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Insolvency & restructuring
The Lawyer
Shoosmiths appoints senior associate to Edinburgh employment team
Shoosmiths has hired Kenny Scott, who has expertise and specific experience of advising clients in a number of sectors.
State insolvency — what bondholders and other creditors should know download
Practically every aspect of financial law is regulated and controlled to the highest degree. Not so state insolvency.
Sovereign state restructurings and credit default swaps download
The purpose of this paper is to examine the impact of a sovereign state restructuring on credit default swaps.
The pari passu clause and the Argentine case download
The pari passu clause typically provides that the bond debt will rank pari passu with other debt or, in the case of sovereigns, other external debt.
How the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency download
This paper explores how the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency.
Cyprus: the stone on the beach — its financial problems and the eurozone download
Cyprus is a tiny economy but the treatment of its financial problems by the eurozone could have symbolic and far-reaching consequences.
How protective are Ukraine's international bonds? download
This note contains a brief commentary on some of the main legal terms in international debt issues of or guaranteed by Ukraine.
Banking and finance
Ilyashev & Partners provides highly professional advice on banking, corporate finance, debt collection, investment, property assets and lease, securities.
Insolvency and restructuring
Schoenherr offers a unique combination of the know-how of a boutique insolvency firm and the comprehensive range of legal services of an international law firm.
Schoenherr's M&A teams advise on national and cross-border transactions, including private M&A, public tender offers, transactions for listed companies, private equity and venture capital transactions, auction sales, privatisations, strategic alliances and joint ventures.
Banking, finance and capital markets
Schoenherr advises on banking, finance, debt restructuring and re-financing, acquisition and disposition of distressed assets and loan portfolios, claims trading, capital market transactions, funds, derivatives, structured finance, securitisations and other financial services.
Taylor Wessing partner set to appear on INSOL panel to discuss shipping insolvencies
Partner and co-head of the shipping group Oliver Rossbach will participate in a panel discussion at INSOL Hong Kong about shipping insolvencies and restructurings.
Taylor Wessing helps German insolvency administrator claim damages
Taylor Wessing's Düsseldorf restructuring team has helped the insolvency adminstrator of five subsidiary companies sue three former board members of Babcock Borsig.
Setting transactions aside involving the residents of non-EU member states download
Insolvency proceedings were opened in respect of the assets of a German resident; the liquidator then sought to set aside a transaction that had been entered into with a resident of Switzerland.
Marshalling — an opportunity for junior creditors
Marshalling is an equitable remedy for achieving fairness between two or more secured creditors of the same debtor.
Rent as an expense of the administration weblink
The Court of Appeal has delivered its judgment in the eagerly anticipated Game administration.
DLA Piper's debt finance team closes three major deals in one week
DLA Piper's debt finance team, part of the finance and projects group, closed three major deals in the week ending 2 March 2014.
Hungary introduces new rules for liquidators download
The Hungarian government has adopted a decree introducing an electronic auction system to be applied in the course of the public sale of the assets of companies in liquidation.
Two creditors' meetings: which claims will be compromised? download
If two or more creditor meetings are needed to approve an IVA, the IVA will bind any creditor whose claim against the debtor arose after the first meeting.
How can creditors participate in the prescribed part? weblink
An administrator, liquidator or receiver must make a 'prescribed part' of the company's net property available for the satisfaction of unsecured debts.
The age-old question of exactly what is the effect of a loss of a receiver's agency weblink
If an individual borrower is made bankrupt or dies or if a corporate borrower goes into liquidation, any receiver appointed loses the agency relationship they would have previously had.
COMI and bankruptcy tourism in England download
According to Taylor Wessing's Amy Patterson, the key question that remains is whether the change in COMI is one of substance or mere illusion.
Game group: rent as an expense in insolvency download
Where administrators use leasehold premises for the benefit of the administration, they should pay the rent attributable to that period as an expense of the administration.
Nabarro's French best friend August & Debouzy quits alliance
Nabarro's French best friend August & Debouzy has abandoned its European alliance, leaving the firm on the hunt for a new Paris partner.
Olympic Airlines — government exploring PPF amendments weblink
Steve Webb has confirmed that the government is 'actively exploring' if it can amend the Pension Protection Fund (PPF) legislation in regard to employer insolvency.
DLA Piper advises Tilad on the acquisition of BMW Logistics Centre
DLA Piper has advised Tilad, a multi-family office based in the Gulf region, on the acquisition of the BMW Logistics Centre in Niederaichbach near Munich.
Mourant Ozannes promotes three Cayman Islands litigation lawyers
Mourant Ozannes has announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm.
Investec & ors v Glenalla & ors — the risks faced by the trustees of an insolvent trust download
The recent judgment in the Guernsey case of (Investec & ors v Glenalla & ors) deals with the risks faced by the trustees of an insolvent trust.
AAA: Game Station — fair play? download
Rent accruing during a period of administration should be treated as an expense of the administration, irrespective of the date on which it falls due for payment.
Pulling aside the cloak of regulatory secrecy weblink
In a decision in January, the Information Commissioner's Office found that the Financial Conduct Authority had breached the Freedom of Information Act 2000.
Court of Appeal refers the 'Woolworths' case to the CJEU download
In July 2013, the EAT held that all the employees made redundant from two insolvent retail businesses were entitled to be collectively consulted, regardless of where they worked.
Barclays ready for battle over Dewey debts
It is now two years since the collapse of mammoth firm Dewey & LeBoeuf. But the next chapter in the story of its dramatic spiral into crisis is about to emerge in lurid technicolour following a High Court trial last week.
Eversheds welcomes restructuring lawyer Claire Sharf as a legal director
Claire Sharf has joined Eversheds as a legal director in the law firm's restructuring team. Lemi McAuley will also be joining the team as a senior associate.
Hogan Lovells receives Restructuring Team of the Year accolade at IFLR Asia Awards
Hogan Lovells has been presented with the Restructuring Team of the Year award at the International Finance Law Review (IFLR) Asia Awards during a ceremony in Hong Kong on 26 February.
DLA Piper adds three lawyers from BLP to its real-estate team
DLA Piper has appointed Richard Hopkinson-Woolley, Laurence Rogers and Neville Wright to its real-estate team. The three partners join the firm from BLP.
PPF entry and overseas employers download
The case of Olympic Airlines has highlighted the difficulty for a pension scheme with an overseas employer in gaining entry to the Pension Protection Fund (PPF).
High Court to decide if Barclays colluded with Dewey over capital loans
The High Court will examine whether banking giant Barclays colluded with the now defunct Dewey & LeBoeuf to induce partners to take out individual loans to keep the firm afloat.
Game Station: Court of Appeal rules on the treatment of rent as an administration expense download
This decision represents a welcome return to the 'pay for what you use' principle and strikes a fairer balance between different creditor and expense groups.
Australia's new transfer pricing laws overlap the thin cap rules: challenges for taxpayers download
The overlap of Australia's new transfer pricing laws with the thin capitalisation rules is causing challenges and likely duplication of analysis for taxpayers.
FINRA proposes changes to regulatory regime for limited corporate financing brokers download
FINRA has issued a notice on a proposed new regulatory structure for firms that limit their activities to advising companies on capital raising and corporate restructuring.
Hogan Lovells announces head of banking and finance department in Johannesburg
Anina Boshoff, a finance partner at Edward Nathan Sonnenbergs, is joining Hogan Lovells on 1 March 2014 to head up the banking and finance department in Johannesburg.
Credit card company bound by the fraudulent misrepresentations of its supplier download
Finance companies are liable to the ultimate customer on the basis of joint and several liability with the supplier — and this includes in relation to fraudulent misrepresentations.
BLP names Adam Dann as finance head in place of Kellett
Berwin Leighton Paisner (BLP) has appointed projects and infrastructure head Adam Dann as finance head following the surprise resignation of partner Matthew Kellett last October.
Game over. Administrators must pay rent as an administration expense on a daily basis download
The Court of Appeal has ruled that rent is an administration expense, payable on a daily basis for the period during which premises are retained for the benefit of the administration.
The rules of the Game have changed for landlords and administrators download
The Court of Appeal has given judgment in the Gamestation case (Jervis v Pillar Denton and Others). It affects the way that rent is treated in an administration.
Landlords allowed to recover rent from administrators — but is it game over? download
Some of the UK's largest landlords have overturned previous High Court cases that had allowed insolvent tenants to continue trading from their premises without paying rent.
Game-changing result for the real-estate sector in the Court of Appeal — 24 February 2014 download
Landlords have won their appeal to claim unpaid rent for a period that a company is in administration and trading from a property as an expense of the administration.
Gateley comments on government's proposals for insolvency practitioner fees and regulation
Gateley partner William Ballmann explains his concerns about the suggestions for amending the way insolvency practitioner fees are set in the absence of secured creditors.
DLA Piper report reveals dramatically changing market landscape
DLA Piper's 2014 European Acquisition Finance Debt Report has revealed that the market landscape is changing dramatically.
Guarantor consent download
When referring to a guarantee, it is common law that a change to the debt that is being guaranteed can result in a discharge of the guarantor's obligations.
Great news for commercial landlords download
Two recent decisions have swung the pendulum of convenience towards insolvency practitioners and away from commercial landlords.
Berwin Leighton Paisner beats Linklaters in GAME appeal ruling
Berwin Leighton Paisner (BLP) has overturned a precedent at the Court of Appeal which will see collapsed company Game forced to hand over £3m in unpaid rent when it went into administration.
Decision on whether receivers and liquidators must withhold tax in absence of an assessment download
Justice Logan of the Federal Court has handed down the much anticipated decision in Australian Building Systems Pty Ltd v Commissioner of Taxation.
European Acquisition Finance Debt Report 2014 download
This report presents detailed results of a survey of more than 250 debt providers, advisers, sponsors and corporates active in the European acquisition finance debt market.
Is that referral making you impartial? Lessons from ASIC v Franklin download
Liquidators were appointed as administrators of the companies on referral from the Mawson Group, a business advisory and restructuring firm that services distressed companies.
Pensions Pieces: when are money purchase benefits not money purchase benefits? download
The DWP has provided long-awaited confirmation of the approach that will be taken to scheme benefits that are reclassified from money purchase to defined benefit in April 2014.
Dacheng attorneys advise biotechnologies company on NEEQ listing
A team of attorneys from Dacheng's Wuhan office has advised Ferguson (Wuhan) Biotechnologies on its application for a listing at the NEEQ system.
Reality bites at Bingham as credit crunch poster child's revenue falls by $110m
Bingham has posted its biggest decline in firm-wide revenue for 20 years, with total turnover for 2013 falling by 12.6 per cent from $871.8m to $762m.
Dentons, Olswang lead on £1 Readers Digest sale to Bob the Builder venture capitalist
Dentons and Olswang have advised on the acquisition of Readers Digest by Mike Luckwell, the venture capitalist behind Bob the Builder, from Better Capital for the nominal sum of £1.
Minter Ellison advises Antofagasta in restructuring of Australian companies
Minter Ellison has provided advice to Antofagasta, a copper company that has restructured two Australian companies via two schemes of arrangement under the Corporations Act.
Gazivoda, Jelena
Senior partner
Eversheds Bitāns lawyers set to provide free legal advice in Latvia
Eversheds Bitans lawyers will be providing legal advice free of charge in Latvia on 10, 11 and 14 March.
Court of Appeal considers the detail required for unilateral notices weblink
The Court of Appeal has accepted the arguments of Bank of Scotland in the first reported case to analyse the proper content of a unilateral notice registered in the charges register to a property.
Popovic, Nenad
Senior partner
Safeguarding your business: construction and engineering download
The Insolvency Service's most recent quarterly statistics show a 12 per cent rise in construction company compulsory liquidations.
Andy Ferris joins Hogan Lovells' Singapore international debt capital markets team
Hogan Lovells has hired Andy Ferris as a partner in its Singapore international debt capital markets team. He will join the law firm on 3 March 2014.
In Barnet the Second Circuit departs from precedent and sets the stage for potential circuit split download
The Second Circuit has reversed the bankruptcy court that had granted recognition under chapter 15 to an Australian company that had not introduced any evidence of assets or operations in the US.
Ship arrest in Greece download
If a ship is arrested in Greece, the Greek legal framework provides for two types of seizure of the assets of the debtor.
CIMA introduces corporate governance guidance for regulated mutual funds download
This note provides a brief summary of Cayman Islands Monetary Authority's Statement of Guidance for Regulated Funds — Corporate Governance.
Lefter, Alexandru
JPM advises on all aspects of individual employment issues, as well as on collective bargaining agreements, redundancy plans and social and restructuring programmes.
This remains JPM's main area of activity with an outstanding track record and leading expertise in Serbia and the region.
NCTM assists retailer La Gardenia Beauty with its restructuring
NCTM has assisted La Gardenia Beauty, an Italy-based beauty and cosmetics retailer, with its restructuring following the entry of Fondo Orlando Italy into its share capital.
Stephenson Harwood hires Yann Beckers as Paris banking and finance partner
Stephenson Harwood has hired Yann Beckers as a partner in its Paris banking and finance department. He joins the law firm from Clifford Chance.
Insolvent borrowers: is there a trust? weblink
A recent case has emphasised the importance of getting the drafting of loan agreements right.
Specific performance of contracts entered into prior to UK administration proceedings download
Where a counterparty was entitled to specific performance of a contract with a company prior to its entry into administration, the counterparty should still be entitled to specific performance.
InCredit — February 2014: market news download
The market news section of InCredit focuses on the EC proposing a structural reform package on the EU banking sector and more.
UK Pension Protection Fund guidance on restructurings download
The Pension Protection Fund has recently published an explanatory statement entitled 'Restructuring and insolvency: the PPF approach'.
Winding-up petition not permitted for disputed debts in UK download
A winding-up petition is not appropriate for a debt that is disputed on substantial and bona fide grounds.
Determination of claim is within 'insolvency exception' to UK jurisdictional rules download
Proceedings determining a creditor's entitlement to prove a liquidation did fall within the 'insolvency exception' to the Lugano Convention.
Glitches and class meetings in English schemes download
Where different, equally ranking unsecured noteholders had no realistic prospect of obtaining any return on the alternative scenario of an insolvency, they could vote as a single class.
BLP restructuring head quits, making it three for Jones Day
Ben Larkin, the head of the restructuring practice at Berwin Leighton Paisner (BLP), has become the latest high-profile partner to quit the firm.
Gateley profits jump after Halliwells integration reaches completion
Gateley has revealed an £8m jump in profit after fully integrating the Manchester office of failed firm Halliwells in May 2012.
Ince & Co appoints Hugh O'Donovan as head of its commercial aviation practice
Ince & Co has announced the appointment of Hugh O'Donovan, who will join the firm's aviation group as head of commercial aviation on 21 February 2014.
Bulletin — Winter 2014: Commercial & Chancery download
No5 Chambers has released the first edition of its Commercial & Chancery Bulletin for 2014.
Mourant Ozannes announces the promotion of five lawyers to senior positions
Mourant Ozannes has announced the promotion of a number of lawyers to senior positions within the firm.
Manchester firm Linder Myers seeks buyer as administration looms
Administration is looming for North West law firm Linder Myers, which has signalled its intention to appoint administrators.
Should you tidy up your corporate group? weblink
Public companies and large private companies that have been incorporated a number of years are likely to have accumulated a number of subsidiaries, some of which will be defunct.
Court of Appeal refers the 'Woolworths' case to the CJEU download
In July 2013, the EAT controversially held that all the employees made redundant from two insolvent retail businesses were entitled to be collectively consulted.
