UK

London (Firms)

Restructuring/Insolvency


Due to the number of tables in this section, the editorial is in alphabetical order by firm name.

Restructuring/Insolvency - London (Firms)

 - 

Basic facts about the department

- 4 partners
- 15 other qualified lawyers 

What the team is known for Partner-led representation, with a focus on core bank panel clients. In-depth experience of large-scale, mid-market deals. Also adept at advising administrators and insolvency practitioners.

Strengths (Quotes mainly from clients)
Market standing: "They are great for high-profile assignments in contentious insolvency matters, especially those that involve intricate court applications."

What's new? New clients include PNC and Hatfield Phillips.

Work highlights Advised Lloyds Banking Group on the restructuring of debt, securities and bank facilities for Sunrise Senior Living Group.

Representing the administrators, Deloitte, on the restructuring and insolvency of Palace Investments and Thistle Investments which has included dealing with a large property portfolio.

Notable practitioners  

Alison Goldthorp is singled out as "technically very competent, knowledgeable, hard-working and highly dedicated to making sure clients get the quality of service." She has recently acted on behalf of Sony, BDO and Deloitte.

Daniel Redstone has wide experience of domestic restructuring and insolvency matters. He has acted as lead partner to several core banking clients recently, including being the main adviser to Lloyds Banking Group on the Sunrise financial restructuring.

Fraser Ritson is valued for his "excellent attention to detail." He is recognised for his bank-side work, although sources comment that he is experienced on both sides of a transaction. Recent clients include KPMG and RBS.

Significant clients RBS, Barclays Bank, HSBC, Santander, NAG.

Basic facts about the department

- 12 partners
- 13 other qualified lawyers

What the team is known for Market heavyweight with unrivalled presence in the bondholder market. Exclusive creditor-side representation. Singled out for leading expertise in the energy industry. Advises on some of the most complex and sophisticated transactions in the market, a majority of which involve cross-border issues.

Strengths (Quotes mainly from clients)
Technical ability: "They are exceptional. We have used them for numerous complex situations, both inside and outside of administration, and the performance has been exceptional on all deals."

Work highlights Represented the mezzanine lenders on the EUR1.6 billion financial restructuring of the Bulgarian Telecommunications Group.

Advised the ad hoc committee of bondholders of Petroplus following numerous insolvency filings across Europe. The matter involves an outstanding bond debt of USD1.75 billion.

Notable practitioners  

Recognised as "a go-to guy" in the restructuring market, James Roome is "extremely commercial, appreciates priorities and takes initiative." He regularly acts as the lead partner on many of the team's most impressive mandates and is particularly adept at handling complex cross-border deals.

Sources highly rate Barry Russell because "he is exceptional at deal strategy, management of a diverse group of individuals, agendas and negotiating." He continues to advise bondholders on the Icelandic bank restructurings.

The "highly commercial" James Terry is highly valued for his expertise in the shipping and energy markets, with one source hailing him as "the best there is in that space by far and away. He owns it." His expertise in offshore oil restructurings is widely acknowledged, and he has developed a niche in advising on Norwegian-based transactions in that industry.

Tom Bannister has a wide range of experience, with key strength in cross-border deals. Sources say: "He is exceptional at taking care of the details and making sure documentation is done correctly and on deadline."

New to the rankings, Liz Osborne gains substantial acknowledgement from market observers as an emerging talent. Sources say she is "diligent, commercial, pragmatic and responsive." Her recent work includes numerous high-profile European restructurings. 

What the team is known for Global presence by virtue of a leading international network. Also recognised for its ability to co-ordinate internally, providing clients with seamless representation spanning numerous specialisms. Specialists in lender-side representation, especially in multi-jurisdictional transactions.

Strengths (Quotes mainly from clients)
Client service: "They are proactive, have the strength of resources required and always achieve deadlines because they recognise the urgency of transactions."

International capability: "Allen & Overy has some of the best resources and expertise to bring an international deal together."

Work highlights Advised Deutsche Annington on the rescheduling of some EUR4.3 billion of notes issued by German Residential Asset Note Distributor.

Acted for the creditors' committee in relation to the USD3 billion restructuring of Drydocks World, a large shipyard facility in the Middle East.

Notable practitioners  

Katrina Buckley is praised for being "committed, client-focused and good at getting transactions over the line." She regularly advises on cross-border transactions, demonstrating expertise in Asia, the Middle East and Europe.

