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Restructuring and insolvency

Crafting the optimal outcome

We have led on some of the biggest and most high-profile cross-border restructurings of recent years.

Our team has a wealth of experience acting for stakeholders involved in corporate restructurings or experiencing financial stress. We help boards of directors steer corporates through troubled waters, and advise global investment funds, asset managers, banks, bondholders and other lenders on debt and corporate restructurings.

We also work closely with our sector dedicated practitioners to build a deep understanding of the business and its financial pressure points. The team focuses on implementing sustainable solutions and managing the diversity of stakeholder expectations from start to finish. We are proud of our reputation for taking a pragmatic and commercial approach to speed up lengthy processes and achieve the best outcome for our clients.     

Client successes

Restructuring and insolvency

  • Distressed acquisitions
  • Formal insolvency proceedings
  • Schemes of arrangement
  • Special situations

Blogs

Falling back to Earth: UK’s proposed approach to managing the failure of systemic crypto firms

Cryptoassets continue to be in the spotlight with prices no longer heading ‘to the moon’, the recent high-profile failure of an algorithmic stablecoin and the difficulties experienced by various…

Author(s): Richard Layther, Claire Harrop, Emma Gateaud

  • restructuring and insolvency
  • financial institutions

Audit and corporate governance in the context of corporate failures: UK Government responds to consultation on dividends and capital maintenance

On 18 March 2021, the UK Government published its white paper on restoring trust in audit and corporate governance. On 31 May 2022, the Government published its response to the consultation. This…

Author(s): Katharina Crinson, Rachel Seeley, Richard Tett, Victoria Sharp

  • restructuring and insolvency

Amigo’s novel scheme cuts through implementation challenges to deliver the best for redress creditors

The High Court (Mr Justice Trower) today gave its judgment sanctioning Amigo’s ‘New Business Scheme’. A team of us at Freshfields were pleased to help Amigo with this. Here we outline the technical…

Author(s): Kevin Connolly, Kevin Whibley

  • restructuring and insolvency

Smile Telecoms – Stop Shouting from the Sidelines

On 30 March 2022, the English court sanctioned the most recent restructuring plan proposed by Smile Telecoms Holdings Limited (Smile). The Smile plan has raised novel issues in relation to the…

Author(s): David Bor, Frank Clarke, Katharina Crinson, Sharon Tong, Craig Montgomery

  • restructuring and insolvency

Spring cleaning the commercial landlord/tenant relationship: winding-up restrictions, the Commercial Rent (Coronavirus) Act 2022 and CVAs

Pandemic related restrictions on winding up companies come to an end.From the start of the pandemic, the UK government introduced restrictions to prevent creditors from winding up companies.…

Author(s): Eleni Rawson, Katharina Crinson, Roger Schofield

  • restructuring and insolvency
  • real estate

E D & F Man Restructuring Plan Sanctioned

The High Court has sanctioned the Part 26A restructuring plan of E D & F Man Holdings Limited (the Plan) on which Freshfields has advised the E D & F Man Group (the Group). The Plan represents the…

Author(s): Nicholas Cooper, Craig Montgomery

  • restructuring and insolvency

New FCA draft guidance sets out an interventionist approach to restructuring plans, schemes of arrangement and CVAs

On 25 January 2022, the Financial Conduct Authority (FCA) published draft guidance on how it will approach ‘compromises’ by regulated firms. The guidance is expressed to cover restructuring plans,…

Author(s): Jamie Murray-Jones, Katharina Crinson, Craig Montgomery

  • restructuring and insolvency

Smile Telecoms – using a restructuring plan to compromise the rights of members of a foreign company

In our last blogpost (here) we reported how the court had, for the first time, exercised its power under s. 901C(4) Companies Act 2006 to exclude a company’s members and all but one class of its…

Author(s): Katharina Crinson, Will Snowden, Craig Montgomery

  • restructuring and insolvency

Smile Telecoms – restructuring plan excluding creditors without a genuine economic interest

SummaryFor the first time, the court has exercised its power under s. 901C(4) Companies Act 2006 to exclude a company’s members and all but one class of its creditors from voting on a restructuring…

Author(s): Katharina Crinson, Will Snowden, Craig Montgomery

  • restructuring and insolvency

New developments regarding Spanish pre-insolvency restructuring tools

On 14 January 2022 the bill for the Amendment of the Spanish Insolvency Law that transposes Directive 2019/1023 was published in the Spanish Congress Official Gazette, setting out structural reforms…

Author(s): Inaki Gabilondo, Ana Lopez, Silvia Angos

  • restructuring and insolvency
  • europe
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