Whilst the full impact of British Steel’s liquidation remains uncertain for creditors and suppliers, it acts as a timely reminder to review trading relationships and position in the supply chain.
The Business Restructuring and Insolvency Team is a highly skilled, commercial, innovative and responsive team with great connections, particularly in the restructuring, insolvency and lender markets. We are uniquely placed to advise on, and provide, tailored and effective solutions to our clients’ restructuring and insolvency needs.
We understand the commercial challenges businesses and their stakeholders face and are renowned for our commercial, pragmatic and solutions-focused approach, which comes from our breadth and depth of experience dealing with businesses in financial difficulty.
We have extensive experience working with management, shareholders and other stakeholders to restructure and rescue businesses facing financial difficulty. This includes:
- re-negotiating terms with lenders, suppliers and creditors,
- re-financing the business and improving debtor realisations
- re-organising group structures to be more tax efficient or to protect business-critical assets.
Where businesses fail, we have excellent relationships with - and routinely work for - the leading national and regional insolvency practitioners. The Team is a market leader in advising on formal insolvencies including:
- liquidations and
- voluntary arrangements.
We act not only for insolvency practitioners but also management, guiding them through the process, as well as potential purchasers who may look to buy a business and its assets.
Our expertise extends to advising clients on any contentious issues arising out of a restructuring or formal insolvency. We act for both insolvency practitioners in investigations and bringing claims, as well as for those who may be facing claims arising out of a formal insolvency. We also act for creditors in pursuing their own claims and remedies.
We also act for, and are well-connected with, the main UK clearing banks as well as alternate lenders and private equity houses. Our work includes:
- security reviews,
- enforcement action and
- advising businesses on negotiating with lenders.
For the latest news and views from the Team please follow @ClarionRecovery
We work with a wide range of clients and stakeholders, both on a regional and national basis, where businesses are in financial distress. Our highly skilled, innovative, responsive and well-connected team have a wealth of experience in rescuing businesses and maximising recoveries. Where businesses fail, we have significant experience in assisting clients on contentious issues arising out of such failures, including:
- enforcement action; and
- asset tracing - both claimant and defendant side.
We have been involved in a number of high-profile restructuring and insolvency assignments across a broad spectrum of sectors but most notably in the professional services, manufacturing, construction, logistics, waste and retail and leisure sectors.
The team is independently recognised as a leading player in the restructuring and insolvency field and are highly ranked in independent research guides Legal 500 and Chambers and Partners. We have also been a finalist in the Insolvency Law Firm of the Year category at the national Insolvency and Rescue Awards numerous times.
Recent assignments include acting for:
- national furniture retailer DFS in acquiring Multiyork out of administration which secured ongoing trade at 8 Mutliyork retail outlets;
- KPMG LLP in the administration and onward sale of AIM listed vending machine business Uvenco UK Plc to the Montagu Group;
- Banham Poultry (2018) Ltd in the purchase of one of Norfolk’s largest employers, Banham Poultry Limited and Banham Group Limited, which successfully resulted in rescuing approximately 1,000 jobs and securing a critical supply chain of poultry products into UK supermarkets;
- a group of investors and creditors in the reported case of Ve Vegas Investors IV LLC and others v Shinners and others  EWHC 186 (Ch) in which we dealt with the removal and replacement of the administrators of VE Interactive Limited, a company which had previously been named a fintech “unicorn” which had once been valued at approximately £1.5 billion. We continue to act for the current administrators, Deloitte LLP;
- Top Zinc Limited and Zinc Hotels (Investments) Limited in the reported case of Zinc Hotels (Investments) Limited and Others v Beveridge and Others  EWHC 1936 (Ch) in an application made by the companies’ shareholders to remove administrators who had been appointed by secured creditors who were claiming in excess of £500m in respect of a group of companies that owned the freehold and leasehold interests in 10 hotels;
- Armstrong Watson as administrator in the pre-pack sale of £18m turnover payroll specialist Earn Extra 139 Limited which safeguarded 364 jobs;
- Deloitte as administrators in respect of various aspects of the administration of retailer American Golf Discount Centres Limited and SW Golf Limited SW Golf Limited;
- Begbies Traynor in the restructuring and subsequent insolvency of a FCA regulated European Development partnership which had various complex financial security arrangements and cross-jurisdictional elements;
- KPMG LLP in the administration and onward sale of Leeds Paper Recycling Limited which involved various complex environmental, regulatory and licencing matters;
- a “big 4” accountancy practice in a complex investigation and subsequent antecedent litigation claims against former directors of a failed business;
- the purchaser of Bill Plant Driving School Limited a national driving school with 530 franchisees across the UK which had been placed into administration;
- stakeholders in the debt restructuring and re-organisation of Import Fashions Limited t/a Moda in Pelle -a well-known Yorkshire shoe retailer and its subsequent sale out of administration;
- the management team of Leelex Limited on the turnaround and restructuring of the Portobello Road Distillery and Gin Bar and the Jakes Bar, Oporto and Neon Cactus group of bars;
- the former directors and individuals in defending a series of high-profile and high-value antecedent transaction claims brought against the directors and individuals by insolvency practitioners appointed over their business interests and assets; and
- a number of main clearing banks as well as alternate funders and private equity houses where we have assisted in recovery action and debt restructuring. We act for a number of the main clearing banks and alternate lenders and have an excellent relationship with the asset-based lender marketplace including Aldermore Bank Plc, Secure Trust Bank Plc, Shawbrook Bank Plc, Ultimate Finance Group Limited, Bibby Financial Services, Reward Capital LLP, Skipton Business Finance and ABN Amro.