When businesses face financial difficulty, the impact can be wide-ranging, affecting many stakeholders including creditors, shareholders, financiers, other businesses, directors and employees.
It is vital that directors of businesses in financial difficulty take early advice in order to comply with their duties as directors and to give the best possible chance of implementing solutions which may avoid formal insolvency. We can help with every possible scenario and no issue is too complex for our specialist Insolvency and Restructuring Lawyers. Our experienced team is completely integrated with our banking and corporate finance practices meaning that we can deliver significant results across a broad range of requirements.
We have the knowledge to facilitate creative solutions and implement them for our clients. A difficult financial climate may also present opportunities for ambitious clients to buy businesses or assets from administrators or receivers, or via the "pre-pack" route. If you have plans to acquire a business that is in financial difficulty, wish to examine your position or feel the need for expert restructuring and/or insolvency advice, your professional advisers need to be proactive and understand the commercial realities. These skills form the cornerstone of our Business Turnaround and Insolvency Team.
Our aim is to provide solutions which achieve a rescue of a financially distressed business.
Here’s how we can help
Non-contentious Restructuring, Recovery and Insolvency
- advice in respect of director's duties for companies in financial distress;
- advice to any individual in financial difficulty on options available including Debt Relief Orders, Bankruptcy and Company Voluntary Arrangements;
- advising boards of directors on the options available to them and trading during the twilight period;
- company rescue procedures including Informal Reorganisations and Business Turnaround;
- advice in respect of Administrations, Administrative Receiverships, Law of Property Act Receiverships, Liquidations, Provisional Liquidations and CVAs, Pre-pack administration sales;
- acquisitions and disposals of businesses and assets from Administrators or Liquidators (whether for Insolvency Practitioner, existing management team or 3rd party looking to acquire);
- security audits for institutional, commercial and private lenders;
- bespoke security - chattel mortgages, aircraft and ship mortgages, pledges, bills of sale, guarantees, letters of credit and set off arrangements;
- negotiations with lenders in distressed scenarios;
- Solvent Restructuring: s110 Insolvency Act 1986 procedures, Members Voluntary Liquidations, demergers, hive-downs;
- analysis of commercial considerations in any proposed transaction;
- office holders' powers and duties; and
- retention of title documentation and registration.
Contentious Insolvency
- appointment of office holders (including applications to court for appointment of administrators);
- personal bankruptcy (acting for Trustees in Bankruptcy);
- wrongful trading actions on behalf of the Liquidator or Administrator;
- recovery of preferences and undervalue transactions;
- defending Director disqualification actions;
- creditor issues - contentious debt recovery;
- retention of title claims;
- set off issues; and
- landlord's distraint and forfeiture.
Employment
- TUPE consultations and impact;
- Adoption of contracts by officeholders;
- Compromise agreements;
- Workforce reorganisations; and
- Employment Tribunal representation.
Property in Recovery, Restructuring and Insolvency
- Law of Property Act Receiverships;
- Acquisitions;
- Licences to occupy;
- Landlords' remedies/forfeiture/distraint; and
- Reports/Certificates of title.
What people say about us
"The firm enjoys a good reputation for the strength of its restructuring and insolvency practice. The team frequently advises on corporate restructuring, administration and liquidation and on the acquisition of businesses and assets from administrators."
Chambers & Partners 2012