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Timea Scholey


CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
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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  • 2010 – Legal Practice Course, University of Law, London
  • 2009 – BA Jurisprudence, University of Oxford, Oxford
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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...
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.
The Economic Crime (Transparency and Enforcement) Act – consequences for...
The land registration elements of the Economic Crime (Transparency and Enforcement) Act (“ECTEA”) came into force on 5 September 2022, 5 weeks after the new Companies House Register of Overseas Entities...
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. 
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...
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.
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...
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...
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...
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...
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...