CMS appointed to the Regulator of Social Housing’s legal panel for new special administration regime

International law firm CMS is delighted to announce its appointment to the Regulator of Social Housing’s (RSH) legal services panel for a four-year term. The appointment covers the provision of advice on a new special administration regime that is being introduced by government, specifically for insolvent companies in the social housing sector.

Under the new regime, the usual administration objectives of saving the company or maximising realisations for creditors will be supplemented by an additional objective of keeping social housing in the regulated social housing sector. If there is a conflict between these objectives, the usual administration objectives will prevail.

Special regimes have tended to be focused on business sectors where the relevant service was previously provided by the public sector, e.g. rail, water and electricity. In the wake of high profile financial sector failures, such as Lehman Brothers, a special administration regime was introduced for failed investment firms.

The RSH pitch was led by CMS’ Restructuring & Insolvency partner Glen Flannery and Real Estate partner Candice Blackwood. Glen Flannery comments: “We are thrilled to have been appointed to RSH's legal panel after a highly competitive tender process. RSH plays an important role in protecting social housing assets and ensuring that providers are financially viable and properly governed. As a firm, we have extensive experience of advising on special administrations and in the social housing sector, and we look forward to deploying this in helping RSH."

CMS’ Restructuring & Insolvency team has had a busy 12 months, which has culminated in being crowned "Restructuring Team of the Year" at the Legal Business Awards 2018, in recognition of its work in restructuring Hoover Limited. Click here for more information.

The other firms appointed to the RSH panel are Norton Rose, Trowers and Hamlins, Devonshires and Mills and Reeve.