Insolvency & Restructuring
"An entrepreneurial set", Outer Temple Chambers is "more cutting edge and innovative than many of its competitors", and is singled out for its "extremely helpful" clerks.
Outer Temple Chambers’ commercial team has expertise across all aspects of insolvency and restructuring work, having developed an enviable track record, often in the context of other specialisms such as banking and financial services, pensions, and trusts and our wider corporate work.
Insolvency & Restructuring Barristers
With our global reach, our work often has an international dimension. Members are regularly instructed in the following areas:
- Corporate insolvency
- Individual insolvency
- Cross border insolvency
- Credit and security
- Title-based financing
- Restructurings (workouts, schemes, CVAs)
- Avoidance of transactions
- Improper trading and the duties and liabilities of directors
- Tracing and asset recovery
- Employment and regulatory related issues
- Insolvency-related professional negligence claims
- Insolvency and restructuring in sectors including:
- Banking and financial services
- Travel, tour operations and aviation
- Retail and hospitality
Several of our barristers have been appointed to the Attorney General’s panels and as such have been instructed on related insolvency and directors disqualification matters.
If you would like to hear more about our expertise please contact Matt Sale.
Examples of our members’ work
- Dubai Group –Restructuring of US$10 billion of external and shareholder debt, with approximately 40+ secured, partially secured and unsecured creditors featuring both conventional and Islamic facilities. Considered one of the most complex restructurings in the Middle East due, among other things, the diversity of creditor groups, each with diverging interests across multiple jurisdictions with multiple guarantors and cross guarantors.
- Lehman – Advisory work and proceedings in front of the Determinations Panel of the Pensions Regulator, the Upper Tribunal, the Court of Appeal and the Chancery Division all arising out of the insolvency of the Lehman group. This included advisory work on how the insolvency impacted on the UK pension scheme and regulatory proceedings and on proposed distributions to creditors by various Lehman group companies.
- Baha Mar Ltd (and six other related winding-up petitions) – The largest resort-related insolvency in the Caribbean Region (US$3.4bn). Related US Chapter 11 (Delaware) filings; recognition proceedings in The Bahamas; subsequent winding-up petitions and applications to appoint provisional liquidators. Successful dismissal of 6 out of 7 of the winding-up petition and applications to discharge provisional liquidation. Complex issues of privilege within inter-company group.
- FCI Markets Ltd (in liquidation) – Acting for the liquidators in relation to US$400m ponzi scheme in respect of a group of companies including a British Virgin Islands company. Appointment of a provisional liquidator via telephone hearing and then numerous further hearings via video link post-hurricane (2017). Recognition hearing in DIFC, Dubai, UAE respect of the BVI winding-up and non-DIFC proceedings in the UAE.
- Red Caribbean Limited (in liquidation) – Acting for the liquidators in Trinidad and Tobago on the winding-up of an offshore drilling company in respect of a Texas judgment. Oral examination in Trinidad of directors and officers of the company. Related proceedings for winding-up in the BVI.
- Lafarge Emirates Cement – Restructuring of facilities in the region US$218million with 13 banks in respect of cement plant based in Fujairah and ensuring general compliance with the overriding Dubai Group restructuring.
- UPC Polska – Instructed by SISU Capital, the largest public debt holders in New York based Chapter 11 restructuring and litigation proceedings against UPC Polska Inc, Poland’s largest cable television company (US$450 million of bond debt).
- Kuwaiti oil tanker case – Working with the receiver of a foreign company in insolvency in the context of worldwide enforcement of an English Commercial Court judgment. Applications for Marevas and charging orders and coordinating the enforcement work in various jurisdictions.
- MF Global – Regulatory advice to the administrator in the context of the collapse of the UK and US regulated entities.
- Welcome Break – Instructed by Ad Hoc Committee of B noteholders in the proposed restructuring of national motorway service station provider – Welcome Break plc (£367 million of bond debt).
- Micalizzi v FCA – Micalizzi, the former CEO of a hedge fund, sought to conceal massive losses following the collapse of Lehmans by deliberately misrepresenting the fund’s value and entering into agreements with third parties to acquire units in purported convertible bonds issued by a Nevada based company and backed by Russian diesel oil. Instructed by the FCA.
- Thomas Cook (in liquidation) – Acting for creditors in relation to assignment of rights against third party suppliers.
- Renault SAS – Instructed by Renault in their capacity as creditors in the context of commercial claims against debtors in receivership and administration proceedings.
- Cirio Del Monte – Instructed by Ad Hoc Committee of Unsecured Noteholders in the proposed restructuring of Cirio Del Monte, an Italian based food group with public debt totalling €1,400,000,000.