Willkie's Lantourne quits to re-establish boutique
Willkie Farr & Gallagher Paris restructuring partner Maurice Lantourne has left to set up a boutique after six years with the US firm.
Cooper v Bank of Scotland: inter-spouse guarantees revisited download
A new case in the court of session reminds lenders that a high degree of care is required where a wife is granting a security on account of her husband's debts.
Anti-suit injunction granted to project arbitration agreement download
The English commercial court has denied an application to set aside an anti-suit injunction restraining a defendant from pursuing litigation against a claimant in an Israeli court.
Dr Stephan Heckenthaler and Dr Markus Uitz join Binder Grösswang as partners
Binder Grösswang has appointed attorneys Dr Stephan Heckenthaler and Dr Markus Uitz as partners in the firm, effective 1 February 2014.
Allen & Overy strengthens position as a leader in global debt and equity capital markets
Allen & Overy has continued to strengthen its position as a leading adviser in global debt and equity capital markets.
Channel Islands Stock Exchange: restructuring update — 23 December 2013 download
The restructure of the Channel Islands Stock Exchange by way of a scheme of arrangement was approved by the Royal Court in Guernsey last Friday.
Hogan Lovells appoints Don McGown to its London corporate practice
Hogan Lovells has recruited partner Don McGown to join its London corporate practice. He joins on 3 February 2014.
Owner's right to deal with property download
In Blemain Finance Ltd v Goulding, the court had to determine whose interests prevailed.
No winding-up order where genuine dispute over debt download
A winding-up order was wrongly made where a creditor was described as a contingent creditor, but the underlying debt upon that the petition was based appeared to be genuinely dispute
Equity of exoneration download
A sub-surety was entitled to an indemnity from the assets of a guarantor before a third party's debt bit upon the guarantor's assets.
Eversheds Bianchini assists Italian banks on San Giorgio debt restructuring agreement
Eversheds Bianchini has advised a pool of Italian banks led by Unicredit on a debt restructuring agreement for San Giorgio and its group of companies.
NCTM wins prize for innovation at the Legalcommunity 2014 Energy awards
NCTM Studio Legale Associato has been chosen as the winner of the 'Prize for Innovation' award at the Legalcommunity 2014 Energy Awards.
An overview of the new Security Interests Jersey Law download
The Security Interests (Jersey) Law 2012 provides Jersey with a modern, efficient regime for the creation and enforcement of security interests in intangible property.
Kirkland & Ellis, A&O, Clifford Chance advise on KKR restructuring deal
Kirkland & Ellis (K&E), Cadwalader Wickersham & Taft, Simpson Thacher & Bartlett, and Allen & Overy (A&O) are part of a 10-strong legal team that has advised on the restructuring of German auto-repair company ATU.
Conyers advises lenders of major debt refinancing of Holding Anders group
Conyers Dill & Pearman has advised a consortium of financial institutions in connection with a refinancing of €800m of debt facilities granted to the Hilding Anders group.
Hogan Lovells advises EDF in relation to bond issue and hybrid financing programme
Hogan Lovells has advised EDF in relation to its 100-year bond issue in pound sterling, which enabled EDF to raise £1.35bn.
King & Wood Mallesons advises Beihai Port on major assets restructuring
King & Wood Mallesons has advised Beihai Port on its major assets restructuring to integrate Fangcheng Port, Qinzhou Port and Beihai Port into 'One Port'.
Appleby appoints Faye Moffett to head of Isle of Man corporate and commercial group
Appleby has announced that Faye Moffett, a banking and finance practitioner, has been appointed as head of the corporate and commercial practice group in the Isle of Man.
US Bankruptcy Court defines the limits of shareholder safe harbour in failed leveraged buyouts download
A recent opinion may have implications for shareholders who receive payments in connection with a leveraged buyout when the underlying company then files for bankruptcy.
DLA Piper hires Mark Fairbairn and Ashley Bell to its restructuring group
DLA Piper has announced the appointments of Mark Fairbairn and Ashley Bell to the firm's restructuring group from O'Melveny & Myers.
Appleby report highlights increase in insolvency petition filings in Cayman
An Appleby report on petition filings in the Cayman Islands has revealed that insolvency filings spiked more than 30 per cent in 2013 when compared with 2012.
Hogan Lovells appoints Katie Merlini to its international debt capital markets practice
Hogan Lovells has boosted its international debt capital markets practice by hiring counsel Katia Merlini.
Retail bonds — a new way to finance your business? weblink
Retail bonds can present not only an attractive alternative or addition to bank finance but also a way to promote stronger links with customers and to engender greater brand loyalty.
Ashley-Norman, Jonathan
DLA Piper takes restructuring duo from O'Melveny in Asia
DLA Piper has added Hong Kong partner Mark Fairbairn and Singapore of counsel Ashley Bell to its restructuring group, both joining from O'Melveny & Myers.
Snapshot — highlights from analysis of Cayman petition filings 2008–13 download
This Snapshot report sets out Appleby's analysis of petition filings in the Cayman Islands in 2013 against the backdrop of the prior five years.
Jackson of Kings Chambers acts for Manchester City Council in appeal
Claire Jackson of Kings Chambers has acted for Manchester City Council in an appeal relating to the non-payment of council tax.
Court rules that Garlock's settlement history does not accurately represent its actual asbestos liability download
Garlock Sealing Technologies is only liable for a fraction of the asbestos liability alleged against it by current and future mesothelioma claimants.
King & Wood Mallesons advises Neway Valve on Shanghai Stock Exchange listing
King & Wood Mallesons has advised Neway Valve on its successful listing on the Main Board of the Shanghai Stock Exchange.
Restructuring and corporate recovery update download
Taylor Wessing asked lawyers across its restructuring and corporate recovery team to describe how things might develop in this market during 2014.
Mayer Brown advises on $1.2bn oil and gas restructuring
Mayer Brown is advising on the $1.2bn restructuring and $133m sale of ATP Oil & Gas UK to Alpha Petroleum, the UK subsidiary of private equity house Petroleum Equity.
Football insolvency weblink
The realities are that in any football insolvency the creditors (including the players) lose out and the players involved are usually at the lower-level clubs.
Insolvency: Go for broke
Restructuring firms anticipate a boom when UK interest rates get jacked up and from mandates coming from Asia
Ogier announces two partner appointments
Shameer Jasani has been appointed as a partner in the Cayman Islands office while Ray Ng joins the BVI and Asia office as partner and head of litigation.
When is a merger not a merger? Jurisdictional developments in UK merger control download
The UK Competition Appeal Tribunal has released its ruling on the applications by Eurotunnel and SCOP for review of a Competition Commission report.
Gide continues hiring spree with Dentons duo
French firm Gide Loyrette Nouel has added a pair of restructuring partners from Dentons to its Paris restructuring practice, in a continuation of a several months-long hiring spree.
Hogan Lovells opens São Paulo office in Brazil and hires Isabel Costa Carvalho
Hogan Lovells has announced that it has opened an office in São Paulo, Brazil — its second in Brazil, with one already in Rio de Janeiro.
Main Spanish tax issues to consider when acquiring debt in Spain download
Hogan Lovells summarises Spanish tax issues to be considered both in the purchase of distressed debt and in connection with any restructuring of such debt.
Competition in the NHS download
One of the most controversial aspects of the Lansley reforms was the drive towards applying market principles to the NHS.
Ponte, Luke
Watson, Ben
New year novelties in Croatian legislation download
Several legal novelties have come into force in Croatia. The most important is the new law on oil and the oil derivatives market.
Appleby celebrates addition of two new advocates and trainee exam success
Appleby Isle of Man is celebrating the addition of new advocates Katherine Johnson and Alexandra Watterson, as well as the exam success of two trainees.
August & Debouzy turns to Weil for private equity hire
French firm August & Debouzy has boosted its private equity practice with the hire of partner David Malamed from Weil Gotshal & Manges.
Tim Tan joins DLA Piper as corporate partner in the Bangkok office
DLA Piper has hired Tim Tan as a partner in the corporate group of the Bangkok office. Tan joins from O'Melveney & Myers.
NAIC 2013 Fall National Meeting — points of interest to insurance industry clients download
This client update highlights some of the developments from the Fall National Meeting held by the National Association of Insurance Commissioners.
US budget update: bipartisan deal may have averted shutdown but more challenges await download
President Barack Obama has signed into law the Bipartisan Budget Act of 2013.
King & Wood Mallesons advises DBP on bank debt refinancing transaction
King & Wood Mallesons has advised DBP on its AUD745m bank debt refinancing transaction, provided by a syndicate of Australian, Asian and Canadian banks.
Second Circuit limits availability of Chapter 15 download
Foreign entities seeking recognition under Chapter 15 of the Bankruptcy Code must have a residence, domicile, place of business or assets in the US.
Hogan Lovells hires London partner Tom Whelan as global co-head of private equity
Hogan Lovells has appointed London partner Tom Whelan to serve as global co-head of private equity from 1 January 2014 alongside Jeffrey Hurlburt.
Addleshaw Goddard appoints third partner in its associated Hong Kong law firm
Addleshaw Goddard is increasing its capability in Hong Kong following the appointment of a third partner in its associated local law firm.
Hungary: arbitration agreement is not binding on insolvent claimant download
A recent ruling has held that the enforcement of claims by an insolvent claimant in arbitration is contradictory to the aims of the insolvency proceedings and to a creditor's interests.
Ward Hadaway picks up bulk of work from defunct EOS Law
Newcastle-headquartered Ward Hadaway has picked up the majority of the work in progress (WIP) from the recently defunct corporate boutique EOS Law in Manchester.
Property update — November–December 2013: Re Game Station download
A date has been set for the appeal, by a group of landlords, in relation to unpaid rent following the collapse into administration of the Game group of companies last year.
Safeguarding your business — landlords download
While most will eagerly anticipate the gifts the festive season will bring, this time of year can be treacherous for tenants and landlords alike.
DLA Piper represents Fibra UNO in its first publicly traded REIT
DLA Piper has represented Fibra UNO, Mexico's first publicly traded REIT, in its debut in the Mexican debt capital markets.
The players in the game of football insolvency weblink
Not many people shed a tear for the players when a club goes into administration. But the players involved in the majority of cases are at the lower level clubs.
Merger enables Mills & Reeve to increase its insolvency and recovery team
Mills & Reeve has merged with George Davies Solicitors, increasing its national insolvency and recovery team by 50 per cent.
DLA Piper represents Isola USA Corp in connection with debt refinancing
DLA Piper has represented Isola USA Corp in connection with the refinancing of its senior debt and pay-down of other debt.
Global Insight — Issue 8, Q4 2013 weblink
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper's global restructuring group.
Conyers Dill & Pearman advises Kofax on corporate restructuring
Conyers Dill & Pearman has advised Kofax on a corporate restructuring by way of a scheme of arrangement under the UK Companies Act 2006 between Kofax and its shareholders.
Dacheng partner appointed to Jinshan District corporate restructuring and listing think tank
Partner Cao Qi will advise the government of Jinshan District, Shanghai, on matters related to corporate restructuring and listing.
Walker Morris appoints Gawain Moore as restructuring and insolvency group director
Walker Morris has appointed insolvency specialist Gawain Moore, who originally trained at Walker Morris, as a director in its restructuring and insolvency group.
European Commission consults on new draft rescue and restructuring state-aid guidelines weblink
On 5 November 2013, the European Commission published draft revised guidelines on state aid for rescuing and restructuring firms (non-financial firms) in difficulty.
Governance News — 10 December 2013 download
Governance News from Minter Ellison summarises the top headlines in corporate governance this week.
Changes to VAT accounting: some clarification weblink
HMRC has updated Notice 700/56 (the Notice), sections 2 and 17 of which refer to LPA receivers.
Office holders' liability for conversion weblink
'Conversion' consists of an act of deliberately dealing with goods in a manner inconsistent with the owner's rights to use the goods, thereby depriving the owner of those rights.
Rent as an expense of the administration: an update weblink
The current position is that rent and service charges payable in advance and which fall due before the appointment of an administrator are not considered an expense of the administration.
International RCR network news: Germany and France
A summary of some of the transactions the RCR lawyers of Taylor Wessing have been involved in.
KPMG welcomes IAASB proposals on extending auditor reporting
KPMG's Larry Bradley believes that the IAASB's proposals are an important first step towards better meeting the needs of users who want more insight into audits than is currently possible.
Recent news from the French RCR market download
This short article surveys some key news from Pierre Tallot who heads up the Taylor Wessing RCR practice in France.
Bermuda Court of Appeal reviews common law assistance download
The Bermuda Court of Appeal has held that statements in relation to assistance at common law to foreign officeholders made in an earlier Privy Council decision were not binding on it.
Crystal Palace scores a win on appeal: TUPE and company administration download
This is an important decision that is helpful to administrators wishing to cut costs to avoid closure of a business pending its sale as a going concern.
Directors' challenge to administrators' appointment download
Directors cede management powers on the appointment of administrators; however, the ability to cause the company to challenge the validity of appointment is an example of an exception to this rule.
Limited recourse clauses questioned download
The judge's comments call into question the impact of limited recourse provisions and bankruptcy remoteness.
High Court decides: liquidators of insolvent landlords can disclaim leases with the effect of extinguishing the tenant's leasehold interest download
In Willmott Growers Group Inc v Willmott Forests Limited, the majority of the High Court upheld the Victorian Court of Appeal's conclusion that the liquidators of an insolvent landlord can disclaim a lease.
Chambers UK Bar Guide recognises No5 Chambers in latest rankings weblink
The Chambers UK Bar Guide has ranked No5 Chambers in 15 practice areas.
Recognition of foreign office holders in the BVI: the sequel download
Unlike any of the other jurisdictions in which Appleby operates, the BVI is unique in having implemented, but not brought into force, the UNCITRAL Model Law.
Olswang kickstarts German restructuring business
Olswang is launching a business dedicated to restructuring and insolvency through a strategic partnership with a German insolvency lawyer.
Appleby expands its Isle of Man practice with two new recruits
Appleby has hired Orla Tynan as a trainee advocate in the Isle of Man litigation and insolvency team and Alicia Cain to the Isle of Man corporate and commercial team.
Bankruptcy court rules OID generated in fair market value debt exchange should be allowed download
Judge Martin Glenn has held that original issue discount (OID) created in a prepetition 'fair market value' debt exchange is not disallowable in bankruptcy.
Hogan Lovells advises two banks on Vneshprombank's debut note issue
Hogan Lovells has advised OTKRITIE Bank and Raiffeisen Bank International as joint arrangers on Vneshprombank's debut 9.00 per cent $200m Reg S issue of loan participation notes.
Barclays to launch summary judgment application in Dewey court battle
Banking giant Barclays is attempting to avoid a full trial over defunct firm Dewey & LeBoeuf after issuing a summary judgment application to the High Court in a case against three former partners over loans.
Important judgment in PwC v Saad Investments Company and Singularis Holdings download
The Court of Appeal for Bermuda has delivered an important judgment about the jurisdiction of the Bermuda court to assist foreign liquidators by ordering the production of documents by persons in Bermuda.
Locke Lord picks up the ball for struggling Broncos
The London office of US firm Locke Lord has snagged its second headline restructuring in under a month, with the mandate from rugby league club London Broncos to advise on its administration.
What obligations does a director have? Part IV: directors and insolvency download
This is the fourth of four articles summarising the general duties and potential liabilities of a director of an English private company (which is not in a group with a PLC).
Dr Michael Burg joins corporate practice at DLA Piper's Cologne office
DLA Piper has announced that Dr Michael Burg has joined the firm's corporate practice as a partner in the Cologne office.
