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Portrait of Timea Scholey

Timea Scholey

Partner

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

Timea Scholey is a partner in the Restructuring and Insolvency team, with significant experience in both cross-border and UK restructurings, insolvencies and work-outs, representing a variety of stakeholders, including institutional lenders, hedge funds, bondholders, creditor committees, pension trustees and borrowers.

Timea provides strategic advice relating to UK and cross-border contingency planning, enforcement, accelerated solvent and insolvent sales of businesses in distressed situations. She has a particular interest in the retail, travel & leisure and energy sectors. She has also extensively advised in relation to restructuring issues for pension schemes.

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Relevant experience

  • Virgin Atlantic - advised a significant creditor on all stages of the ground-breaking and complex Virgin Atlantic Airways restructuring which involved the first ever use of a Restructuring Plan under the Corporate Governance and Insolvency Act 2020.
  • Listed car retailer - advised the senior lenders on the £250m RCF they had made available to a listed national car retailer which encountered financial and regulatory difficulties.
  • NMCN plc – advised construction company Galliford Try as purchaser of the NMCN water business by way of a pre-packaged administration.
  • 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. 
  • Travel group – advised on the consensual restructuring of a travel group’s debt and security, including also a significant new money injection.
  • DTEK – advised the senior lenders in relation to the long term restructuring of c. USD 1.2bn debt of Ukrainian energy group DTEK.
  • House of Fraser – advised the trustees of the pension scheme as part of the House of Fraser group’s restructuring, involving a company voluntary arrangement and schemes of arrangement.
  • MeteoGroup – advised the international weather services provider, on its accelerated sale to a Swiss investment company.
  • Fairfield Energy Group - advised the Fairfield Group in relation to restructuring of USD 1.5bn debt and related oil and gas matters. 
  • King & Wood Mallesons LLP – advised the firm and subsequently, its administrators.
  • Glitnir and Landsbanki – advised the bondholder committees on the restructuring and wind-down of the collapsed Icelandic banks Glitnir and Landsbanki.
  • Employers and trustees of defined benefit pension schemes - advised on various asset backed funding arrangements, escrow-type mechanics and other finance and security issues.
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Education

  • 2010 – Legal Practice Course, University of Law, London
  • 2009 – BA Jurisprudence, University of Oxford, Oxford
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Feed

04/05/2022
A CMS Guide to Re­struc­tur­ing & In­solv­ency in Crypto
Giv­en the chan­ging land­scape, we ex­pect to in­creas­ingly en­counter crypto as­sets in R&I situ­ations and they have been in the spot­light as HM Treas­ury un­veiled its plans to make the UK a glob­al crypto as­set tech­no­logy hub and with the evolving Ukraine / Rus­sia con­flict. 
14/10/2021
En­ergy Sup­ply Crisis - re­fresh­er on pos­sible out­comes
The UK is cur­rently fa­cing an en­ergy sup­ply crisis. Whole­sale en­ergy prices have sky-rock­eted in re­cent weeks with the reg­u­lat­ory price cap re­main­ing un­changed. This has con­trib­uted to, as of Oc­to­ber...
23/06/2021
Re­struc­tur­ing Plans and CVAs
Fol­low­ing a flurry of re­cent judg­ments handed down by the Eng­lish courts, this note from CMS’ Re­struc­tur­ing & In­solv­ency team takes stock of what we have learned in re­la­tion to the key fea­tures and prac­tic­al uses of a Part 26A Re­struc­tur­ing Plan and a Com­pany Vol­un­tary Ar­range­ment for busi­nesses aim­ing to ad­dress their fin­an­cial dif­fi­culties.
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...
24/11/2020
Air­craft fin­ance and leas­ing in the pan­dem­ic and bey­ond - Mov­ing out of...
The COV­ID-19 pan­dem­ic has brought ex­ist­en­tial threats to the en­tire avi­ation eco­sys­tem and has re­quired con­sid­er­able cre­ativ­ity, flex­ib­il­ity and com­mer­cial part­ner­ship between in­dustry par­ti­cipants...
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...
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...
13/01/2020
Pen­sion Schemes Bill – ad­di­tion­al hurdle for Eng­lish law re­struc­tur­ings?
Pen­sion Schemes Bill – Ad­di­tion­al hurdle for Eng­lish law re­struc­tur­ings? The in­ten­tion was that the Pen­sion Schemes Bill would en­hance the Pen­sions Reg­u­lat­or’s powers to re­spond earli­er when em­ploy­ers...