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Portrait ofGlen Flannery

Glen Flannery

Partner

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English

Glen is a Partner in our Restructuring & Insolvency team. He qualified in 2003, became a partner in the business in 2007 and is now global co-head of restructuring & insolvency at CMS. 

Glen advises boards of directors, debtors, creditors, insolvency practitioners, investors in distressed assets, and a variety of other stakeholders, at all stages of the decline and recovery curves. 

This includes advising on directors' duties on insolvency, restructuring plans, security package enhancements and enforcement, distressed asset sales and acquisitions, loan-to-own strategies, solvent reconstructions, mitigation of insolvency risk in transactions, insolvency investigations and insolvency related claims.

During his career, Glen has guided many boards and helped multiple clients to structure and implement complex and successful business rescues. These include Harland & Wolff (a shipyard in Northern Ireland, known for building the Titanic), UK Coal (a restructuring which saved over 2,000 skilled jobs), Mint Equities (a prominent stockbroking business, acquired by BGC Partners) and Teathers (the stockbroking arm of Landsbanki, acquired by Redmayne Bentley).

Glen has also led many major international and cross-border mandates, involving the use of the European Insolvency Regulation, the UNCITRAL model law on insolvency and other cross-border tools. He often helps overseas clients to resolve UK and cross-border conflict of law issues. Cases include Gazprom, Hydrodec, Lowcosttravelgroup, Stanford International Bank, Kaupthing Singer & Friedlander, Lehman Brothers, the Niton Fund, Eurodis and Crisscross/Dynegy.

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"Clear, concise, commercially focused advice and support, effectively and expediently communicated within an extremely challenging corporate, contractual and solvency environment, delivering outcomes to multiple competing international and domestic stakeholders and their numerous legal and financial advisors."

Con O’Neill, (former) Chief Financial Officer, Harland & Wolff

“The CMS legal team led by Glen Flannery were an invaluable support to the Joint Administrators at BDO NI throughout the Administration of H&W shipyard. They combined their legal expertise with a strong commercial outlook to provide sound advice to us. The full service offering that CMS provide ensured that they covered all areas of the Administration, including pre-Administration planning, the high profile Administration appointment, employment law advice, assistance & support dealing with the employee unions, advice dealing with the various pension stakeholders including the Pension Protection Fund & the Pensions Regulator and ultimately all legal aspects of the sale transaction. The sale itself was complex in nature, involving the sale of assets including the historic & protected H&W shipyard cranes from two corporate entities and a commercial agreement being reached with the landlord of the shipyard involving two further connected Group companies. The CMS team were all extremely approachable, commercial in the advice they provided, always contactable at any time and a tremendous support and pleasure to work with for the Administrators and their team."

Michael Jennings, Partner BDO NI

"CMS crowned Restructuring & Insolvency Team of the Year at the Legal Business Awards 2018, for the Hoover restructuring led by Glen Flannery."

Legal Business Awards, 2018

In Legal 500, he has been described as "excellent", "technically strong", "charismatic" and "commercial". In Chambers & Partners, he has been described by clients as "knowledgeable and astute", "commercial", "proactive and innovative", someone who provides "thoughtful advice that considers the bigger picture as well as the detail" and "an excellent technical lawyer who is very commercial as well".

Legal 500, Chambers & Partners

Glen is also included among The Legal Business Legal Experts, the Who's Who of Insolvency, and Super Lawyers.