DLA Piper's Guy Flynn receives Leadership in Law award from The Daily Record
Guy Flynn, chair of DLA Piper's Maryland real-estate practice, has been honoured with a 2013 Leadership in Law award by The Daily Record.
King & Wood Mallesons advises Transurban on acquisition of Cross City Tunnel debt
King & Wood Mallesons has advised the Transurban Group on its acquisition of all of the senior secured debt exposure of Sydney's Cross City Tunnel (CCT).
DLA Piper Kyiv laywers contribute to World Bank's 2014 'Doing Business' report
Lawyers from DLA Piper in Kyiv have contributed to the World Bank's 2014 Doing Business report, looking at the local market in Ukraine.
Appleby holds directors' duties seminar in Guernsey
Appleby has held a seminar entitled 'Directors — do you know your duties?', which was held on 15 November at the Old Government House Hotel, St Peter Port, Guernsey.
Gardner, Francesca
Junior counsel
Dentons' Morris resurfaces at MoFo as insolvency head
Dentons' former co-chief executive Howard Morris has joined Morrison & Foerster (MoFo) as head of business restructuring and insolvency in London.
Jackson, Claire
Junior counsel
Walker Morris sports lawyers win a major employment legal case for Crystal Palace FC
Sports lawyers at Walker Morris have won a major employment legal case in the Court of Appeal for Crystal Palace FC.
DLA Piper's tax team ranked as leading firm in World Tax 2014 edition in Ukraine
DLA Piper has been ranked as a leading firm in the 2014 edition of World Tax, a directory of the leading tax advisory firms.
Ecuador establishes commission to audit its bilateral investment treaties download
On 5 October 2013, the government of Ecuador announced that it has established a commission to audit the majority of bilateral investment treaties (BITs) to which it is party.
Walmisley, Lisa
Junior counsel
Flood, Paul
Temple, Eleanor
Junior counsel
CFPB begins comprehensive rulemaking process on debt collection download
This ANPR signals an effort on the part of the CFPB to expand dramatically the category of debt collectors subject to such federal regulation.
Allen & Overy wins two awards at Czech Law Firm of the Year competition
Allen & Overy has succeeded in the category of corporate law and has also been named Law Firm of the Year 2013 for Best Client Service.
Slaughters slammed for 'club mentality' fee approach in Hellas administration
Slaughter and May has been hit with criticism over its relationship with Ernst & Young (E&Y) in a judgment relating to its fee-charging in an administration.
Barratts administrators find Shoosmiths the right fit
Shoosmiths has been appointed to advise the joint administrators of high street shoe retailer Barratts, which went into administration yesterday (11 November).
The treatment of unpaid employee contributions on an insolvency download
The Deputy Pensions Ombudsman held that an insolvent employer should pay certain outstanding pension contributions, plus interest.
Disputed section 75 debt claim: BESTrustees Plc v Kaupthing Singer & Friedlander download
In this case, the High Court looked at the issue of whether a claim for a section 75 debt should be reduced by the amount of other payments made to the trustees.
UK pension scheme members lose PPF protection download
A decision of the Court of Appeal in relation to Olympic Airlines has left UK pension scheme members without the protection of the Pension Protection Fund.
Locke Lord takes top billing as Blockbuster files for administration
Locke Lord's London office has been instructed by the joint administrators for video rental company Blockbuster, which went into administration today (11 November).
Final CFTC rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy download
The CFTC has adopted the final rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy.
Interests of the creditors intrude where the company is of doubtful solvency or insolvent download
HLC Environmental Projects Ltd (the company) was involved in two waste management and recycling projects based in Wales.
Hogan Lovells hires Javier Gazulla Ascoz to Madrid tax team
Hogan Lovells has recruited Spanish tax partner Javier Gazulla Ascoz into its Madrid tax team. Gazulla Ascoz joined the firm on 1 November.
Appleby advises Standard Chartered on consolidation of Jersey banking entities
Appleby has acted as lead counsel to Standard Chartered in connection with the consolidation of its two Jersey banking entities.
Electronic disclosure exercise did not amount to breach of an unless order download
A court was prepared to take into account the number of documents and the nature and complexity of the case in deciding whether a disclosure order had been complied with.
Office holders' liability for conversion download
Section 234 of the Insolvency Act 1986 protects a liquidator from a claim in conversion.
Director's optimistic view may have been justified download
Issues of company solvency are best determined at trial, with the benefit of a full hearing, rather than in the course of application for interim relief.
Pre-packaged insolvency introduced in the Netherlands download
Pre-packs are used in the Netherlands now and new steps are being taken to formalise this by introducing provisions into the Bankruptcy Act.
Remaining 30 Follett Stock staff made redundant after liquidation
Follett Stock's 30 remaining staff were made redundant at midday on Monday (4 November) when the firm was liquidated at a High Court hearing.
Retail/consumer products: sheltering yourself from the storm this festive season download
The cost of stock-piling in the lead-up to Christmas, combined with the pressure caused by the usual rent quarter day in December, causes cash-flow issues for many businesses.
Withers expands real-estate practice with three appointments
Withers has recruited partner Julie Teal to its London real-estate group. The law firm has also hired associates David Holland and Eloise Morgan.
Well-known consumer credit rating agency to partner with the PPF download
The Pension Protection Fund (PPF) announced at the end of July 2013 that it is changing its insolvency risk provider from Dun & Bradstreet to Experian.
Greek office legal update weblink
In this update from Stephenson Harwood's Piraeus office we take a look at recent changes to the tonnage tax regime in Greece applying to foreign-flagged vessels enacted in January this year by the Greek government.
Walker Morris achieves rankings in 27 practice areas in 2014 Chambers & Partners
Walker Morris has been ranked in 27 practice areas in the 2014 edition of Chambers & Partners.
Anti-abuse measure on indebtedness involving related parties download
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would have a notable impact on French companies.
Corporate debt download
HMRC launched a consultation in June 2013 on modernising the taxation of corporate debt and derivative contracts.
Bermuda can benefit from pensions restructuring download
Bermuda is well placed to benefit from increased life expectancy rates that have some employers seeking to restructure the pension entitlements of their employee members.
Appleby scoops top offshore listing in Who's Who Private Client Lawyers
Appleby has had two lawyers listed as Most Highly Regarded Individuals in the Who's Who of Private Client Lawyers 2013.
Allen & Overy picks up eight accolades at the IFLR Middle East Awards
Allen & Overy has picked up eight accolades at the annual IFLR Middle East Awards ceremony in Dubai, including the International Firm of the Year award.
Insolvency, recovery and restructuring
Our insolvency team has worked on some of the most high-profile insolvencies of recent times.
Banking/debt finance
Our debt finance team offers proactive, practical and commercial advice to lenders and borrowers.
Lander, Richard
Junior counsel
Latimer, Andrew
Junior counsel
DLA Piper advises SNF Floerger on $500m refinancing by SPCM
DLA Piper has advised SNF Floerger, a producer of flocculants for water treatment, oil and gas applications and mineral extraction, on the refinancing by its holding company SPCM SA.
Cayman Islands Stock Exchange: listing of corporate and sovereign debt securities download
The Cayman Islands Stock Exchange (CSX) is a leading offshore exchange for the listing of specialist debt securities, Eurobonds and insurance- and risk-related securities.
Legal Week shortlists Hogan Lovells in three categories for the 2013 British Legal Awards
Hogan Lovells has been shortlisted in three categories for the Legal Week 2013 British Legal Awards.
Hogan Lovells advises on restructuring of a $1bn Chinese real-estate development fund
Hogan Lovells has advised the general partner of Trophy Property Development on a restructuring of the fund's underlying real-estate assets in China and its internal management.
Liquidation of strategic companies in Hungary download
The Hungarian Act on Bankruptcy and Liquidation Proceedings contains special rules on bankruptcy and insolvency procedures for major economic companies carrying out strategically important activities.
Channel Islands Stock Exchange update download
The Channel Islands Stock Exchange (CISX) has clarified how to approach dealings with the CISX in the period prior to its proposed restructure.
New provisions for protected trust deeds in Scotland download
Reform of protected trust deeds in Scotland has been widely discussed in the context of overall bankruptcy reform.
US government shutdown: will performance of private contracts be excused? download
This alert provides guidance on what private contracting parties affected by the US shutdown should consider.
Shoosmiths shortlisted twice for Credit Today Debt Collection Awards 2013
Shoosmiths has been shortlisted in two categories for the Credit Today Debt Collection Awards 2013.
Standen, Mark
Financial services and insurance industry group leader
Sintons recruits three new lawyers to its corporate team
Sintons has recruited lawyers Caroline Swift, Metab Hussain and Emma Pern to its corporate team.
Genesis Housing v Liberty — the appeal weblink
Proposal forms often contain basis of contract clauses and accuracy in completing the proposal is as important as it has ever been. This article explains why.
London litigation boutique goes under as professional indemnity cover fails
Pinsent Masons has been appointed joint administrator for collapsed litigation and corporate law firm Harris Cartier, which has been sold to two buyers, Gordon Dadds and personal injury firm Neil Hudgell.
Jinga, Maravela & Asociaţii partners provide insights on new Romanian Insolvency Code
Juridice.ro recently requested the opinion of Jinga, Maravela & Asociatii's experts with respect to the new Romanian Insolvency Code.
Capital markets
Investors, banks and companies can rely on Jinga Maravela for tailored advice with regard to any transactions unfolding under the rules and regulations governing the capital markets.
Financial Services Compensation Scheme — a brief update weblink
The FCA has proposed to extend eligibility to claim on the Financial Services Compensation Scheme to all unincorporated associations and certain large partnerships.
Insolvency, restructuring and bankruptcy
Our lawyers' insolvency practice is acknowledged for its quality and tailored solutions delivered to clients irrespective of their sector of activity.
Stephenson Harwood appointed to new Pension Protection Fund legal panels
Stephenson Harwood has been appointed to two of the Pension Protection Fund's (PPF's) new legal panels.
Guide to taking security in Guernsey download
This guide provides an overview of the process of taking security and enforcing security over Guernsey assets which will be subject to the laws of Guernsey.
Insolvency and reconstruction
Minter Ellison's insolvency and reconstruction team is consistently recognised by independent, international surveys as one of the leading practices in Australia and New Zealand.
Evans v Finance-U-Limited — bills of sale and bankruptcy weblink
The recent case confirms that the holder of security by way of a bill of sale can enforce its security in respect of lending regulated by the CCA where the customer is declared bankrupt.
Restructuring of state-owned enterprises and property transactions
With the outstanding quality of its professional legal services, Dacheng has become the first-choice legal services provider for the great majority of state-owned enterprises in China.
Restructuring and insolvency
We pride ourselves on our ability to link in seamlessly with a wider offering in providing advice to all business stakeholders in a distressed context.
Allen & Overy advises Sun & Life on acquisition of Flabeg's solar division
Allen & Overy has advised Saudi Arabian solar company Sun & Life on the acquisition of the insolvent solar division of the Flabeg Group.
Gheorghe, Liviu
Pătrăscanu, Marius
Tucă, Ada
Senior associate
Ferăstrău-Grigore, Iulia
Senior associate
Sturzea, Raluca
Senior associate
Cocârlea, Veronica
Veronica Cocârlea has a general corporate and commercial practice as well as mergers and acquisitions expertise.
Vasile, Alexandra Cristiana
Dinu, Cristian
Further changes to Russian Basel III rules on subordinated debt download
The Central Bank of Russia has published amendments to Regulation 395-P regulating banks' capital that revised certain of its current requirements for subordinated debt instruments.
Legal 500 acknowledges Sintons' capability and client focus across the legal spectrum
Sintons has been recognised by The Legal 500 for its excellence and in-depth expertise across a range of legal disciplines.
DLA Piper set to relocate Wilmington office
DLA Piper has announced that the firm is relocating its Wilmington office to a 23-storey office building at 1201 North Market Street on 30 September.
KWM recognised by Asian-Mena Counsel In-House Community Representing Corporate Asia & Middle East Survey 2013
King & Wood Mallesons has been named Firm of the Year 2013 in China across six practice areas.
Royal Court of Jersey reconfirms flexible use of just and equitable winding-up jurisdiction download
The Royal Court of Jersey has again shown its readiness to utilise the just and equitable winding-up jurisdiction.
No5's Anderson and Khalique receive nominations for Chambers 100 UK bar
No5 Chambers has announced that Mark Anderson QC and Nageena Khalique have been shortlisted for The Chambers 100 UK Bar.
Kings Chambers members shortlisted in Queen's Counsel and Chambers rankings
Chambers has announced that Paul Chaisty QC, Lesley Anderson QC and David Casement QC have been shortlisted in the Queen's Counsel rankings.
Aidan Reay joins Kings Chambers
Kings Chambers has announced that Aidan Reay has accepted a full tenancy following the successful completion of his pupillage.
Anderson, Mark
Croatian Act on Financial Operations and Pre-bankruptcy Settlement Proceedings download
Amendments to the Croatian Act on Financial Operations and Pre-bankruptcy Settlement Proceedings became applicable on 7 September 2013.
DLA Piper advises Eastman Kodak on a chapter 11 restructuring
DLA Piper has advised Eastman Kodak on the worldwide implementation of a chapter 11 restructuring.
E-suppliers/IT: terminating on counterparty insolvency download
New laws to be brought into force next year will curtail the ability of some IT suppliers to terminate their agreement with counterparty where the customer becomes insolvent.
Facility agent's duties limited in scope download
RBS was the facility agent for certain lenders in a complex real-estate financing involving multiple tiers of senior and junior debt.
Liquidation of strategic companies in Hungary download
The Hungarian Liquidation Act contains special rules on bankruptcy and insolvency procedures for major economic companies carrying out strategically important activities.
LPA receivers — updated guidance on accounting for VAT download
Uncertainty has long surrounded the obligations of an LPA receiver when dealing with a borrower's VAT position.
Noteholder not disenfranchised from voting on a restructuring download
The issue was whether certain commercial-mortgage-backed notes were disenfranchised from voting, pursuant to the interpretation of two trust deeds.
Subject access requests — High Court judgment download
The application was made by Southern Pacific Personal Loans Ltd (SPPLL), a member of the Lehman Brothers group of companies that had gone into voluntary liquidation.
Trust account monies do not reduce pension scheme claim download
A claim in relation to a 'section 75 debt' was not to be reduced by a subsequent payment of £2m to the scheme despite the calculation being made prior to that payment.
Administration order refused download
There was insufficient supporting evidence for the proposed administrator's assertion that the administration of the Company would achieve one of the statutory purposes of administration.
Jersey Court sanctions payment by liquidators to insolvent Greek bank download
In the matter of Aspis Jersey Ltd, Mourant Ozannes acted for the liquidator of T Bank SA, one of the first Greek banks to enter insolvency following the recent financial crisis.
DLA Piper expands restructuring team in Paris
DLA Piper has appointed David Chijner and Noam Ankri as partners in its restructuring team in Paris
DLA Piper makes Paris partner hires from Dentons, Fried Frank
DLA Piper has continued the growth of its Paris office with the hire of partners from Dentons and Fried Frank Harris Shriver & Jacobson.
E-suppliers/IT: terminating on counterparty insolvency suppliers download
New laws will curtail the ability of some IT suppliers to terminate their agreement with counterparty where the customer becomes insolvent.
Sintons oversees group restructure for Malhotra Group
Sintons has overseen a group restructure for the Malhotra Group, which involved all of its holdings being consolidated into one formal group that will obtain PLC status.
United Kingdom Privy Council to hear Madoff feeder fund appeal download
The UK Privy Council, the highest court for the BVI, has agreed to hear a further appeal that will provide final determination concerning the validity of the Sentry redemptions.
