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Restructuring & Insolvency

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Our dedicated team of restructuring and insolvency lawyers in England and Scotland advises all types of stakeholder involved in, or impacted by, financial restructuring and corporate insolvency situations.

What we do

We provide pragmatic, commercial, business-focused advice and guidance to clients facing distressed and special situations, in the UK and internationally. Successfully navigating what is often a complex landscape calls for creative and bold solutions from experienced practitioners and a deep understanding of a client’s business and its stakeholders’ expectations. We understand the legal and business drivers involved when a company experiences financial difficulties and we have the technical skills and expertise to help achieve the best possible outcome.

Our clients

Our clients include banks, listed and privately-owned companies, distressed debt funds, financial advisors, investment funds, private equity and other lender clients, pension scheme trustees, the Pension Protection Fund, insurance companies, insolvency office-holders, regulatory bodies, turnaround specialists and boards of directors.

Bench strength and global reach

As the largest law firm in Europe and sixth largest law firm globally, our team has the experience and firepower to deliver successful outcomes for clients, wherever they do business. Few competitors can match the strength of our global platform. We can quickly mobilise a team of international experts from a range of legal disciplines, tailored to your specific needs.

Sector expertise

We have world-class sector expertise in six core areas – energy, financial services, infrastructure & projects, life sciences & healthcare, real estate and technology, media & telecommunications.

Seamless, integrated service

Where applicable, we complement our core restructuring offering by involving and co-ordinating experts in other practice areas who are experienced in distressed situations. This includes litigation, real estate, employment, intellectual property, data protection, financial regulation, capital markets, tax and pensions. This enables us to quickly identify and deliver pragmatic solutions in any given situation. 

Industry recognition

Our award-winning team is proud to have been recognised as ‘Restructuring Team of the Year 2018’ by the Legal Business Awards and ‘Insolvency law firm of the year 2018’ by the TRI Awards.

Highlights of our experience

  • Virgin - advised a significant creditor on all stages of the ground-breaking and complex Virgin Atlantic Airways restructuring which involved was the first ever use of the a Restructuring Plan under the Corporate Governance and Insolvency Act 2020.
  • Oak Furnitureland - advised a US hedge fund on its acquisition of the national furniture retailer’s secured indebtedness and subsequent restructuring which included a pre-packaged administration sale.
  • National leasing business  - advised a club of five banks as providers of a £175m facility to national commercial vehicle leasing business in a complex stressed position, resulting in a sale that kept the banks whole.
  • Debenhams - advised the company’s administrators on various aspects of the company’s “light touch” administration, brought about by the COVID-19 pandemic. 
  • Intu - advised one of the key lenders to Intu as senior secured lender of two of the group’s shopping centres, pre and post collapse of the Intu group. 
  • Flybe - advised the trustees of the Flybe pension scheme in relation to its acquisition by a consortium led by Virgin and the subsequent administration. 
  • NMCN plc – advised construction company Galliford Try as purchaser of the NMCN water business by way of a pre-packaged administration.
    Private equity owned holiday business - advised the company on its financial restructuring in 2020 and subsequent raising of new monies as part of addressing the consequences of Covid-19 on its ability to trade. 
  • Harland & Wolff - advised the group and its administrators on the restructuring and administration sale of this iconic business, best known for building the Titanic. 
  • OSX Brazil S.A. - advised the OSX companies in relation to the financial restructuring of USD 2bn debt. 
  • Hoover Limited - advised Hoover on a successful pensions restructuring, which resulted in a transfer of the pension scheme from the company into the Pension Protection Fund releasing the company from pension scheme liabilities of over £500m and secured ongoing employment for the UK workforce. 
  • Wasabi and Wahaca CVAs - advised Wasabi and Wahaca on their successful pandemic-era company voluntary arrangements. 
  • Oasis and Warehouse - advised the board on the group’s contingency planning and entry into administration and subsequently Deloitte (now Teneo) as the administrators on asset sales out of administration and various issues arising as part of the administration. 
  • Carillion -  advised various parties affected by the collapse of Carillion plc and its group and the project company for the Midlands school project.

“CMS are excellent - they have a well-integrated finance team and a good cross-border practice.”

Chambers UK 2022, Restructuring/Insolvency
CMS Expert Guide to restructuring and insolvency law
Advising the Board

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