Various

Relevant experience

  • Gazprom (Securing Energy for Europe) – advising the German government on the English law aspects of the group’s stabilisation, recapitalisation and restructuring, following the commencement of the war in Ukraine. 
  • Ralph & Russo - advising the purchaser of the business and assets of a couture fashion retailer from its administrators (BTG).
  • Raedex – advising the administrators (RSM) of a failed car leasing business on a range of complex issues requiring court directions. 
  • Hydrodec Group Plc – advising the group on its restructuring, including one of the first uses of the UK’s new standalone moratorium process and an administration sale of the US sub-group as a going concern. 
  • Wahaca – advising the company on a successful pandemic-era company voluntary arrangement and wider debt and equity restructuring. 
  • Harland and Wolff Group Plc - advising the group and its administrators (BDO Northern Ireland) on the restructuring and administration sale of this iconic business, best known for building the Titanic.
  • British Steel – advising the company in its restructuring negotiations with government and other key stakeholders.
  • Costcutter – advising this national retailer on its restructuring and turnaround following the collapse of the UK’s largest wholesaler, Palmer & Harvey.
  • House of Fraser - advising the pension scheme through the group's restructuring, involving a company voluntary arrangement and inter-locking schemes of arrangement.
  • Toys R Us Limited – advising the pension scheme in relation to Toys R Us’ restructuring, involving a company voluntary arrangement.
  • Carillion – advising a range of stakeholders on major issues arising from this high profile compulsory liquidation. 
  • Hoover Limited – advising the company on a £0.5 billion pensions related restructuring, implemented by way of a rarely used regulated apportionment arrangement.
  • Lowcosttravelgroup – advising the joint administrators (Smith & Williamson) of a pan-European travel group, involving major issues in Spain, Poland and Switzerland as well as the UK.
  • Confidential – advising a real estate fund on its acquisition from Bank of Ireland of a portfolio of non-performing loans, secured by a dozen regional shopping centres.  
  • Niton Fund – advising the Cayman Island liquidators (RHSW) of a failed investment fund on a range of cross-border matters.
  • LQD Markets (UK) Limited – advising the special administrators (RSM) of a currency broker on its investment bank special administration.
  • Confidential – advising the trustee in bankruptcy of an Irish bankrupt on avoidance claims across several jurisdictions. 
  • Reservoir Exploration Technology – advising the UK liquidators (Smith & Williamson) on a range of cross-border issues involving Norway, Ireland and the UK.
  • Kaupthing Singer & Friedlander (Isle of Man) Limited – advising a Manx bank and its liquidators (PwC) on a range of cross-border issues, leading to a 100 pence in the pound recovery for its creditors.
  • Stanford International Bank - advising the US Securities & Exchange Commission on the cross-border insolvency aspects of a global fraud.
  • UK Coal - leading the group restructuring of the UK's largest coal producer, involving a unique compromise with the Pension Protection Fund which saved the business and 2,000 skilled jobs.
  • Mint Equities Limited - advising the administrators (PwC) on a pre-packaged administration sale of Mint's stock-broking business in the UK, Dubai and Switzerland.
  • Teathers Limited - advising the administrators (KMPG) on a pre-packaged administration sale of the stockbroking and private client arms of Landsbanki.
  • Lyondell Bassell Group - advising a UK pension scheme trustee through a US Chapter 11 restructuring.
  • Fountains Group – advising OCS on its pre-packaged administration acquisition of a facilities management business which had over 2,000 employees.
  • Forsyth Partners - advising Crosby Capital on its acquisition of the business of this failed fund management group, with more than US$1.2 billion of assets under management.
  • Eurodis Group - advising the administrators (Deloitte) of a pan-European distribution group subject to simultaneous main and secondary proceedings in England and Holland, on multi-jurisdictional asset sales and cross-border claims handling, distributions and exits.
  • Crisscross/Dynegy Group - advising the administrators (Haines Watts) on a pan-European group COMI filing for UK administration. This broke new ground as the first major pan-European group COMI filing. The model was subsequently followed in Collins & Aikman, MG Rover and Nortel.
     
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Memberships & Roles

  • R3 (the UK Association of Business Recovery Professionals)
  • R3’s Education Courses & Conferences Committee
  • The Insolvency Lawyers Association
  • INSOL Europe
  • INSOL International 
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Publications

  • “Pre-packs – the UK’s approach”, INSOL International Bulletin, August 2023.
  • “Pandemic-era CVAs and beyond”, R3 Recovery Magazine, published Summer 2021.
  • "The Rise and Rise of CVAs - Impact on Pension Schemes", PLC Magazine, published October 2019.
  • Glen was previously the UK editor of Colliers International Business Insolvency Guide.
  • "Brexit - implications for restructuring and insolvency: a British and Dutch perspective", published in the 7 November 2016 edition of Tijdschrift Financiering, Zekerheden En Insolventierechtpraktijk.
  • "Lowcosttravelgroup insolvency shows why UK needs Euro Reg", published in the August 2016 edition of Global Turnaround.
  • "EU forges ahead with restructuring reforms, despite Brexit Vote", published in the May 2016 edition of Global Turnaround.
  • "UK pre-packs endorsed, but 'clean-up' recommended", published in the Autumn 2014 edition of Eurofenix.
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Lectures list