Hogan Lovells closes $650m acquisition of two global Kodak businesses for KPP
Hogan Lovells has advised the trustees of KPP on the settlement of its claims against EKC and Kodak Ltd.
Fraudulent trading legislation has extraterritorial effect download
A company in liquidation will not be stopped from bringing claims against directors and other parties for wrongdoing, where the company can be said to be a victim of the wrongdoing.
German Federal Supreme Court hold former shareholder liable download
The German Federal Supreme Court has confirmed the liability of former shareholders.
Insolvency Service consults on changes to insolvency law download
The Insolvency Service is asking for views on a number of proposals that would simplify the law governing insolvency procedures and the regulations that affect insolvency practitioners.
Application of Eurosail to determine the solvency of a company download
When applying the Supreme Court's judgment in Eurosail to determine the solvency of a company, the court will focus on the debts that are due or will fall due in the reasonably near future.
Changes in Czech insolvency law in 2014 download
Major changes to the Czech Insolvency Act 2008 are due to enter into force on 1 January 2014.
Germany: liability of tax consultant for late filing download
The German Federal Court of Justice, in a decision on 6 June 2013, has held a tax consultant liable for the consulted company filing late for insolvency.
Phoenix companies: prohibited names download
When a limited liability company fails and a director of that business continues to trade under the same or a similar name after its failure, there is often disquiet.
Legal professional privilege and the EC Insolvency Regulation download
The defence of privilege to an English liquidator's application for the production of documents under sections 234 and 236 IA 1986 is to be decided on the basis of English law.
Liquidators were not 'data controllers' for the purposes of the Data Protection Act 1998 download
Where a company processing personal data enters liquidation, the liquidators are not the 'data controllers' pursuant to the Data Protection Act 1998.
Stephenson Harwood and Macfarlanes win roles as Baker Tilly takes over RSM Tenon
Stephenson Harwood, Macfarlanes, CMS and Hogan Lovells have won roles on Baker Tilly's acquisition of debt-laden accountancy firm RSM Tenon Group.
HSF and Linklaters advise on £1.3bn misselling compensation scheme
Herbert Smith Freehills (HSF) and Linklaters have taken lead roles on the scheme of arrangement designed to compensate consumers who had been missold protection for credit card theft and identity fraud.
Enforceability of foreign insolvency judgments in Guernsey in light of Rubin v Eurofinance download
The UK Supreme Court has considered the extent to which the English courts would recognise and enforce a judgment made in non-EU foreign insolvency proceedings.
Insolvent Jersey companies: a creditor's options download
There was a ripple of concern in both Jersey and the UK after the High Court's decision in HSBC Bank v Tambrook Jersey Ltd [2013] EWHC 866 (Ch).
DLA Piper advises Orchard Hardware Stores in sale of business to Lowe's Companies
DLA Piper has advised Orchard Supply Hardware Stores in the sale of its business to Lowe's Companies Inc, which has been approved by the US Bankruptcy Court.
Wrongful and fraudulent trading — government consultation download
The Insolvency Service and the Department for Business, Innovation and Skills have published consultations proposing amendments to the regulations affecting insolvency practitioners.
Court limits claims by MF Global clients against general estate
Weil Gotshal & Manges has led a successful application to the High Court to clarify the right of clients of MF Global UK to claim money from the general estate of the collapsed broker.
FCA review of Client Assets Regime: radical proposals for the speedy return of cash and assets on insolvency download
The FCA sets out some fairly radical proposals aimed at improvements in two areas: the amount and speed of return of client assets following insolvency; and reducing the 'market impact' of insolvency.
Walker Morris defends Court of Appeal case on collective enfranchisement
Walker Morris insolvency lawyers have successfully defended a major Court of Appeal case for the joint administrators of Vowden Investments.
Proposed changes to the Employer Debt Regulations risk missing opportunity to facilitate corporate restructurings download
The Employer Debt Regulations provide the detail about debts that become due from employers that exit from underfunded defined-benefit pension schemes.
Change to PPF compensation regime might lead to increased levy download
It remains to be seen whether proposed changes to the Pension Protection Fund (PPF) compensation regime will lead to increased PPF levies.
Taylor Wessing announces relaunch of its shipping practice
Taylor Wessing has relaunched its shipping practice.
Taylor Wessing advises ship financing bank on recapitalisation platform for several ships
Taylor Wessing has advised a ship financing bank that is helping an issuing house to incorporate several ships from a closed fund into a new company.
DLA Piper secures summary judgment win for Devonshire in loan sale suits
DLA Piper won summary judgment on behalf of Devonshire Campus, LLC, one of multiple lenders involved in a multi-tranche loan secured by a mortgage.
Unlawful dividends — guidance for insolvency practitioners download
This briefing note is intended to provide guidance to insolvency practitioners who wish to consider whether to seek repayment on behalf of the company of dividends paid to shareholders.
Nortel and Lehman Brothers case on FSDs decided — a workable way forward download
The case involved two groups (the Nortel group and the Lehman group) each of which contained occupational pension schemes with substantial funding deficits.
Court decides Pensions Regulator has no priority on insolvency download
The much-anticipated judgment in Nortel Companies and others, Re [2013] UKSC 52 (24 July 2013) was delivered by the Supreme Court on 24 July.
Claims against insolvency practitioners — is there light at the end of the tunnel? weblink
With business liquidations and administrations down in the first quarter (Q1) of 2013, what will be the likely effect on claims against insolvency practitioners?
DLA Piper advises Columbus McKinnon on acquisition of lifting technology company
DLA Piper Weiss-Tessbach has advised Columbus McKinnon on the acquisition of Hebetechnik Gesellschaft.
Pension schemes with FSDs rank as unsecured creditors: Nortel and Lehmans download
Financial support directions are orders from the Pensions Regulator to other members of a corporate group to stand behind the obligations of a service company or under-resourced employer.
Conyers Dill & Pearman advises on Bermuda law aspects of Randall & Quilter restructuring
Conyers' London and Bermuda teams have advised the Randall & Quilter Group as to Bermuda law on its corporate restructuring.
DLA Piper signs deal with Hines Interests to relocate its Chicago office
DLA Piper has signed a letter of intent with Hines Interests to relocate its Chicago office from 203N LaSalle to River Point.
Nortel case: Supreme Court ruling recognises key pensions remedies in insolvency cases download
The UK Supreme Court has given judgment in the Nortel and Lehman Brothers pensions cases, ruling that pensions FSDs and CNs rank as provable debts in an insolvency.
Lender's success despite defective security weblink
The Court of Appeal has held that a lender with defective security over property was entitled, through subrogation, to an unpaid vendor's lien over that property.
Solicitors' fees not deemed to be expense of administration weblink
The Court of Appeal has upheld the decision of the High Court in a case in which Walker Morris's finance litigation team acted for the successful party.
Consent payment in a restructuring held to be valid download
Consent payment or solicitation payments have become a relatively common way in which debtors undergoing a restructuring can incentivise bondholders to vote in favour of the restructuring.
Supreme Court decides there is no point to the 'point of no return' test for insolvency defaults download
The Supreme Court has considered how to construe and apply contractual terms incorporating the insolvency tests contained in section 123 of the Insolvency Act 1986.
Conflicts between facilities and intercreditor agreements download
A recent case has highlighted the problems that can arise when a complex set of finance documents recording the respective rights and priorities of a group of lenders is amended.
Hogan Lovells advises on sale of fashion brand Nicole Farhi
Hogan Lovells has advised on the £5.5m sale of fashion brand Nicole Farhi to Maxine Hargreaves-Adams.
Court of Appeal has a wider view of assisting foreign insolvency courts download
The Court of Appeal has overturned a High Court decision where the court refused to make an administration order in relation to a Jersey registered company with assets in the UK.
Luxembourg law on right to claim back data from bankrupt IT and cloud services providers download
Luxembourg is the first European country to deal with the question of what happens to data in the event of a company being declared bankrupt.
Bringing an administration to an end: considerations for administrators download
A recent opinion by Lord Hodge in the Court of Session has clarified an administrator's powers and duties in cases where they wish to bring an administration to an end.
Spotlight on Belgium: trends in the legal landscape — Issue 2 weblink
DLA Piper's Spotlight on Belgium publication provides an overview of current legal developments that may have an impact on business activities.
DLA Piper advises on acquisition of iconic British brand Nicole Farhi
DLA Piper has announced its involvement in the acquisition of Nicole Farhi by Maxine Hargreaves-Adams.
Insolvency and restructuring
Binder Grösswang comprehensively advises clients in all areas of insolvency law and in the case of restructurings and reorganisations. We advise investors, banks and companies facing business partners that are in a financial crisis as well as companies that are in financial difficulties.
National and cross-border corporate mergers and acquisitions constitute a significant focus of work at Binder Grösswang. The majority of our lawyers are engaged in this key area.
SAFE streamlines foreign debt control regime download
On 28 April 2013, SAFE released its Circular on Administrative Measures for Foreign Debt Registration, which came into effect on 13 May 2013.
Cross-practice team from Nabarro advises UK Coal on second restructuring
A team from Nabarro has guided UK Coal through a second restructuring following a fire at Daw Mill.
A&O, Addleshaws, Nabarro advise as UK Coal files for administration
Nabarro has retained its role as lead adviser to UK Coal after the struggling company filed for administration, with administrators at PricewaterhouseCoopers (PwC) turning to Addleshaw Goddard.
Insolvency and restructuring
We provide the most appropriate solutions for creditors, insolvent companies and/or their management bodies, and for investors.
A broader view of insolvency
Yes, beware German liquidators, but also be aware of the range of their rights and responsibilities
Special feature: pensions in insolvency — how bright is the future? download
The sudden death of media mogul Ian Robert Maxwell and its aftermath are still felt in the pensions industry today.
DLA Piper's restructuring team receives top honours at 2013 Turnaround Atlas Awards
DLA Piper has announced that its restructuring practice received top honours at the 2013 Turnaround Atlas Awards. The firm was recognised in three categories.
DLA Piper summit focuses on the European restructuring market
DLA Piper recently held its inaugural European Restructuring Summit in London.
Director's application for administration refused where other directors considered business was viable download
This was a sole director's application for administration under paragraph 12 of Schedule B1 to the Insolvency Act 1986.
Bankrupt's attempt to restrain foreign bankruptcy proceedings refused download
The court refused Mr Kemsley's application to restrain Barclays from pursuing the New York Proceedings and the Florida Proceedings.
Deemed service of a letter of demand download
Where the intended recipient of a letter of demand denies receipt in fact, but it can be shown that its service complied with the relevant loan document, the letter of demand will be treated as served.
Applications for extensions of time to be scrutinised more heavily download
Applications under the Civil Procedure Rules for extensions of time will be scrutinised more rigorously by the court following the amendment to the overriding objective in April 2013.
Bank's conduct amounted to harassment download
A customer had at times exceeded her overdraft/credit card limit by a modest amount. Her bank thought it was necessary to contact her by telephone to discuss her accounts.
Liquidator could not assign right to appeal tax assessments download
A liquidator may not assign the conduct of such an appeal to the company's former directors.
New fee regime in the employment tribunal download
A new fee regime will take effect for employment claims brought on or after 29 July 2013.
When can secondary proceedings be commenced under the EIR? download
Olympic Airlines was put into special liquidation in Greece on 2 October 2009. It had carried on business in England. It employed about 27 people and operated a pension scheme.
Insolvency: The rescuers
The Lawyer's Restructuring Team of the Year shortlisted firms pulled a diverse range of companies – and even a country – back from the brink last year
Unique aspects of sales involving nonprofit assets in bankruptcy download
Sales of a debtor's assets, pursuant to section 363 of the Bankruptcy Code or through a confirmed chapter 11 plan of reorganisation, have become increasingly common in recent years.
Ogier Corporate Services wins ICSA Jersey Administration Team of the Year award
Ogier Corporate Services has won the ICSA Jersey Administration Team of the Year award.
Bankruptcy and Debt Advice (Scotland) Bill download
The Bankruptcy and Debt Advice (Scotland) Bill was introduced in the Scottish Parliament on 11 June 2013.
Brown Rudnick in line to represent Co-op bondholders over '£500m loss'
Brown Rudnick is advising a campaign representing up to 15,000 Co-operative Bank retail bondholders raising concerns about the lender's £1.5bn restructuring.
Italy Restructuring Update – June 2013 download
The Italian government provisionally approved certain minimal amendments to the rules governing the concordato preventivo proceedings.
Simon Thomas joins Addleshaw Goddard's Business Support and Restructuring team
Simon Thomas joins Addleshaw Goddard.
Morisons and HBJ Gateley lead advice on Hearts administration
Morisons Solicitors and HBJ Gateley have been appointed to advise on the administration of Edinburgh football club Heart of Midlothian FC.
Walker Morris advises Cott Developments on Calypso Soft Drinks acquisition
Walker Morris has advised Cott Developments on its acquisition of Calypso Soft Drinks.
Changes to charge registration regime at Companies House weblink
As of 6 April 2013, the Companies Act 2006 (Amendment of Part 25) Regulations 2013 have been in force.
London property prices breaking new ground weblink
The rising disparity in property prices between the north and the south and between London boroughs themselves appears to breaking new ground.
Appropriation and relief from forfeiture weblink
The Financial Collateral Arrangements (No.2) Regulations introduced a new means for a security holder to enforce its security in respect of financial collateral.
Insolvent tenants and the effect of a surety weblink
In RVB Investments Ltd v Bibby [2013] EWHC 65 (Ch), a landlord (RVB) issued proceedings against the surety (Bibby) of an insolvent tenant.
Receiver entitled to remuneration as officer of the court weblink
The Court of Appeal has found that a receiver appointed under the Criminal Justice Act 1988, but discharged in 2006, was still entitled to be recover sums from the receivership assets.
A&O, Linklaters advise as Co-op unveils £1.5bn restructuring plan
Allen & Overy (A&O) and Linklaters have taken headline roles advising on the Co-operative Group's £1.5bn debt restructuring that will see bondholders offered shares in the bank through a so-called 'bail-in'.
Opinion: Germany - life in the bust lane
German courts are coming down on the side of liquidators when interpreting the Insolvency Act
Guide to summary winding up of a Jersey company download
This Guide describes the steps to be taken to summarily to wind up a Jersey limited company.
Guide to winding up of solvent and insolvent Jersey companies download
The purpose of this Guide is to outline the procedures to wind up Jersey registered companies, the circumstances in which transactions entered into by an insolvent company may be set aside, and the circumstances in which a company's officers and managers may incur civil or criminal liability.
The Appleby 2012 offshore round-up: insolvency & restructuring download
Appleby's review of the key insolvency and restructuring decisions handed down in the leading offshore jurisdictions during 2012.
King & Wood Mallesons wins CSR Firm of the Year award at 2013 ALB event
King & Wood Mallesons has been named CSR Firm of the Year for the fifth consecutive year at the 2013 ALB awards.
The Isle of Man insolvency test — is it time for reform? download
With the Companies Bill 2013 and a proposed new Insolvency Bill in the offing, the time is ripe for reform of the Isle of Man corporate insolvency test.
Bryan Cave turns to newly-merged Dentons for Paris push
US firm Bryan Cave has picked up two lawyers from Dentons' Paris office, including litigation head Constantin Achillas, in a bid to strengthen its litigation and financial services teams.
Changes to the late-payments regime weblink
The Late Payment of Commercial Debts Regulations 2013 came into force on 16 March amending the previous legislation, which had been in place since 1998.
