntary liquidations of solvent companies
- reviews of loans and security packages
- acting for buyers of insolvent businesses and assets from insolvency practitioners
We also act for insolvency practitioners and advise them all on all aspects of the sale of businesses and assets and, when required, we can assemble multi-disciplinary teams to deal with the various aspects of a transaction, such as employment and property issues.
Out of court appointments of administrators: a return to reason13 November 2018
When appointing administrators out of court, there is requirement to specify the date and time the appointment is made. This is a development arising since April 2017 as a result of the Insolvency Rules 2016 coming into force. Given that appointments are generally effective at the point of filing, it has been unclear how (absent a crystal ball) practitioners should address the requirement when preparing the Notice of Appointment form. A recent High Court decision resolves the issue, confirming that a notice making reference to a future filing is acceptable.
Corporate Governance and Insolvency reforms25 October 2018
The UK Government is implementing measures to strengthen corporate governance and insolvency laws. The aim is to increase accountability, improve creditor protection and promote company rescue. This note comments on a selection of the proposals which were published at the end of the summer.
Liquidator loses protection of a freezing order following serious failings at earlier ex parte hearing14 May 2018
In Banca Turco Romana S.A. (in liquidation) v Cortuk and Others, the Commercial Court in London has underlined the need for applicants to give full and frank disclosure when seeking relief at ex parte (without notice) hearings.
Insolvency - Issues for directors16 March 2017
All directors owe duties to their companies. When a company is solvent, those duties are owed to the company personified by its shareholders. But when insolvency is pending, directors must act in the company’s creditors’ best interests. That difference means that the nature of the directors’ duties undergoes a significant shift when insolvency threatens.
Redundancies and restructuring01 November 2016
Without meaning to sound too gloomy, the prospect of Brexit and its effect on the economy is likely to lead to an increase in redundancies and restructuring for some employers.