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Portrait of Martin Brown

Martin Brown

Partner

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

Martin is the Head of CMS’s UK Restructuring & Insolvency team, with over 20 years’ experience of advising creditors, debtors and insolvency practitioners on all aspects of financial restructurings and non-litigious aspects of formal insolvency proceedings. He also advises special situation investors on their investments, including the acquisition of non-performing loan portfolios, single credits and distressed businesses.

Based in London, Martin qualified in 2000 and has been a partner since 2008. His experience includes a secondment to a leading UK bank’s work-out team.  He is ranked as a leading individual for restructuring and insolvency by both Legal 500 and Chambers, described as ‘a class act. He is absolutely exceptional - he reads circumstances and situations very well’.

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Relevant experience

  • Project Altrincham – advised a club of five banks on the £250m RCF it had made available to a listed national car retailer which encountered financial and regulatory difficulties.
  • Oak Furnitureland – advised a special situation investor on its loan to own acquisition of this national retailer and a related financial restructuring.
  • Intu – advised one of the key lenders to Intu, including advice in relation to the proposed group-wide standstill and thereafter on certain bespoke transitional service arrangements and a legal structure to enable a managed exit for the lender in relation to two shopping centres.
  • Project Tennessee – advised a well-known package holiday business on the restructuring of its balance sheet as part of a consensual transaction with its senior lenders, sponsor and the CAA.
  • Project Eight – advised a club of five lenders on its £175m facility to a national commercial vehicle leasing business over an 18-month period following various defaults, culminating in a successful sale to a financial institution.
  • Project Serlby – advised a special situation investor on its acquisition of a portfolio of loans secured against various property company interests in care homes and the subsequent work-out of the value in those assets.
  • Carillion – advised a range of stakeholders on major issues arising from this high-profile compulsory liquidation. 
  • Flybe plc – advised the trustees of the Flybe pension scheme on the company’s restructuring proposals, its rescue by the Connect Airways consortium and subsequent administration.
  • Fairfield Energy Group – advised the Fairfield Group in relation to the restructuring of US$1.5bn debt and related oil and gas matters.
  • TM Lewin – advised the lender on a sale of its debt to a fund that effected a restructuring and pre-packaged administration sale to keep the business trading as a going concern.
  • Carpetright plc – advised a club of banks on a financial restructuring that this national listed retailer went through in 2019 which included the use of a CVA and a rights issue, and thereafter advised the banks on the sale of their positions to a special situation investor.
  • A national dental practice – advised a group on the restructuring of its leveraged finance facilities, leading to a solvent sale with equity return.
  • Project Owl – advised a club of three banks in relation to the restructuring of their £110m of credit facilities to a chain of 12 ‘Holiday Inn’ branded hotels which included the banks taking 95% of the equity from the sponsor. 
  • Phones 4U group – advised ING as the security trustee for bondholders and banks.
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Education

  • 1997 – LPC, The College of Law, Chester
  • 1996 - LLB Law with French, The University of Birmingham, Birmingham
  • 1995 - Diplôme d’Etudes Juridiques Françaises, L’Université de Limoges 
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Feed

23/02/2021
Com­pany vol­un­tary ar­range­ments (CVAs)
A CVA is a power­ful form­al re­struc­tur­ing tool that can be used by a debt­or com­pany to im­pose a com­prom­ise on un­se­cured cred­it­ors who will not com­prom­ise con­sen­su­ally. In 2020, the first full year of...
26/01/2021
Brexit – Con­sequences for Cred­it­ors’ En­force­ment Op­tions
The UK left the European Uni­on (EU) on 31 Janu­ary 2020, but it is only now, after the trans­ition peri­od (which ended on 31 Decem­ber 2020) that cred­it­ors start grap­pling with the ef­fect of Brexit on dis­tressed...
22/12/2020
Law and reg­u­la­tion of Cov­id-19 loan morator­i­ums in the UK
1. De­scrip­tion of the le­gis­la­tion 1.1 Is there a morator­i­um on loans le­gis­la­tion im­ple­men­ted in your jur­is­dic­tion? No. 1.2 If no: Are there any on­go­ing dis­cus­sions re­gard­ing a po­ten­tial in­tro­duc­tion...
Comparable
30/11/2020
The re­turn of Crown pref­er­ence from 1 Decem­ber 2020
What are the new pro­vi­sions? For al­most 20 years, the Crown has been an un­se­cured non-pref­er­en­tial cred­it­or in re­spect of all sums ow­ing to it. However, in re­spect of cer­tain in­solv­ency pro­cesses where...
13/10/2020
A new op­tion for fin­an­cially dis­tressed com­pan­ies: the new re­struc­tur­ing...
For many years, a fin­an­cially dis­tressed com­pany un­able to agree a con­sen­su­al re­struc­tur­ing with its key cred­it­ors had only two form­al op­tions avail­able to it un­der Eng­lish law as part of seek­ing to...
01/07/2020
Cor­por­ate In­solv­ency and Gov­ernance Act 2020
In­tro­duc­tion On 20 May 2020, the UK Gov­ern­ment pub­lished the Cor­por­ate In­solv­ency and Gov­ernance Bill (the “Bill”).  The Bill was pub­lished in re­sponse to Cov­id-19 with a view to as­sist­ing com­pan­ies...
21/05/2020
Cor­por­ate In­solv­ency and Gov­ernance Bill 2020
In­tro­duc­tion On 28 March 2020, the UK Gov­ern­ment an­nounced up­com­ing in­solv­ency law re­forms in re­sponse to Cov­id-19, in­ten­ded to help com­pan­ies and dir­ect­ors. On 23 April 2020, the UK Gov­ern­ment an­nounced...
31/03/2020
Is the gov­ern­ment do­ing enough for the UK’s air­line in­dustry?
The re­cent an­nounce­ment by the US gov­ern­ment that it is mak­ing US$25 bil­lion of grants and a fur­ther US$25 bil­lion of loans avail­able to sup­port the pas­sen­ger air­line in­dustry in the United States con­trasts...
30/03/2020
Changes to UK In­solv­ency Law in re­sponse to COV­ID-19
In­tro­duc­tion On Sat­urday (28 March 2020) the UK Gov­ern­ment an­nounced cer­tain changes to in­solv­ency laws in re­sponse to COV­ID-19, in­ten­ded to help com­pan­ies and dir­ect­ors. There are two as­pects to the...
11/03/2020
COV­ID-19 Chal­lenges for the Air­craft Leas­ing In­dustry
The out­break of COV­ID-19 has caused a very dra­mat­ic drop in air­line pas­sen­ger num­bers, par­tic­u­larly to areas iden­ti­fied as hav­ing many cases. The dra­mat­ic re­duc­tion in pas­sen­ger num­bers rep­res­ents a pro­found...
30/09/2019
Ad­vising the Board on In­solv­ency Risk
A cli­ent’s per­spect­ive - Steve Hutchin­son, CFO, UK Coal dur­ing two phases of re­struc­tur­ing The duty to take in­to ac­count cred­it­ors’ in­terest­sIs the board ob­liged still to bal­ance the in­terests...
04/03/2019
Days of fu­ture past: the re­in­tro­duc­tion of Crown Pref­er­ence
HM­RC has launched a con­sulta­tion on new le­gis­la­tion that will re­store (and im­prove) its status as a sec­ond­ary pref­er­en­tial cred­it­or for cer­tain tax debts in busi­ness in­solv­en­cies (the “Con­sulta­tion”)...