Restructuring and Corporate Recovery Update — May 2013 weblink
Taylor Wessing has released the May 2013 edition of its Restructuring and Corporate Recovery Update.
Emma Gibson picks up award for Lawyer of the Year at Thames Valley event
Shoosmiths' Emma Gibson has defended her title of Lawyer of the Year at the Thames Valley Deals Awards 2013.
Al Tamimi advises Al Noor Hospitals on restructure to enable proposed LSE listing
Al Tamimi & Company has advised Al Noor Hospitals Group on a restructure to enable the group's proposed listing on the London Stock Exchange (LSE).
High Court to decide on liquidators' ability to extinguish leasehold interests download
Later this year, the High Court will hear an appeal from the decision of the Victorian Court of Appeal in Re Willmott Forests Ltd (Receivers and Managers appointed) (in liquidation) [2012] VSCA 202.
NCTM assists Navigazione Montanari in debt restructuring deal
NCTM Studio Legale Associato has assisted Navigazione Montanari in a recent debt restructuring deal.
DLA Piper receives individual lawyer and practice rankings in 2013 Chambers USA
DLA Piper has received 177 individual lawyer and 64 practice rankings in the latest annual Chambers USA.
Chris Howard has left Linklaters again
Will it be third time lucky at Sullivans?
Freshfields, US duo advise on €4.2bn debt restructure for Germany's IVG
Freshfields Bruckhaus Deringer, Kirkland & Ellis and Kaye Scholer are advising on the multi-billion debt restructuring of German real estate group IVG Immobilien, expected to be the largest such case in the country this year.
Sullivan boosts finance and restructuring with Linklaters' Howard
Linklaters banking and restructuring partner Chris Howard is leaving the magic circle firm to join Sullivan & Cromwell's London office.
Restructuring of SOEs and property transactions involving SOEs
Dacheng has become the first-choice legal services provider for the majority of state-owned enterprises (SOEs) in China.
Mergers, acquisitions and corporate restructuring
Dacheng's Mergers, Acquisitions and Corporate Restructuring practice is one of its key practice areas.
Walker Morris announces partner and director promotions in key growth areas
Walker Morris announces two partner promotions as well as eight director promotions.
Data Protection Policies — update from Global Data Hub weblink
Taylor Wessing has added a fresh batch of data-protection-focused content to its Global Data Hub site.
Our restructuring and insolvency team is made up of more than 130 lawyers specialising in restructuring across 42 offices globally.
Judicial Review Reform: a step closer weblink
The MoJ has published its response to the government's consultation on proposals to reform the judicial review process, setting out the reforms it intends to take forward.
Banking Matters — May 2013 weblink
The May 2013 issue of Walker Morris's Banking Matters publication is available now.
Proposed improvements to the Hong Kong corporate insolvency regime download
The new Hong Kong Companies Ordinance is planned to come into operation in the first quarter of 2014.
ACH Shoosmiths moves to Edinburgh's Exchange district
ACH Shoosmiths has opened its new offices in the heart of Edinburgh's business and financial district.
Walker Morris sports lawyers advise administrator of Farnborough FC
Walker Morris has been appointed to advise the administrator of Farnborough Football & Social Club following the announcement of its administration on 26 April.
Restructuring & Corporate Recovery Update — April 2013 weblink
The April 2013 issue of Taylor Wessing's Restructuring & Corporate Recovery Update is available now.
Hogan Lovells and Links in focus as Kodak sells unit to UK pensioners for $650m
Hogan Lovells, Linklaters and Sullivan & Cromwell have won lead roles as Eastman Kodak offloads its personal film business to UK pensioners.
OC hits 100 UK partners with Speechlys restructuring hire
Osborne Clarke (OC) has swelled its UK partnership headcount to 100 after signing up its eighth City partner this year in the shape of Speechly Bircham restructuring specialist Keith Bordell.
Law à la Mode: Issue 9 — Spring 2013 download
Issue 9 of DLA Piper's Law à la Mode publication is available now.
Appleby announces partner promotions and counsel appointments
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
Ex-Cobbetts partner joins creditors' committee following open letter
A former Cobbetts partner reportedly owed £365,000 by the failed firm has been appointed to the defunct Manchester outfit's creditors' committee.
Restructuring and insolvency
Mills & Reeve can advise on all aspects of restructuring and insolvency, and can help with all legal aspects and counterparty risk.
Ex-Dewey chief Davis to pay $500k settlement to resolve claims
Former Dewey & LeBoeuf chairman Steve Davis is set to pay $511,145 (£335,000) to the defunct firm's liquidation trust to resolve claims against him in relation to the US outfit's dramatic collapse last year.
Letters of request — insolvent Jersey companies and UK administration download
Mann J has refused an application by HSBC pursuant to a letter of request for assistance seeking the appointment of administrators over Tambrook.
Charity insolvency download
In November 2012, People Can, a charity employing around 300 people, went into administration after being overwhelmed by a pensions deficit of more than £17m.
Shoosmiths announces 2013 promotions
Six new partners are among 22 promotions at Shoosmiths. The partners are joined in the law firm's 2013 round by 16 new senior associates.
BCCI: it has ceased to be download
Bank of Credit and Commerce International (Overseas) Ltd and the other Cayman entities in the BCCI Group are now dissolved.
Appleby receives numerous accolades at Corporate INTL Legal Awards
Appleby has been named 'Law Firm of the Year' in several categories at the 2013 Corporate INTL Legal Awards.
Chadbourne & Parke represents liquidators of SCL to resist challenge by Carillion
Chadbourne has represented the liquidators of SCL to resist a challenge by Carillion.
Our Litigation team comprises senior advocates who have appeared in many leading decisions before the courts, as well as in global, multibillion-dollar disputes.
Where does Rubin leave Isle of Man insolvency practitioners? download
The recent decision of Rubin v Euro Finance SA and others [2012] UK SC 46 has been welcomed in England and Wales.
Resolution — spring 2013 download
Appleby has released the spring 2013 edition of its Resolution offshore publication.
Dentons and Linklaters clinch £50m HMV takeover for Hilco
Dentons and Linklaters have led the advice on the sale of HMV to Hilco UK, which was confirmed three months after the retailer went into administration.
Donns administration extended as final terms of Irwin Mitchell deal emerge
The administrators of Manchester firm Donns have extended the administration period by six months to ensure there is time to pay dividends to creditors.
Fees tight on law firm administrations
Law firms don't get rich advising on the demise of other law firms
Schulte Roth bulks up London restructuring with Brown Rudnick pair
US firm Schulte Roth & Zabel has added two London restructuring partners with the hire of Brown Rudnick duo Peter Declercq and Sonya Van de Graaff.
Cobbetts partners face scrutiny from SRA and administrators
Cobbetts' administrators are set to work with the SRA to assist a potential investigation into the conduct of the failed firm's partners, a report by KPMG reveals.
Shoosmiths extends its Manchester team
Shoosmiths has reached 100 employees at its Manchester office.
Restructuring e-newsletter — Global Insight — Issue 5 weblink
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper's Global Restructuring Group.
Restructuring & Corporate Recovery Update — March 2013 weblink
Taylor Wessing has released the March 2013 edition of its Restructuring & Corporate Update.
International Restructuring Newswire — March 2013 download
Chadbourne & Parke has released its International Restructuring Newswire for March 2013.
Chambers Global 2013 — DLA Piper full ranking summary download
DLA Piper has released a summary of all of the firm's rankings and editorial commentary in Chambers Global 2013.
Synapse: Law for Life Sciences — March 2013 weblink
This month on Synapse, Taylor Wessing discusses the impact of insolvency on licensors and licensees in the life sciences sector.
Ashurst, SNR check out as Malmaison sells to Denver private equity group
Ashurst and SNR Denton took lead roles on the sale of Malmaison and Hotel du Vin to a US private equity group.
Receivership Update — March 2013 weblink
Walker Morris has released its Receivership Update for March 2013.
Walker Morris advises on administration order against Coventry City Football Club
Football insolvency specialists from Walker Morris have advised the operating company for Ricoh Arena on its application to the High Court to grant an administration order against Coventry City Football Club.
DLA loses Scotland restructuring head in wake of Glasgow closure
Firm's Scotland restructuring head eschews move to Edinburgh in favour of partnership at HBJ Gateley as DLA presses ahead with Glasgow closure.
Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies download
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the "unfair prejudice" remedies under section 168A of the Companies Ordinance and the Ordinance's "just and equitable" winding-up provisions.
Co-op latest client to ditch Cobbetts' debt recovery arm
The Co-operative Bank is the latest client to terminate its relationship with Incasso, the former debt recovery business of collapsed firm Cobbetts.
Variations and indulgence clauses — avoiding inadvertent release of guarantees weblink
A guarantor's liability is contingent upon the underlying obligations it has guaranteed. If those underlying obligations are altered, the guarantor can be released.
Debtor-in-possession proceedings in Japan download
In this article, we take a brief look at an insolvency proceeding that has been introduced recently in Japan and has garnered a lot of attention.
Big product names are in the frame again in our regular round-up of the deals and legal personalities of the month, including the sales of Dell and baked bean superstar Heinz
Restructuring and turnaround
NCTM has experience in bankruptcy and insolvency law in general, as well as in debt restructuring procedures, distressed investments and 'special opportunities'.
Burying the phoenix company: ASIC's new regulatory guide 242 download
Following consultation with stakeholders about its new powers to wind up abandoned companies, on 8 November 2012 the Australian Securities and Investments Commission (ASIC) released a Regulatory Guide titled ASIC's power to wind up abandoned companies.
Breach of trust — all or nothing? weblink
The Court of Appeal recently handed down judgment in AIB v Mark Redler & Co.
DLA and Kirkland win roles on Dreams pre-pack sale to Sun Capital
DLA Piper and Kirkland & Ellis have taken the lead roles on the pre-pack administation and sale of bed retailer Dreams
Free Issue KWM Construction Practice — February 2013 download
This month's Free Issue focuses on contractor insolvency and its impact on the timely completion of projects.
Staff at Cobbetts' rescued debt recovery arm face redundancy
Staff at former Cobbetts debt recovery business Incasso have been put into redundancy consultation weeks after the business was bought from the failed firm's administrators.
Taylor Wessing partners write practitioner's guide to pensions and corporate insolvency
Taylor Wessing partners write Pensions and Corporate Insolvency: A Practitioner's Guide.
RPC joins mix as Sports Direct buys stricken retailer Republic
RPC has become the latest firm to win a mandate amid the recent spate of UK high-street casualties after being appointed by Sports Direct to advise on its purchase of Republic.
Eversheds leads as private equity house acquires HMV's Asia stores
Eversheds and Linklaters have taken lead roles on the sale of HMV Asia to Greater China private equity group AID Partners Capital
Dewey administrators seal deal to pay UK creditors
Firm's UK administrators strike a deal with defunct firm's US LLP to keep back some London and Paris partners' clawbacks for creditors of the UK LLP.
Locke Lord hired as restructurer tees Republic up for sale
US firm Locke Lord has taken a role advising the group tasked with preparing Republic for a sale after the clothing chain went into administration earlier this month.
Preston firm completes MBO after entering administration
North West firm Marsden Rawsthorn has been acquired by its partners in a management buyout (MBO) after going into administration.
Dundas insolvency head quits for Pinsent Masons
Dundas & Wilson loses Glasgow-based head of insolvency and restructuring Claire Massie to Pinsent Masons
Taylor Wessing partner Neil Smyth co-authors book focusing on personal insolvency
Taylor Wessing's Neil Smyth has co-authored Personal Insolvency in Practice.
IT contracts — dealing with the risk of supplier insolvency download
At a recent Shoosmiths event, lawyers shared practical experience of the risks and potential remedies associated with the insolvency of IT suppliers.
Still standing in the red zone download
This article looks at some of the lessons that can be learned from the restructuring of Liverpool Football Club.
Some you win, some you lose — the hindsight principle in UK insolvency law download
The use of the 'hindsight principle' produces what may generally be regarded as fairer values for the purposes of insolvency distribution or payment.
Modernising the European insolvency regulation download
There is no supranational overarching law that seeks to harmonise the laws applicable to either individual or corporate insolvency throughout all jurisdictions within the EU.
Blue Skye — effect of insolvency proceedings in one member state on civil liability claims already ongoing in another download
The effect of insolvency proceedings in one member state on civil liability claims already ongoing in another.
Weil leads as Reader's Digest publisher files for bankruptcy again
US firm acts as lead counsel to the publisher of Reader's Digest after the magazine's owner filed for bankruptcy for the second time in four years.
CMS and Wragges on scene for Blockbuster store sale to Morrisons
Real estate teams lead on supermarket chain's acquisition of 49 stores from administrators
Shoosmiths insolvency specialist helps save jobs at online footwear retailer Cloggs
Shoosmiths has helped protect jobs at Cloggs (UK).
Picard v Primeo: Cayman Court considers assistance in a post-Rubin world download
This briefing from Mourant Ozannes focuses on Picard v Primeo and looks at how the Cayman Court considers assistance in a post-Rubin world.
Linklaters joins Brown Rudnick and Cleary on Republic administration
Linklaters has been instructed by administrators at Ernst & Young (E&Y) in the latest in a string of insolvencies to hit the British high street this year.
Restructuring and insolvency
Krogerus has one of the leading restructuring and insolvency practices in Finland, both in terms of number of lawyers and our expertise.
A&L Goodbody cements restructuring reputation with IBRC instruction
Irish firm advises KPMG on liquidation of the Irish Bank Resolution Corporation (IBRC).
Restructuring and insolvency
The Curtis Restructuring and Insolvency group regularly advises on all facets of restructuring and insolvency matters both in and out of court.
Restructuring, bankruptcy and insolvency
Mayer Brown's restructuring, bankruptcy and insolvency practice has more than 50 lawyers operating in jurisdictions across the Americas, Asia and Europe.
DWF seals Cobbetts takeover as Pinsents advises KPMG administrators
Cobbetts went into administration at the High Court today (6 February) with the whole business immediately sold in a pre-pack deal to fellow Manchester firm DWF.
Restructuring and insolvency
Our restructuring and insolvency team offers the latest innovative market thinking to SMEs and listed companies.
Proposed changes to Guernsey Insolvency laws download
The Guernsey States of Deliberation have approved changes to the Companies (Guernsey) Law, 2008 (the "Companies Law"), which include several key changes affecting insolvencies in Guernsey.
Restructuring and insolvency
Our restructuring and insolvency group is made up of lawyers from our corporate, finance, and insolvency teams.
Litigation and insolvency
Appleby's Litigation & Insolvency group is truly international. Our lawyers act on a wide range of significant and high-profile cases in the fields of trust litigation, commercial litigation, corporate litigation and fund disputes and on insolvency, regulatory and insurance matters.
Restructuring and special situations
Olswang's restructuring and special situations group (SSG) combines the specialist expertise of our restructuring and insolvency group with Olswang's sector insight.
Restructuring and corporate recovery
The Restructuring & Corporate Recovery group is a cross-jurisdictional team of more than 20 specialists advising on some of the most complex and high-profile restructurings and insolvencies in Europe, the Middle East and beyond.
Coordination but no consolidation: internal draft bill on group insolvencies in Germany download
We have reviewed an internal draft of the German Federal Ministry of Justice (Bundesjustizministerium) of a Bill to Facilitate the Handling of Group Insolvencies.
Insolvency and restructuring
Our insolvency and restructuring practice draws together banking, corporate, insolvency, investment funds, litigation, regulatory and restructuring expertise from the BVI, Cayman Islands, Guernsey and Jersey.
