Insolvency and Restructuring

We act for companies that encounter financial challenges, as well as the directors, shareholders and other related parties who may be involved. Likewise, we advise individuals experiencing personal financial difficulty, as well as the family members and business associates who may also be affected by the circumstances.

• We have a wealth of experience defending claims brought by insolvency practitioners, including actions brought under the insolvency legislation - for example, claims involving breaches of directors' duties; wrongful and fraudulent trading; and claims restoring assets and monies divested by an insolvent estate prior to the inception of a formal insolvency process (i.e. claims to recover preferences, transactions at undervalue and transactions defrauding creditors). We frequently act in relation to director disqualification proceedings.
• We act against insolvency practitioners in disputes concerning the conduct of insolvency processes, including where misfeasance and breach of duty is alleged against the officeholder.
• We act to oppose the instigation of insolvency processes by creditors, for example by defending winding up / bankruptcy petitions; opposing the appointment of provisional liquidators; challenging administration applications; and, in some cases by instigating alternative insolvency procedures, with the effect of circumventing the course adopted by creditor.
• We advise on the rescue and restructuring options that are aimed at averting insolvency procedures.
• We advise on solvent tax and/or commercially driven reconstructions or re-organisations including members' voluntary liquidations (MVLs).
• Our experience also extends to all formal and informal insolvency processes - administration, liquidation, provisional liquidation, bankruptcy, company voluntary arrangements (CVAs), individual voluntary arrangements (IVAs) and receiverships.

We act for and advise creditors on:

• protecting against supply chain insolvency, including commercial arrangements aimed at mitigating the risks of debtor insolvency and the protection of goods and assets;
• the instigation of insolvency procedures, where appropriate, as a means of pursuing recourse for the recovery of unpaid debts and/or assets – for example, appointments of administrators, provisional liquidators, winding up and bankruptcy petitions;
• debt recovery litigation; and
• the enforcement of guarantees and all forms of security and quasi-security (for example, liens or retention of title).

Where the debtor is already subject to an insolvency process, we advise creditors as to the submission of claims in the insolvency process and challenging decisions made by an insolvency practitioner in relation to such claims. We also advise creditors as to their recourse arising from the conduct of the insolvency process, which can include taking action to replace insolvency practitioners and/or challenge their conduct.

We act for liquidators, administrators, trustees in bankruptcy, receivers and supervisors, on all aspects of conducting formal insolvency processes.

1. Dispute resolution
   An insolvency appointment can expose practitioners to litigation and disputes of any nature.  Whilst we have broad expertise in all aspects of commercial litigation, we specialise in claims that are insolvency-specific, e.g.
   • proceedings to invoke the officeholder's statutory powers of enquiry;
   • the recovery of preferences, transactions at an undervalue and transactions defrauding creditors;
   • claims relating to breaches of directors' duty and misfeasance;
   • wrongful and fraudulent trading; and
   • disputed creditor claims / proofs of debt.
   • Further, we are nationally recognised for our expertise in injunctive proceedings and asset tracing and are therefore uniquely placed to offer a range of strategies to resolve cases that feature fraud and wrongdoing.
2. Transactional
   We advise insolvency practitioners and all stakeholders from the onset of insolvency through to the conclusion of a formal insolvency process on non-contentious matters.  This includes advising receivers, administrators and liquidators in relation to trading and any other issues arising on and following their appointment; and advising potential purchasers and officeholders on the purchase/sale of businesses and/or assets of insolvent companies.
3. Advisory
   We understand the insolvency practitioner's role, obligations and objectives. We have expertise in acting on all aspects of a case and we do so as part of your team.  As well as advising on technical insolvency issues such as security, creditor claims, investigations and risk/ regulatory matters, we act as the gateway for insolvency practitioners to access the full range of legal services that are necessary for the conduct of a particular case, which may include employment, real estate, intellectual property, commercial and corporate, insurance and tax.