  • Chairing panel sessions on pensions related restructurings and the UK’s new standalone moratorium process at R3’s restructuring week, September 2021.
  • Chairing panel session on “Pre-packs – where are we now?” at INSOL Europe’s Eastern Countries' conference, June 2019.
  • Chairing the joint R3 and INSOL Europe conference on international restructuring & insolvency, over a 15-year period.
  • Participating in a panel on credit bidding at INSOL Europe's Annual Congress, September 2016.
  • Speaking on reform of the European Insolvency Regulation at R3’s Annual Congress, May 2015.
  • Speaking on the American College of Bankruptcy's International Bankruptcy programme at Columbia Law School and New York University Law School, New York.
  • Co-chairing the technical programme for INSOL Europe's Annual Congress, October 2012.
  • Presenting to the Netherlands Association for Comparative and International Insolvency Law on 10 Years of the European Insolvency Regulation, May 2012.
  • Presenting to the Spanish Law Society on UK and Cross-border Insolvency & Restructuring, June 2011.
  • Lecturing at GRIP 21, an exclusive conference for judges from across the World on the handling of cross-border insolvencies.
  • Speaking on the cross-border insolvency toolbox at the CIS Local Counsel Forum in Kiev, June 2009.
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Education

  • 2000 - Legal Practice Course (Distinction), Nottingham Law School, Nottingham.
  • 1999 - Postgraduate Diploma in Law (Commendation), Nottingham Law School, Nottingham.
  • 1998 - Master's Degree in Civil Engineering (First Class Honours), the University of Nottingham, Nottingham.
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Feed

26/01/2024
Harmonisation of insolvency avoidance in Europe: the UK perspective
This article briefly considers the provisions in the European Commission’s proposal for a directive harmonising certain aspects of insolvency law (COM/2022/702) (the “Proposed Directive”) on avoidance...
28/11/2023
Leveraged finance: handling an impending financial covenant breach
A forecast breach of a financial covenant is often an early warning sign that a business is not performing to plan. Unless self-help remedies are open to the borrower, lenders will have an opportunity...
26/06/2023
Pre-pack insolvency sales: the UK approach
A “pre-pack” is a sale of all or part of a distressed company’s business or assets, negotiated before the company enters a formal insolvency process and executed by the appointed insolvency practitioner...
04/05/2023
Re Avanti Communications Ltd (In Administration) (2023): fixed or floating...
This briefing considers the recent case of Re Avanti Communications Ltd [2023] EWHC 940 (Ch) in which the English Court considered what was required to characterise a fixed charge, rather than a floating...
12/01/2023
Companies in distress: directors’ duties and helpful tools
When a company is in financial difficulty, the responsibilities and duties of its directors can change, depending on the financial position of the company. There are scenarios in which directors must have regard to the interests of creditors and potentially even prioritise those over the interests of shareholders. If the applicable duties are not properly discharged, directors can face personal liability and/or dis­qual­i­fic­a­tion. The CMS briefing, Companies in distress: directors’ duties and helpful tools, outlines the risks for directors, practical steps that can be taken to avoid personal liability and the tools available to help with restructuring and rescue of companies in distress.
19/10/2022
CMS Risk Essentials Webinar
Navigating contract termination and beyond: a review of recent case law and practical guidance Ensuring a smooth termination of contractual relationships is a common concern for commercial businesses...
08/12/2021
Aviation - clearer skies ahead?
The last couple of years have been a turbulent time for the aviation industry as a result of both the pandemic and increasing environmental concerns. This report from Legal Flightpath – CMS Aviation...
23/11/2021
CMS advises on sale of Hydrodec to Slicker Recycling
International law firm CMS has advised the Administrators of Hydrodec Group Plc (in administration) on its restructuring initiatives and the sale of its US sub-group to Slicker Recycling (Slicker), a...
02/07/2021
CMS advises Retail Ecommerce Ventures on Ralph & Russo acquisition
International law firm CMS has advised Retail Ecommerce Ventures (REV) on its acquisition of the business and assets of Ralph & Russo Limited, the UK-based luxury brand specialising in couture, ready-to-wear...
12/05/2021
New Look CVA - grounds of challenge rejected by the High Court
On Monday, the High Court handed down its decision in (1) Lazari Properties 2 Limited, (2) The Trafford Centre Limited, (3) LS Bracknell Limited and 10 Others and (4) Fort Kinnaird Nominee Limited and...
08/04/2021
Business rescue tools: what is a pre-pack? (Video)
What is a pre-pack? As businesses continue to grapple with the impact of COVID-19, we’re receiving a lot of queries about “pre-packs“. In the U.K., the pre-pack is a tried and tested technique for...
06/04/2021
Restructuring Plans – a powerful new tool for restructuring lease liabilities?
Despite the scale of the pandemic and resulting build-up of Covid related rent arrears, currently estimated at around £4.5bn, business restructuring has been relatively muted. This is partly explained...