Restructuring and insolvency
Our team of skilled national insolvency and restructuring lawyers has a broad range of experience across the full spectrum of insolvency and restructuring.
For decades, our lawyers have worked within a dedicated restructuring practice. We have a unified team of more than 250 restructuring lawyers working across borders to deliver solutions at local and international levels.
Action by ROT suppliers: effective enforcement of your claim download
Important points for ROT suppliers wishing to maximise their chances of recovery.
LG and SNR Denton advise as Dragons' Den star buys Jessops brand
Lawrence Graham (LG) and SNR Denton have taken lead roles on the sale of the Jessops brand and certain assets to a group including Dragons' Den entrepreneur Peter Jones.
Directors' concerns: facing insolvency and wrongful trading download
The range of options for a Jersey company that is in financial difficulty is relatively limited.
Construction & engineering briefing: November 2012 download
A practical guide for construction contractors facing the insolvency of developers, covering contract law, copyright and other issues.
Litigation funding for liquidators in Hong Kong: exemption applied with a PRC twist download
A recent endorsement and application of an exemption in Hong Kong to champerty and maintenance adds an interesting PRC dimension to the developing body of case law in Hong Kong allowing litigation funding for liquidators.
Insolvent liquidation download
This note provides a short summary of the two formal insolvent liquidation processes.
Dealing with suppliers/customers in financial crisis download
In the current market and fragile economic climate you may be concerned about the commercial viability of your customers and suppliers and the impact that a corporate failure may have on your business.
Hot 100: Adam Gallagher, Freshfields video
In our latest Hot 100 video Freshfields' Adam Gallagher talks about the collapse of Southern Cross and singing Islands in the Stream
Hot 100: Ashley Katz, Mayer Brown video
Mayer Brown's London restructuring head Ashley Katz has a growing reputation for handling complex restructuring and insolvency cases, as 2012 has been a busy year for him. One client describes him as "a tenacious lawyer who is a real hustler".
Hot 100: Charlotte Moller, Reed Smith video
Reed Smith London restructuring partner Charlotte Møller (scroll down for video interview) found herself working on one of the key cases last year when she advised KPMG on the administration of spread betting business WorldSpreads.
Hot 100: Askan Denstaedt, GoldenTree Asset Management
Askan Denstaedt, the London-based general counsel for Europe at New York hedge fund GoldenTree Asset Management, has one of the broadest remits in the investment management field.
Hot 100: Bruce Bell, Linklaters video
Bruce Bell has been instrumental in Linklaters' banking and restructuring groups.
Hot 100: Christine Phillips, Field Fisher Waterhouse video
Field Fisher Waterhouse corporate finance partner Christine Phillips spent much of 2012 on one of the highest-profile deals of the year, advising Rangers FC.
Hot 100: Nick Moser, Taylor Wessing video
They say every journalist has a book in them; maybe that applies to lawyers as well.
Hot 100: Pushpinder Saini QC, Blackstone Chambers
Like many at Blackstone Chambers, the very versatile Pushpinder Saini QC's public law practice bridges both the public and commercial spheres, but it is for his commercial work in the ongoing Madoff litigation that this year he is part of the Hot 100.
Hot 100: Rita Lowe, CMS
As US-based Dewey & LeBoeuf went the way of the dodo in the biggest law firm collapse of recent years, its UK LLP, covering the London and Paris offices, turned to CMS Cameron McKenna to advise the partners on liquidation matters.
Salans advises as Hilco buys struggling HMV's debt
Salans has advised restructuring specialist Hilco in its purchase of HMV's £176m debt.
Bredin Prat joiner takes lead role on Virgin Megastore insolvency
Bredin Prat partner Olivier Puech has picked up a mandate from collapsed French entertainment company Virgin Megastore just days after joining the firm from Gide Loyrette Nouel.
CMS takes latest administration role as Blockbuster UK calls in Deloitte
CMS Cameron McKenna has been instructed to advise the administrators of DVD and video rental chain Blockbuster's UK arm, which today became the fourth British high-street casualty in two months and the second in a week.
MoFo wins instruction from creditors on HMV administration
Morrison & Foerster (MoFo) has taken a role advising a group of creditors on the administration of HMV, as reports surface suggesting the music retailer could still be rescued by a buyer.
Linklaters takes dual role as HMV enters administration
Linklaters has been instructed by both the administrators and the banks as high street entertainment company HMV enters administration following rejection of a new funding deal.
The crunch bunch
Last year's punishing economic conditions pushed many companies into administration. We take a look at the big UK cases
Bredin Prat makes rare lateral hire from Gide
French firm Bredin Prat has made its first lateral hire for 18 months, picking up Gide Loyrette Nouel restructuring partner Olivier Puech.
Dewey's US LLP seeks to recover £36.7m from UK arm
Dewey & LeBoeuf's UK arm has been hit by a £36.7m claim from the firm's US LLP, as the latest report filed by administrators reveals more than £40m sought by unsecured creditors.
Weil leads as MF Global reaches transatlantic settlement
Weil Gotshal & Manges has successfully negotiated a settlement between the estates of bankrupt broker MF Global in the US and UK that could lead to the start of payouts for creditors of the company.
McDermott builds German restructuring team with Taylor Wessing hire
Taylor Wessing German restructuring head Matthias Kampshoff is set to join US firm McDermott Will & Emery in its Düsseldorf office.
Dewey bankruptcy firm Togut Segal & Segal bills £3m since firm's collapse
Advisers working on the US bankruptcy of Dewey & LeBoeuf have racked up fees of more than $14m (£8.6m), according to new filings.
FDIC and Bank of England signal significant cooperation on resolution issues in joint paper download
On 10 December 2012, the Federal Deposit Insurance Corporation and the Bank of England released a joint paper entitled Resolving Globally Active, Systemically Important, Financial Institutions outlining a resolution strategy for global systemically important financial institutions.
Comet administrators' filings show quintet of legal advisers as fees unveiled
Documents published by Deloitte have revealed that five law firms were instructed to advise the administrators of high-street electricals chain Comet, with legal fees since the company filed for administration on 2 November hitting £100,000.
Aviva launches court action over Dewey & LeBoeuf bond
Leaders at Dewey & LeBoeuf have been sued by UK insurance group Aviva in connection with a bond issued by the now-defunct US firm in 2010.
DLA Piper makes double German hire from Salans
DLA Piper has hired two partners from Salans in Frankfurt, just months before Salans' merger with SNR Denton and Fraser Milner Casgrain takes effect.
A&O, Kirkland, Links clinch deal to end European Directories restructure
Allen & Overy (A&O), Berwin Leighton Paisner (BLP), Kirkland & Ellis and Linklaters have secured a deal to end the long-running debt restructuring of European Directories that sees private equity group Triton take control of the company.
Weil bills £15m on MF Global administration
Legal fees incurred by the administrators of the UK arm of global broker MF Global have breached the £18m mark, with US firm Weil Gotshal & Manges taking the bulk by billing over £15m.
Gowlings turns to Osborne Clarke to strengthen City restructuring team
Canadian firm Gowlings has made a double hire in its London restructuring team, with the move including the recruitment of former Osborne Clarke practice co-head David Wright.
French accelerated financial safeguard available for holding companies download
New insolvency proceedings called "accelerated financial safeguard" were introduced into French law two years ago.
Cleary joins Slaughters' French ally on Franco-Belgian bailout of Dexia
Bredin Prat, Cleary Gottlieb Steen & Hamilton and former Clifford Chance partner Yves Herinckx have all landed roles as France and Belgium inject €5.5bn (£4.4bn) to bail out ailing Dexia, as part of a recapitalisation deal approved by the company's board of directors yesterday (12 November).
Bingham, Mayer Brown and Macfarlanes lead on Comet administration
Bingham McCutchen and Mayer Brown are advising the administrators of electricals chain Comet, which filed for administration last Friday (2 November).
Wragges and Gateley steer black-cab maker's administration
Wragge & Co has won a lead role alongside Gateley on the administration of Manganese Bronze, the stricken company behind London's world-famous black cabs.
Bingham joins local trio on Spanish constructor's €200m debt refinancing
Bingham McCutchen has joined Spanish firms Cuatrecasas Gonçalves Pereira, Gómez-Acebo & Pombo and Uría Menéndez in advising on building manufacturer Uralita's debt refinancing.
Dewey finally gets go-ahead for partner settlement
Bankrupt US firm Dewey & LeBoeuf's settlement with former partners has won approval from a New York court, ending months of attempts to green-light the deal since the firm collapsed in May.
Herbert Smith leads as JJB Sports brings in administrators
Herbert Smith is advising JJB Sports as the stricken retailer announces that it is appointing administrators.
Pitfalls in implementing employee incentive plans for executives in bankruptcy cases download
To successfully reorganize in Chapter 11, a bankrupt company may need to retain key employees who understand the company's business and who can design and implement the company's reorganisation plan.
Royal Decree Law 24/2012 addresses restructuring and termination of Spanish credit entities download
The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 , for the restructuring and termination of Spanish credit entities.
Germany's Görg raids rivals for insolvency launches
German firm Görg has raided two of its rival firms for a team of insolvency lawyers to launch in Hamburg and Rostock.
Two recent cases test legality of consent payments and exit consents under English law download
The global financial crisis has resulted in a number of debt restructuring transactions as a result of companies being unable to meet with their debt obligations.
Clifford Chance's Hyde to lead Asia Pac finance team
Clifford Chance is relocating its global head of restructuring and insolvency, Mark Hyde, to Hong Kong to lead its Asia Pacific finance team.
Locke Lord London team joins Pinsents on motorbike brand sale
Pinsent Masons and a City team from US firm Locke Lord have advised on the sale from administration of the UK subsidiary of motorcycle clothing and accessories retailer Hein Gericke.
Ex-Dewey partner claims Citibank conspired to lure laterals
A former Dewey & LeBoeuf partner is attempting to block Citibank securing a summary judgment against him by arguing that the bank colluded with the now-defunct firm to entice lateral hires in the run-up to the firm's collapse this year.
Dewey pushes for court approval of $70m settlement deal
Dewey & LeBoeuf's wind-down team has filed a motion calling for court approval of its settlement deal for former partners, arguing that financial commitments were obtained in a short space of time despite the "shock, anger and dismay" resulting from the firm's collapse.
A&O, Freshfields and Simmons ink pre-pack sale to save Mouchel
Allen & Overy (A&O), Freshfields Bruckhaus Deringer and Simmons & Simmons have advised on the financial restructuring of public infrastructure group Mouchel, which involved the pre-pack sale of its assets to its lenders and management.
Mayer Brown departures continue with defection to Cadwalader
Cadwalader Wickersham & Taft has added a structured finance partner to its London base with the hire of Stephen Day from Mayer Brown.
DLA and Slaughters lead on Premier Foods' latest brand sell-off
DLA Piper and Slaughter and May have advised on debt-laden Premier Foods' sale of its sweet spreads and jellies business to US buyer Hain Celestial.
Clifford Chance, Freshfields and Kirkland seal Travelodge debt deal
Clifford Chance, Freshfields Bruckhaus Deringer and Kirkland & Ellis have advised on a deal to reduce Travelodge's debt by transferring control of the hotel chain to three investors.
Dewey avoids Chapter 7 bankruptcy after agreeing $50m settlement
Dewey & LeBoeuf's settlement plan to raise funds for the defunct firm's estate and absolve former partners of future liability has passed the $50m (£32m) threshold required to keep the case out of Chapter 7 bankruptcy.
Dewey tweaks partner settlement plan again
Dewey & LeBoeuf's bankruptcy team has offered former partners further changes to the firm's settlement plan, a week after telling them an amended deal was final.
Gibson Dunn, Linklaters opposite global spread of firms on engineering sell-off
Gibson Dunn & Crutcher, Linklaters and Speechly Bircham are among a raft of firms to have won roles advising on the sale of four Rotary UK businesses to engineering company Lorne Stewart following the administration of Rotary's Australian parent group Hastie.
Dewey revamps terms of settlement deal as carrot for ex-partners
Dewey & LeBoeuf's wind-down team has amended the bankrupt firm's controversial settlement deal, with partners now being enticed into the plan by a discount based on how much they bring back to the firm in receivables in the coming weeks.
Exit consents in English law-governed bonds download
In an important judgment handed down on Friday 27 July 2012 Justice Briggs, sitting at the High Court, Chancery Division, upheld a challenge to the commonly used restructuring technique of "exit consents" used in English law-governed bonds.
Deadline for Dewey bankruptcy settlement delayed again
Former Dewey & LeBoeuf partners have been given an extra week to sign up to a settlement absolving them of liability from the firm's estate, with bankruptcy chiefs currently battling to iron out concerns that have caused the plans to raise up to $90.4m (£57.9m) to stall.
Freshfields usurps Hogan Lovells on Biffa's £1.1bn debt restructuring
Freshfields Bruckhaus Deringer has replaced Hogan Lovells to advise the senior lenders on the debt restructuring of waste management company Biffa, with Latham & Watkins and Linklaters also winning a role on the high-stakes negotiations.
Reed Smith wins Co-op relationship with £950m refinancing
Reed Smith banking partners Phillip Slater and Lucy Newcomb have won the firm a new client by securing a role opposite Linklaters on the Co-operative Group's £950m debt refinancing.
Chancery division of High Court overturns exit consent download
The recent judgment of the Chancery Division of the English High Court in Assénagon Asset Management SA v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited), issued on 27 July 2012, struck down an exit consent in a transaction governed by English law.
Exit consents unlawful under English law download
The Chancery Division of the English High Court has upheld a challenge to the legality of an exit consent on the basis that it was oppressive towards the minority bondholders and at variance with the purposes for which majorities in a class are given power to bind minorities.
Unsecured Dewey UK creditors to miss out on £5.2m in payments
Dewey & LeBoeuf's London and Paris operations had unsecured creditors who were owed a total of £5.2m, with almost none of this amount set to be paid, according to a report by the defunct US firm's UK administrator.
Dewey employees seek reimbursement
Former Dewey staffers' long and winding road to notice period payments
Barclays snubs Dewey ex-partners' joint attempts to settle debt
Barclays Bank is refusing to consider a group attempt by former partners of Dewey & LeBoeuf to strike a settlement with the UK lender over debt from loans used to fund capital contributions.
Weil adds further City restructuring partner with Hogan Lovells hire
Weil Gotshal & Manges has continued the expansion of its London restructuring team with the hire of Hogan Lovells partner Alexander Wood.
Mayer Brown secures City role for administrators as Ethel Austin files again
Mayer Brown's City team has been appointed to advise the administrators of clothing chain Ethel Austin, which has been put into administration for the fourth time since 2008.
Allen & Overy and Freshfields join raft of firms on Deutsche Annington refinancing
Allen & Overy and Freshfields Bruckhaus Deringer have scooped lead roles on a €4.3bn (£3.3bn) debt refinancing deal for Germany property owner Deutsche Annington Immobilien.
Dewey puts bankruptcy settlement on hold as ex-partners wait on amendments
The deadline for partners to opt in to a settlement deal absolving former Dewey & LeBoeuf partners of their liabilities has been delayed after concerns were raised about its contents.
Dewey creditors begin to line up as Axa business demands lost rent
Creditors of Dewey & LeBoeuf's London and Paris arm are lining up to claim dues from the defunct firm, with a subsidiary of insurer Axa demanding more than £600,000 from the failed firm's estate.
Kennedys on the menu as Auberge operator files for administration
Kennedys has won a role acting for the administrators of Town Centre Restaurants, the company behind the Café Giardino chain.
Debevoise, Latham, Weil handle American Airlines merger baggage
Weil Gotshal & Manges has leveraged its relationship with the bankrupt parent company of American Airlines to take the lead role advising on the carrier's plans to pick a merger partner.
