The impact of financial distress may not require a formal insolvency process but will very likely require some radical action to restructure a business and effect a ‘turnaround’. That may involve streamlining your business structure, closing part of a business or its activities or a sale
If a turnaround does not prove possible the business may need to use a formal insolvency process to effect a restructuring and or to protect the interests of the business stakeholders and creditors. Sometimes a liquidation is the only likely outcome
Whatever the situation it is a very difficult and challenging time for management and other stakeholders alike. We understand that. Unlike such management teams we address these issues on a daily basis.
There needs to be a difficult balance struck between the competing commercial objectives in what is normally a restricted time period while complying with a complexity of legal obligations.
We work closely with management teams, accountants and insolvency practitioners to develop strategy and select appropriate processes and then to guide the business and its management team through that chosen process and contingency plans. Our team understands the pressures that management teams are under and the impact that our advice needs to have. Our primary focus is on presenting relevant, efficient, cost-effective solutions.
If formal insolvency proves necessary, we will advise on the process, the realisation of assets, resolution of disputes and recovery of assets.
As well as advising businesses, we also work with regional and national firms of insolvency practitioners, accountants, corporate finance advisors, banks, directors, funders and creditors, as well as security and risk specialists. Whether advising or working with them as a team, we’re able to understand the situation from all the relevant perspectives.
We advise on:
- Finance and Restructuring
- Reorganisations and Section 110 Schemes
- Accelerated M&A (seller and buyer)
- Voluntary arrangements
- Administrations (corporate and partnership)
- Administrative, LPA and fixed charge receiverships
- Agricultural receiverships
- Compulsory and voluntary Liquidation
- Business and asset realisation
- Directors' duties and claims for breach of duty, malfeasance and wrongful trading
- Officeholders’ powers and duties
- Creditors’ claims
- Asset recovery
- Security reviews
- Contingency and exit planning
- Trading issues
- Advice to directors including directors disqualification
- ‘Claw back’ Claims for preferences and transactions at an undervalue
- Employment and pensions issues
Some examples of our recent work:
Restructuring a national firm of valuers and surveyors in 50 locations before voluntary liquidation
Advising on ‘pre-pack’ sales of businesses
Defending directors facing £40m claim for wrongful trading and breach of duty
Advising a professional practice with substantial pension deficit claims and restructuring
Advising liquidators on bring claims for repayment of unlawful dividends against creditors
Advising liquidators on recovery of assets form associated group companies
Advising administrators on the conduct of a trading administration and sale of the business
Advising creditors on voluntary proposal arrangements
Acting for directors on the management of a business while they seek to restructure the business
Defending and pursuing winding up petitions
Advising shareholders of distressed businesses on demerger and or sale