- Trustee Corporation Ltd v Nadir – Acting for Asil Nadir (of Pollypeck) in his dispute over his pension with his trustee in bankruptcy.
- International arbitration proceedings (arising out of a long term coal charterparty (LMAA rules)) – Successfully resisting a challenge to the jurisdiction of the Tribunal based on the Respondent’s involvement in Singapore Court insolvency procedures.
- Granada Rental & Retail Ltd v The Pensions Regulator – A leading authority on ‘connection and association’ under the insolvency legislation and on the interpretation of voting control provisions under debentures.
- Bloom & Others v Pensions Regulator – The landmark case in the Supreme Court on the basis on which a liability should be characterised as a provable debt (ranking pari passu with other unsecured creditors) or as an expense of the administration (ranking ahead of unsecured creditors).
- Re Storm Funding (In administration) – A leading authority on ‘double dipping’, i.e. the general principle that a creditor cannot recover more than 100% of what is in substance the same debt from two estates.
- Re Rangers FC– High profile proceedings arising out of the administration of Glasgow Rangers and allegation of conspiracy.
- Advising companies or pension scheme trustees in the context of the restructuring of corporate groups, including with large pension schemes or insolvency of the pension scheme sponsoring employer/group.
- Pavel Sukhoruchkin & Others v Marc Giebels van Bekestein & Others (Hadar Fund) – A multi-party, multi-jurisdictional high value shareholder dispute concerning various alleged frauds, breaches of fiduciary duties and numerous other claims including in relation to preferential payments in respect of an investment fund in the Cayman Islands and its investment manager in the BVI.
- Gate Gourmet Luxembourg IV SARL v Morby & Other Related Actions– Three related commercial and insolvency matters in the Chancery Division arising out of disputes between companies over alleged breaches of warranty in a share purchase agreement, breaches of fiduciary duty and trust by company directors and preferential payments.
- Redrafting the DIFC Company Law.
- Tydeman & Haynes v Oyster Yachts – Oyster became insolvent and were bought out by a new entity and restarted as a different Co. Financial claim in the context of employment related claim defended on the basis of allegation of negligently trading the company into insolvency.
- Multi-million pound claim brought against individual trustees accused of breach of trust in their dealings with the pension scheme of an ultimately insolvent employer.
- MTIC frauds – Substantial, complex MTIC frauds involving extensive and intricate networks of companies.
- Webster v Ashcroft -First decision on ability of promisee’s estate to bring claim for proprietary estoppel when promisee became bankrupt after acquiring relevant equity to bring claim.
- Acting for an international fashion stylist in a substantial claim by the liquidator of her former company, alleging misfeasance and breach of fiduciary duties as director.
- Afren v Shahenshah – Instructed by the administrators of former FTSE 250 company in $1 billion fraud claim against inter alia CEO and COO.
- Yucaipa – Investment fund set up with US General Partners and DIG as one of several Limited Partners alongside other investors including various sovereign wealth funds. Handling DIG’s interests following substantial investment losses sustained by the fund (in the region of US$100million) and related legal disputes in connection with the unwind and liquidation of the fund.
- DIG US portfolio – The portfolio comprised of all of DIG US’s assets previously managed by Dubai Group’s New York office (DIG). Work streams involved asset disposals and the streamlining of corporate structures within the US asset portfolio with a view to liquidating assets and identifying the optimum structures to reduce tax burden and upstream cash to the parent company – Dubai Group LLC.
- Consideration of peer to peer lender’s obligations to the Claimant investor in circumstances where a borrower had become insolvent.
- FSCS v Harlequin – Advising the Financial Services Compensation Scheme regarding the assignment of interests in an insolvent company’s assets under a SIPP.
- Acting for a trustee in a multi-faceted claim concerning the exercise of a power of revocation in several trusts so as to reclaim properties in multiple jurisdictions for the bankrupt estate, and acting in related freezing injunctions.
- Bradstock Group Pension Scheme Trustees Ltd v Bradstock Group Plc – The landmark case concerning the extent to which statutory debts under section 75 of the Pensions Act 1995 can be compromised by trustees in the face of impending insolvency, without impermissibly seeking to ‘contract out’ of that legislation.
- Sanders v Bassini – Acting for trustee in bankruptcy against the former owner of Watford FC.
- Re Axminster Carpets – claim against the former Trustees of the Axminster Carpets pension scheme following the group’s insolvency.
- Acting for a publicly listed company in a claim to strike out a petition as an abuse of process.
- Securities fraud case (DIFC Court) – Successful security for costs applications (US$1.2 million) and subsequent strike out application in US$30 million claims based on the financial position of Claimant.
Our Insolvency & Restructuring Barristers
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