Dewey tries to talk London partners into $103m settlement
Dewey & LeBoeuf's US bankruptcy chiefs may attempt to sell the defunct firm's $103m settlement deal to London ex-partners today (13 July), as it emerges that some former City partners are likely to snub the proposal.
Linklaters kicks off Italy disputes practice with hire from ex-ally Gianni
Linklaters is set to launch an Italian litigation practice with the hire of Milan partner Alessandro Villani from former ally-turned-adversary Gianni Origoni Grippo Cappelli & Partners.
Former Dewey partners to pay up to $3m each in settlement deal
Former Dewey & LeBoeuf partners including those in London will be asked to pay up to $3m (£1.9m) each as a settlement to grant them relief from being sued, it was revealed today.
Sticky ends: the City's top restructuring lawyers discuss recent developments
The collapse of Lehman Brothers in September 2008 has propelled insolvency law into the frontline
First test case for Dubai's innovative Decree 57 restructuring regime download
On 1 April 2012, a Dubai- and Asia-based ship building and repair company became the first company to commence a reorganisation proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57's integrated legal framework.
Setting aside wars: the arbitrator strikes back download
In 2006, Grand Pacific Holdings Ltd commenced an ICC arbitration against Pacific China Holdings Ltd (In Liquidation) in an attempt to enforce a loan agreement worth US$40 million.
Dewey & LeBoeuf files for bankruptcy, UK arm in administration
The largest ever law firm collapse was cemented yesterday when Dewey & LeBoeuf filed for bankruptcy in the US, with the UK LLP also being put into administration.
Proskauer hires Dewey City steering group duo
Dewey & LeBoeuf London restructuring partners Mark Fennessy and Hazel Miller are set to join Proskauer Rose, meaning that all but one of the firm's London steering group will have found new homes.
Reed Smith instructed on WorldSpreads administration
Reed Smith has won the role acting for the administrators of WorldSpreads, the spread-betting operator being wound up after accounting irregularities were found in its finances.
A whole new world
The regulatory focus on insolvency since the Lehman Brothers collapse is beginning to affect other cases, such as that of MF Global in the UK. By Joanne Harris
Skadden scoops Weil's McCahill for restructuring boost
Skadden Arps Slate Meagher & Flom has turned to a US rival Weil Gotshal & Manges for a London restructuring hire, scooping partner Dominic McCahill.
Lawyers enjoy decade of post-Enron success
Ten years ago today Enron, which was the US's seventh largest company, filed for bankruptcy after a creatively planned accounting scam came to the fore.
The future's red
With companies across Europe confronted by a huge wall of debt, Chris Howard says restructuring lawyers will soon be reaping the rewards
Dewey moves in on Orrick's City restructuring team
Dewey & LeBoeuf has continued its raid on Orrick Herrington & Sutcliffe's London restructuring team following the recent hire of two partners from its US rival.
Supreme Court upholds CoA Lehman ruling using 200-year-old insolvency law
A seven-strong panel of Supreme Court justices has dismissed an attempt by the trustees of Lehman Brothers to recoup £61m from noteholders, by upholding an insolvency law principle that has existed for 200 years.
Linklaters on board as Eircom heads for major restructure
A raft of law firms are lining up for the restructuring of Irish telecoms group Eircom, one of the biggest this year.
Bribe wars
Insolvency practitioners must stay on top of the Bribery Act as they run an increased risk of personal criminal liability. Alex Fox and Anna Brooks-Gallerani report
Packing case
Administration is the UK's principal business rescue tool. In the first quarter of this year alone 782 companies entered into administration.
Addleshaws, DLA and Linklaters advise on Homeform administration
Addleshaw Goddard, DLA Piper and Linklaters have taken key roles advising on the sale and restructure of kitchen, bedroom and bathroom chain Homeform Group, which traded under the Moben Kitchens, Dolphin Bathrooms, Sharps Bedrooms and Kitchens Direct brands.
DLA and Maclays lead on Jane Norman pre-pack
DLA Piper and Scottish firm Maclay Murray & Spens have taken lead roles advising on the sale and restructuring of fashion retailer Jane Norman, which entered administration on Monday (27 June).
Links and Salans advise on Habitat administration
Linklaters and Salans have clinched top roles advising on the administration of furniture retailer Habitat.
Travers Smith called in on Southsea wind-up
Travers Smith has been hired to advise on the liquidation of a small mortgage lender that has become the first British bank to be wound up for more than two years.
Magic circle rivals aim to ease Southern Cross financial pain
Clifford Chance, Eversheds, Freshfields Bruckhaus Deringer and Lovells have all scooped roles to help Southern Cross Healthcare secure a rescue package that will prevent the stricken care home operator from going into administration.
Slaughters delivers on Royal Mail restructure
Slaughter and May has bagged an instruction from Royal Mail on restructuring mandated by a recent piece of legislation.
DLA boosts NY restructuring group with Skadden hire
DLA Piper has given its New York restructuring group a boost with the hire of a partner from Skadden Arps Slate Meager & Flom.
11 Stone Buildings adds insolvency silk to its ranks
Lincoln's Inn set 11 Stone Buildings had added insolvency silk Lexa Hilliard QC to its membership.
CC, Freshfields picked for Metrovacesa restructure
Clifford Chance and Freshfields Bruckhaus Deringer have landed roles on Spanish real estate group Metrovacesa's e5bn (£4.4bn) restructuring.
Stephensons, Walker Morris act on Romag's pre-pack sale to Gentoo
Stephenson Harwood and Walker Morris have completed the pre-pack administration sale of the assets of AIM-listed glass and solar panel manufacturer Romag Holdings to Gentoo Group.
Squammonds advises Deloitte as Oddbins enters administration
Squire Sanders Hammonds has landed a key role advising on the administration of collapsed wine retailer Oddbins.
Linklaters boosts Amsterdam with addition of De Brauw restructuring chief
Linklaters has hired the head of the restructuring practice at Dutch independent De Brauw Blackstone Westbroek to boost for its Amsterdam office.
CC, Dewey, Freshfields steer Citibank's acquisition of EMI
Clifford Chance, Dewey & LeBoeuf and Freshfields Bruckhaus Deringer have all taken high-profile roles on the sale of troubled music group EMI to Citibank.
Weil Gotshal bulks up City restructuring team with Jones Day hire
Weil Gotshal & Manges has raided Jones Day's London office to hire restructuring partner Adam Plainer to lead its own restructuring practice.
Borrowed time
With sovereign debt problems sweeping Europe, is an increase in insolvencies likely? Not necessarily, says Frank Tschentscher
TLT City insolvency team brought in as Barclays calls time on Balls Bros
TLT Solicitors' London corporate recovery and insolvency practice has won one of its biggest mandates to date after being instructed by the administrators of bar owner Balls Brothers.
SNR Denton advises KPMG on Pontin's administration
SNR Denton has bagged a key role advising on the administration of holiday camp company Pontin's.
A&O joins US duo on debt restructure for Wind Hellas
Allen & Overy (A&O) has lined up alongside US firms Bingham McCutchen and White & Case on the €1.9bn (£1.64bn) debt restructuring of Greek mobile phone operator Wind Hellas.
Macfarlanes, FFW chosen to work on KRBS reorganisation
City firms Field Fisher Waterhouse (FFW) and Macfarlanes are advising on the proposed restructuring of Kent Reliance Building Society (KRBS).
Court of Appeal comes to the rescue in European Directories restructure
Supreme Court threat means it ain't over till it's over, says Andrew Pugh
Ropes & Gray's London office in the middle at the end of Almatis thriller
The long-running dispute over the restructuring of Almatis Group could finally be settled this week after more than a year of negotiations, proposals and counter-proposals.
City and Wall Street elite seal end to Almatis restructuring dispute
The long-running dispute over the restructuring of Dutch almunia company Almatis, which saw mandates for a string of top US and City firms, appears to be settled after a bankruptcy judge give the go-ahead for the company to emerge from Chapter 11 protection.
Macfarlanes instructed on Four Seasons debt restructure
Macfarlanes has claimed the prize role acting for longstanding client Four Seasons Health Care on the restructuring of £800m of debt.
Bakers and White & Case advise on £11bn BTA Bank restructure
Baker & McKenzie and White & Case bagged leading roles on the $16.7bn (£10.8bn) restructuring of Kazakhstan's BTA Bank.
Boutique firm Starr advises on acquisition of Connaught's assets
Niche City firm Starr & Partners has won a role on the administration of property group Connaught, advising building company Morgan Sindall on its acquisition of the group's assets.
Jones Day advises as Connaught calls in the administrators
Connaught, the property and environmental services group that has appointed administrators in the largest company administration since Woolworths, has turned to Jones Day to guide it through the process.
Affairs of the hearth
The outcome of the Stonham v Ramrattan appeal could set a precedent for the treatment of matrimonial homes in insolvency cases.
Floating free
A recent court ruling has left the door open for parties to dispense with the registration of a floating charge via the use of a security financial collateral arrangement. But its application is likely to be very narrow.
Olswang turns to Pinsents for restructuring partner hire
Olswang has taken on the co-head of Pinsent Masons' London restructuring practice as a partner.
Willkie Farr turns to Kaye Scholer for restructuring partner duo
Willkie Farr & Gallagher has strengthened its bankruptcy and restructuring department with the hire of heavy-hitting Kaye Scholer partner Margot Schonholtz.
Kirkland restructuring partner in GTM U-turn
One of the restructuring partners due to join Greenberg Traurig Maher (GTM) from Kirkland & Ellis has decided to stay where he is.
BLP hires RBS structured finance expert
Berwin Leighton Paisner (BLP) has hired a former Linklaters banking partner to build up its structured finance team.
CC and DLA Piper check in for £650m hotel group debt swap
Clifford Chance and DLA Piper have landed leading roles in a deal that has been hailed as one of the biggest debt-for-equity swaps in UK corporate history.
Osborne reinforces restructuring team
Osborne Clarke has bolstered its City restructuring and insolvency practice with Kennedys senior associate Andrew Mace joining the team as a partner.
Cleaning up the act
The Third Party (Rights Against Insurers) Act 1930 is due a facelift. But the means to do so could well be held up by the general election and the willingness of the next government to tackle the issue.
Paying by the rules
With HMRC standing firm when it comes to being paid by insolvent football clubs, it could be back to jumpers for goalposts for an unlucky few.
US and UK firms line up to thrash out Almatis takeover
A group of US and UK firms have won lead roles advising on the battle between Oaktree Capital and Dubai International Capital (DIC) to acquire alumina company Almatis via a restructuring of its $1bn (£590m) debt.
Veale Wasbrough Vizards hires insolvency litigation chief
Newly merged firm Veale Wasbrough Vizards has hired a barrister to head its insolvency litigation team after the previous holder of the post was named managing partner of the firm.
Kirkland replaces City restructuring leadership
Kirkland & Ellis London partners Kon Asimacopoulos and Partha Kar have taken over management of the firm's City restructuring practice following the departure of Lyndon Norley.
Opinion: Kazakhstan – a litmus test for emerging markets
As banks worldwide were hit by the global financial crisis, they were increasingly supported through emergency measures launched by governments.
Lovells enters tie-up with France's Kuntz
Lovells has formed a co-operation agreement with Paris-based insolvency boutique Kuntz & Associés.
Milbank builds up City practice with Ashurst hire
Milbank Tweed Hadley & McCloy has hired an Ashurst restructuring partner to bulk up its capabilities in the City.
White & Case helps draft Kazakh restructuring laws
White & Case has scored a lead role advising the Kazakhstan government on the creation of new restructuring laws in the country.
Linklaters raids Clifford Chance for German restructuring star
Linklaters has again turned to its magic circle rivals for a key German hire, snaring a leading restructuring partner from Clifford Chance's Frankfurt office.
Car trouble
Green shoots aside, many companies, including German car manufacturer Opel, are not out of the woods. Frank Tschentscher highlights the obstacles remaining
Con figuration
A downturn in profit often equals a commensurate rise in fraud. Samantha Bewick and Janice Edgar examine the modern role of insolvency professionals in rooting out deception
Jones Day lands brief on Birthdays wind-up
Jones Day has won a lead mandate on the administration of the recession's latest high-street casualty, greetings card chain Birthdays.
Weil, Herbies help Cobra charm its way back to financial health
Herbert Smith and Weil Gotshal & Manges have won roles in the administration and subsequent rebirth of Cobra, the popular curry-house beer.
Jones Day scores seven-strong team from Kirkland
Jones Day has boosted its US restructuring practice with the hire of a seven-lawyer team from Kirkland & Ellis.
Darwin Gray bags Hugh James insolvency head
Cardiff firm Hugh James has lost commercial litigation and insolvency head Ian Herbert to local rival Darwin Gray.
Eyes down for UK firms as Riva Gaming sheds £100m of debt
Riva Gaming Group, the private equity-owned bingo operator, has struck a deal with lenders to write off £100m of its debt, leading to instructions for a raft UK firms.
SJ Berwin emerges from the wings to make most of insolvency boom
Key hire Mike Woollard credited with putting firm in the running for big-ticket contracts.
Buying rights
Each new day sees retailers large and small going to the wall. This article addresses the plight of customers who have ordered and paid for expensive goods – such as furniture or computer equipment – but not yet taken delivery when the shop goes into administration. Can they insist on the goods being delivered or get their money back? Or are they just unsecured creditors who will probably get nothing?
Simpson Thacher called in after takeover puts Pearl in the red
Pearl Group has begun talks to restructure £3bn of debt, some of which was used to buy rival Resolution in 2008, with Simpson Thacher & Bartlett winning the mandate from the insurane giant. It is understood that Simpson Thacher is acting for Pearl after advising it on the financing for its £5bn acquisition of Resolution. Finance partner Stephen Short acted on that deal.
Links advises PwC in Lehman administration
Linklaters has bagged the instruction advising four PricewaterhouseCoopers partners on the administration of Lehman Brothers.
Zoom Airlines' UK administrators call on Shepherd and Wedderburn
Shepherd and Wedderburn has won the mandate to advise the UK administrators of Canada's Zoom Airlines after the low-cost airline filed for bankruptcy.
Jones Day, Freshfields in XL Leisure bankruptcy
Jones Day and Freshfields Bruckhaus Deringer have bagged the top legal roles in the bankruptcy proceedings of XL Leisure Group, the UK's third largest package holiday operator.
Bedell to act in liquidation of Carlyle Capital Corporation hedge fund
Offshore firm Bedell Group has been appointed to advise on the liquidation of collapsed hedge fund, Carlyle Capital Corporation (CCC).
A&O shares in £18.5m fees from Courts collapse
Allen & Overy (A&O) has made millions of pounds in fees out of bankrupt furniture retailer Courts, which still has a pension deficit of over £14m.
3-4 South Sq scores magnificent seven on Metronet insolvency
Commercial chambers 3-4 South Square has scored all the lead instructions in the public-private partnership (PPP) administration of Metronet, confirming the set as the bar leader for insolvency work.
Restructuring capability becomes UK firms' priority
UK firms are positioning their restructuring teams in anticipation of further market volatility, although a dearth of talent is hampering expansion.
Bingham benefits from latest Asahi departure
Bingham McCutchen has strengthened its global restructuring and insolvency capabilities with the addition of antitrust specialist Hiroshi Iyori from Asahi Law Offices.
Eversheds rescues Kwik Save in nine-hour race against the clock
EVERSHEDS, North West firm DWF and Linklaters have all acted in an against-the clock bid to save supermarket chain Kwik Save from collapse.
