The practice provides prompt and reliable advice on all aspects of rescues, reconstructions, receiverships, administration, liquidations, distressed debt and international insolvencies.
Our distressed debt, restructuring and insolvency practice is highlighted in Chambers 2015 as having a “strong reputation as a versatile practice capable of acting in all areas of insolvency and restructuring” and are again noted in Legal 500 2014 for our “strong reputation” in the market.
In 2016 we were shortlisted by Legal Business as Restructuring Team of the Year and by Legal Week as Banking, Finance or Restructuring Team of the Year.
The distressed debt, restructuring and insolvency practice comprises over 60 legal staff, including over 30 partners, based in our offices in Amsterdam, Beijing, Bristol, Brussels, Doha, Dubai, Düsseldorf, Frankfurt, Funchal, Hong Kong, Jeddah, Lisbon, London, Luxembourg, Madrid, Milan, Munich, Paris, Riyadh, Shanghai, Singapore and Tokyo.
The following are some of the areas in which we regularly advise:
Rescues and reconstructions
- we advise on multi-bank rescues and reconstructions outside formal insolvency proceedings, including areas such as work-outs, debt restructurings, standstill arrangements and formal court driven arrangement to bind dissenting creditors.
Advice to directors
- we provide responsive lawyers who can focus on the crucial issues and who fit in quickly and sensitively with the existing management and professional team.
Court driven reorganisations
- we assist in conducting a review of the strategic options open to a company, the potential benefits of formal reorganisations and the anticipated exit route. We advise on preparing the necessary documentation and reports to support any court applications. Once the order has been made, we advise on the financing of the company's operations, the disposal of its business and key assets, and compromise arrangements with creditors. We can also advise on the proposals to be put to creditors' meetings and compliance with other statutory requirements.
- we provide comprehensive advice to banks, including a full security review as to the enforceability of the security, drafting the documentation for the enforcement of the security and co-ordinating the service of demands.
- we advise liquidators and creditors on all aspects of insolvent liquidations, including trustees' protection of assets, the validity of creditors' claims, claw-back actions and set off. We also advise corporate clients on the use of solvent means of efficiently restructuring their corporate groups.
- the emphasis of our insolvency litigation practice is on cost efficient settlement and maximum recoveries, using procedures such as alternative dispute resolution where appropriate and available. Where cases do go to court, we have expertise in all forms of insolvency application and enforcement procedures. We will also, where appropriate, share the litigation risk through the use of conditional fee agreements, as well as provide cost-saving services such as in-house advocacy for straightforward applications.
Distressed debt analysis and trading
- we advise on all aspects of distressed debt investment, acting both for buy-side and broker/dealers, including analysis of situations, distressed financings and restructurings and secondary trading loans, bonds, trade debt, derivatives and insolvency claims.
- in the last three years we have spent an increasing amount of time advising debtors on all aspects of restructuring, both in relation to financial and operational turnarounds.
Distressed debt funds
- we advise independent and institutional sponsors on all aspects of the establishment of private funds investing in both private and public distressed debt, including structuring, fund documentation, regulatory issues and tax
- we also have knowledge of the laws and regulations relating to insolvency in the Middle East, Asia and North Africa regions.