A&O and CMS advise on Metronet administration
Five UK firms have scooped key roles on the Metronet administration, which was launched earlier today.
Insolvency Roundup
Large-scale insolvencies have been largely absent from the UK market over the past few years. That was until the spectacular collapse of hamper savings company Farepak hit the newspaper headlines.
Administrator for BeWise turns to CC for advice
Clifford Chance is acting in the year's biggest retail insolvency so far as the beleaguered sector suffers another casualty.
Court battles
Two years on since new EU-wide insolvency laws were introduced, cherry-picking your jurisdiction for insolvency is increasingly tough. By Cary Kochberg and Laurence Crowley
House rules
What happens when a bankrupt's house has negative equity? This year's changes to the Insolvency Act provide the answer. Adrian Hyde reports
Brobeck wins payout from Morgan Lewis
Morgan Lewis & Bockius is set to pay out millions of dollars to Brobeck Phleger & Harrison's estate, as Clifford Chance continues its battle to agree a settlement with the collapsed West Coast firm's liquidation committee.
Lawrence Graham wins Enterprise Act first
Lawrence Graham has secured the first ever extension on company administration following the introduction of changes to the Enterprises Act 2002 last September.
Pachulski conflicted on Brobeck-CC case
US bankruptcy firm Pachulski Stang Ziehl Young Jones & Weintraub has been disqualified from acting for a group of former Brobeck Phleger & Harrison partners who are attempting to sue Clifford Chance for $100m (£55.8m).
Weil Gotshal & Manges reports post-MCI increase in bankcruptcy share of turnover
The bankruptcy practice at Weil Gotshal & Manges now accounts for 20 per cent of the firm's business – about $160m (£87.7m) of a total 2004 turnover of $801m ($439m) – following lead roles on MCI (formerly Worldcom), Enron and Global Crossing.
Halliwells seals LCL Law takeover
North West firm Halliwells last week finalised the takeover of niche insolvency practice LCL Law's Manchester office.
Careers: people
Gateley Wareing has recruited a new associate to bolster the corporate services division in its Birmingham HQ. Chris Reed, who specialises in acquisitions and disposals as well as joint ventures, joins from Wragge & Co.
A&O nets £10m fees from Drax
Allen & Overy (A&O) has billed in excess of £10m for last year's rescue of Drax Holdings, reaping nearly 80 per cent of the total over a six-month period.
Yukos shareholders take on Russian govt
The battle surrounding embattled Russian oil giant Yukos has escalated, with its core shareholders instructing lawyers to act against the Russian authorities should the company be forced into bankruptcy.
Gianni Origoni cashes in on Parmalat with €1m a month
Gianni Origoni Grippo & Partners is reaping an average €1m (£656,000) a month for its role on the Parmalat administration, with overall annual legal fees expected to reach €30m (£19.7m).
Yukos brings in Freshfields as the plot thickens in Moscow
In Putin's battle with the oligarchs, the rule of law is looking increasingly fragile. By Joanne O'Connor
Cadwalader client puts QMH debt plan in doubt
Cadwalader Wickersham & Taft has thrown Queen Moat House's (QMH) debt restructuring into a state of flux after client Goldman Sachs Whitehall Fund bought up large debt and equity stakes in the troubled hotel operator.
Addleshaws promotes to fill partnership gap
Addleshaw Goddard is promoting 11 lawyers after losing three partners earlier this month. Three will become partners, including employment lawyer Ruth Davies, finance and projects lawyer Andrew Pettinger and corporate restructuring and insolvency lawyer Daniel Redstone. Another eight lawyers will step into legal director roles, which have been designed to provide a career development path for ...
Careers: people
Specialist pensions law firm Sacker & Partners has promoted three associates to the partnership: Claire Carey, Alison Cribbs and Joanna Matthews.
Midlands set gains London star
Birmingham's St Philip's Chambers has scooped a senior barrister from premier insolvency set 3-4 South Square.
The magic spongers
The Inland Revenue's attack on the football creditor rule could see the sport's special status annulled. Amanda Milsom and Sohrab Daneshku report
The end cost
Liquidation expenses: a victory for floating charge-holders? Anne Sharp investigates
Crowning achievement
The Enterprise Act 2002 dispenses with the Crown's preferential treatment in insolvency cases. Philip May and Robert Foote look at the likely effects of this sea-change
International boundaries
International solutions to insolvency can lead to good results, but caution is needed to ensure that rules can be applied globally. Susan Moore reports
Don't bank on it
The Re Spectrum case has paralysed the insolvency profession. Anthony Elleray QC and Mark Cawson QC report
Weil Gotshal leads pack as firms gobble £50m MCI fees
Legal fees involving the rescue of MCI look set to exceed $100m (£56.6bn) after the telecoms group, formerly known as WorldCom, this week emerged from Chapter 11 bankruptcy.
Merricks goes into administration
Merricks, which has recently elected to dissolve the partnership, has been put into administration.
Dentons loses Hong Kong partner to Jones Day
Denton Wilde Sapte's soon-to-be-defunct Hong Kong office has lost dispute resolution and insolvency partner Simon Powell to Jones Day. It is understood that Powell left the City firm last week when it announced that it was axing its entire Asian practice (The Lawyer, 12 April).
Next generation set to take over at Nicholson Graham
A new guard is to take over management of Nicholson Graham & Jones, with insolvency head Tony Griffiths succeeding Michael Johns as managing partner.
Walkers insolvency ace wins in Caymans Parmalat action
Parmalat's special administrator Enrico Bondi has been barred from administering the collapsed dairy company's Cayman Islands companies following a tense court battle.
Bondi takes Parmalat battle to Ireland
Enrico Bondi's battle to be Parmalat's worldwide special administrator was widened last week to Ireland, where he went head-to-head with the Bank of America's lawyers Linklaters and Sidley Austin Brown & Wood.
Zini looks to Dinoia for protection
Gian Paola Zini, Parmalat's infamous lawyer, has called in Massimo Dinoia (pictured), the former lawyer to Italy's 'Mr Clean' to come to his defence. Dinoia advised Antonio Di Pietro, the former Italian magistrate who spearheaded major anti-corruption investigations in the mid-1990s in a case against Silvio Berlusconi's brother.
Parmalat advisers jostle for legal fees as wind-up hits snag
Lawyers acting for Parmalat's creditors will have to fight it out among themselves over the distribution of legal fees as negotiations over the reorganisation hit stalemate.
Four Malta Parmalat subsidiaries come through investigation clean
Four Parmalat-linked companies in Malta set up by Maltese government lawyers and a further three established by Parmalat's own auditors have been given a clean bill of health by the island's Financial Services Authority (MFSA).
…while Mathesons advises on Irish branch
Matheson Ormsby Prentice has been drafted in to advise the provisional liquidators looking at Parmalat's Irish subsidiary, Eurofood IFSC.
Herbies defeats RBC for Rabobank
The unravelling of the Enron debacle has stepped up a gear, with Herbert Smith scoring a major court victory over White & Case.
Firm Profile: Zermansky & Partners
Leeds firm Zermansky & Partners welcomed in the new year with its eponymous founder Victor Zermansky celebrating 50 years on the roll of solicitors.
Hammonds ramps up with double partner hire
Hammonds is continuing to rebuild its insolvency team with the hire of partners Alistair Bacon and Jeremy Reilly from Matthew Arnold & Baldwin and Cobbetts respectively.
Kirkland reinforces its position in the sector
Kirkland & Ellis has consolidated its position as one of the US's leading bankruptcy firms, after bringing in nearly $50m (£28.7m) worth of legal fees from just two cases in less than a year.
Winstead tops insolvency list in US as firms think smaller…
US firms target European and mid-market bankruptcies as US mega-insolvencies draw to a close
Kirkland, Vinson, Andrews face Enron creditor fight
The spotlight on Enron has shifted to Kirkland & Ellis, Vinson & Elkins and Andrews & Kurth – all of which face the threat of litigation from a group of the disgraced energy trader's unsecured creditors.
Oracle insolvency sees QC, Collyer-Bristow jettisoned
Richards Butler picks up entire defence as Erskine silk and Collyer-Bristow fall foul of legal tactics
A US enterprise?
The Enterprise Act could have introduced a Chapter 11-style process for restructuring in the UK. John Houghton reports on missed opportunities and avoided pitfalls
Tooled up
There has been a minor revolution in the corporate restructuring market in the past few years. Lyndon Norley reports on the changes
Cover charge
Company directors are increasingly culpable for scandals such as Enron. David Leibowitz reports on the extent to which directors' and officers' insurance cover can protect them
Central defender
Advising three footballers on the media fallout of the alleged Grosvenor House rape has thrust Graham Shear into the limelight. Naomi Rovnick meets him
Going for broke
Insolvency reform in Northern Ireland is lagging behind the rest of the UK, says Leeanne Whaley
Interoute wins Bulldog legal star
Interoute has hired experienced Bulldog Comm-unications chief legal officer and general counsel Maurice Woolf, who leaves the telecoms provider after just one year.
Credit control
Bankruptcy lawyers - and their fees - may not be popular, but Kirkland & Ellis's James Sprayregen says they're worth it.
Pencil pusher
Former Shearman insolvency star Ronald DeKoven is used to the finer things in life. Matheu Swallow talks to a man coming to terms with grotty old London.
Eugene F Collins merges with property firm
Second-tier Dublin firm Eugene F Collins has taken over commercial property and finance boutique GD Fottrell & Sons.
UK law firms fail to cash in on insolvency and restructuring
The legal fees on the 12-year BCCI insolvency reached £100m this year, with Lovells taking the lion's share of the cash, while Allen & Overy made a staggering £31m for less than two years work on the restructuring of Marconi. But will corporate restructuring and insolvency work see City lawyers through the downturn? Not quite.
Foley opens Tokyo office with IP star
US firm Foley & Lardner has gained its first foothold in Asia by launching an office in Tokyo.
Asb Law sees profits surge 20%
South-East firm Asb Law has continued its rapid expansion of the past 24 months, taking on small Kent-based practice Mere-dith Smith and Pratt (MSP) as well as announcing an increase in turnover of almost 20 per cent.
Two more jump ship at Khattar Wong
Eversheds' Singapore best friend Khattar Wong & Partners (KWP) has this week lost a partner and an associate, the latest in a string of defections over the past few months.
Date set for the Deacons-White & Case Hong Kong showdown
The controversial action by Deacons against White & Case and two of its former partners is due to be heard in the Hong Kong High Court next Monday (2 June).
Mayer Brown promotes seven to partnership
Mayer Brown Rowe & Maw has made up seven partners in London, taking the partnership to 100. The new partners are Michael Brown in litigation and dispute resolution, Gary Cooper and Richard Smith in corporate, Christopher Fisher in employment, Nick Henchie in construction and engineering, Jonathan Moody in pensions and David Morrison in corporate/restructuring and insolvency. This is the second round of ...
Property team quits Masons for Sprecher
A leisure and property management team of one partner, three associates and a consultant has quit Masons for niche insolvency and property firm Sprecher Grier Halberstam.
Conseco's bankruptcy adds to US law firms fee bonanza
The boom in restructuring fees for US lawyers is continuing unabated as Conseco becomes the latest bankruptcy to add to the growing cash pile.
Judge cuts Couderts' fees on Global Crossing bankruptcy
Coudert Brothers has been denied full payment of its second round of fees for the reorganisation of Global Crossing, after a judge ruled against a $54,000 (£34,000) pay-out for the firm's summer associates.
Jones Day loses bankruptcy chair
Second bankruptcy partner leaves to join Gibson Dunn in NY
3/4 South Square wins insolvency star from US
The UK's premier insolvency set 3/4 South Square has signed up one of the best-known insolvency and restructuring lawyers in the US, Ronald DeKoven.
4KBW seeks £1m from bankrupt Claims Direct
Robert Rhodes QC's embattled 4 King's Bench Walk (4KBW) is in talks with Claims Direct administrator Deloitte & Touche over some £1m owed for work it did for the claims management company.
The golden boy
Derivatives may not be the most exciting topic of conversation, but A&O's Jeff Golden manages to keep Catrin Griffiths interested - if only for one afternoon
Court steps in as Enron fees spiral
Lawyers' fees related to the Enron Chapter 11 reorganisation are continuing to snowball, sparking fears of dwindling returns to disgruntled creditors
Asset-based lending - the benefits
There appear to be mixed feelings about the radical changes currently being introduced to the UK insolvency laws
Taking care of business
When businesses hit rock bottom the balance of power changes. The creditors are the new priority, but to what extent are they in the driving seat? Peter Bloxham reports
The insolvency gremlins
Unlicensed debt advisers and conflicting regulatory bodies are still holding reform at bay, says John Verrill
The main goal
While the ITV Digital collapse massacred the finances of many football clubs, players' wages are finishing off the job. David Cohen and Amanda Hope examine clubs' escape routes
Wrapping it up
Insolvency reforms move a step closer with the dawn of the Enterprise Act. Patricia Godfrey reports
Raising finance
Julia Salt and Ben Conway give the lowdown on methods of commercial aviation funding
Shearman lands China Netcom work
Shearman & Sterling has scooped an instruction to advise China Netcom Corporation (Hong Kong) in connection with its purchase of the assets of Bermuda-based undersea cable operator Asia Global Crossing (AGC)
The lone rearranger
The doyen of corporate restructuring is now at Nomura. Dearbail Jordan talks to Richard Gitlin about Maxwell, the IMF and being big in Japan
Sidleys and Dentons in heavyweight restructuring
Sidley Austin Brown & Wood and Denton Wilde Sapte are advising Federal Mogul Corporation in one of the largest cross-border restructurings to date.Federal Mogul's UK and US subsidiaries simultaneously filed petitions on 1 October for administration and chapter 11 proceedings respectively. Sidley's US office has a longstanding relationship with Federal Mogul and brought in Dentons to advise ...
Nicholsons boosts insolvency
Robin Tutty has left Fox Williams, where he was a partner, to become joint head of insolvency at Nicholson Graham & Jones.
Bevan Ashford launches new assault on Bristol insolvency
Bevan Ashford is to launch a dedicated insolvency practice from its Bristol office with the hire of Laytons' highly-rated Bristol head of insolvency Gordon Bon.
Keep on keepin' on
Head of Weil Gotshal & Manges' London office Mike Francies remains philosophical about the glut of departures that has hit the US firm
Sears moves firm for more money
Leading travel insolvency practitioner Trevor Sears is quitting Kingsford Stacey Blackwell for Davenport Lyons, giving the firm an insolvency capability for the first time.
The insolvency lawyer versus the athlete
When head of Edge Ellison's insolvency practice John Sullivan picked up the baton for a broke British Athletics Federation in 1997 he did not expect to be fighting an athlete's claims in the House of Lords. Claire Smith reports.
Adrian Harris
Adrian Harris remains undaunted by the prospect of long working hours at US firm O'Melveny & Myers- he's simply given up all his hobbies, writes Sean Farrell
Chris Mallon
Chris Mallon made his name at Lovells as the man who co-ordinated London lawyers in the BCCI case. Now he has been lured from Biddle and handed the task of making Freshfields on of the best. Gulshanah Choudhuri reports
Dibbs' saint turns sinner
When Paul Rhodes quit as Dibb Lupton Broomhead's managing partner, his colleagues speculated he was through with legal practice. But the man who did much to pioneer Dibbs' rottweiler image is back - and he has gone to the aid of its arch-rival. By John Paul Flintoff
Stephen Gale
Sean Farrell talks to Stephen Gale, the man who is due next April to be only the second lawyer to take the helm as president of the Society of Practitioners of Insolvency.