Clients enjoy working with Carolyn Conner because "she goes above the call of duty" and "she is proactive: she thinks of what is coming next and prepares clients for it." She recently advised Triton on the majority shareholder acquisition and restructuring of the European Directories Group.

Jennifer Marshall is extremely well regarded by market observers. She is described as "one of the best; she is commercial, highly intelligent and authoritative without being overbearing." 

Ian Field is "conscientious, proactive and knows how to deliver accurate results." He is noted as a significant presence in the market. His recent highlights include acting as a lead partner on the Deutsche Annington deal.

Global head Gordon Stewart "is very experienced; he has seen everything and is very effective in using those skills to navigate through transactions." His leading knowledge of cross-border deals across the globe is amongst his strongest attributes.

"Commercial, direct and thorough," Earl Griffith has a solid reputation with both clients and peers. He demonstrates specialist expertise in complex CMBS restructurings and has recently acted on numerous significant deals in this field.

Mark Sterling is a well-respected figure in this market noted for his copious experience. He recently acted as lead partner, alongside the New York M&A team, on advising the Marken Group on its EUR408 million debt restructuring.

Randal Weeks is singled out as being "extremely diligent, well prepared and rehearsed – always on top of the details." He is complimented for his abilities in representing banking clients.

"Highly accessible and commercial," Tim Crocker is praised as he "has good client skills and is excellent technically." As well as advising the firm's mainstream clients, he is also experienced in handling distressed debt work.

Significant clients RBS, HSBC, Terra Firma, ING, Apax.

What the team is known for Expansive practice providing expertise to the diverse spectrum of clients active in the restructuring field. Demonstrates significant expertise in both domestic and international transactions. Makes excellent use of the firm's wider network on larger deals.

Strengths (Quotes mainly from clients)
Breadth of services: "They are very thoughtful and a highly commercial group, with excellent breadth of experience."

International capability: "They have a wide network with teams everywhere, so they can do complex analysis of cross-border work that involves difficult structures."

Work highlights Advised the senior lenders to Powerfocal on NCP's pre-packaged administration of the property-owning company with £800 million of secured debt.

Advised FTI Consulting on the receivership and restructuring of the GSF Group, a matter which involved multiple jurisdictions in Asia and Europe.

Notable practitioners  

Giles Boothman earns recognition for his knowledge of the field. "Due to his experience he can rapidly come up with a sophisticated view of the situation," states one source. He was the lead partner on the Powerfocal deal.

Dan Hamilton is "great to work with because he can deflate potentially tense situations involving multiple stakeholders." He regularly handles complex restructurings and is experienced in advising clients from all sides of a transaction.

Simon Baskerville is praised for his ability to "anticipate issues well, be very technical and highly proactive." He has recently acted on international deals, including advising FTI Consulting on a complex transaction.

Significant clients Lloyds Banking Group, Mount Kellett, RBS, Cerberus, Apollo.

Basic facts about the department

- 4 partners
- 16 other qualified lawyers

What the team is known for Specialists in advising banking clients on a wide range of restructuring and insolvency matters. Recognised as the go-to team for expertise in real estate matters. Viewed as a primary choice in complex enforcement deals.

Strengths (Quotes mainly from clients)
Commercial awareness: "They are hugely commercial. They recognise the reality of a situation and the strengths and weaknesses of our position. They are not theoretical; the advice they give is always relevant."

Pragmatic advice: "They are very good at communicating legal arguments that are relevant for our transactions, as well as articulating what is and what is not important to us."

Work highlights Represented the Irish Bank Resolution Corporation on its £370 million exposure to the Q Hotels Group and that company's restructuring.

Advised RBS, as agent, on the restructuring of the European Directories Groups debt.

Notable practitioners  

David Leibowitz specialises in insolvency litigation, and continues to establish a practice focused on mainstream work as well as insurance-related matters. Sources say: "He has a good ability to prioritise when things are urgent and when not. He is very experienced and draws on his skills well to provide us with the right options."

Significant clients Lloyds Banking Group, Barclays Bank, Standard Bank, Macquarie, Cantor Fitzgerald Europe.

Since publication, Ben Larkin has joined Jones Day

Basic facts about the department

- 3 partners
- 7 other qualified lawyers

What the team is known for Quality team with increasing presence in the market following significant hires. Focuses on creditor-side representation, with particular expertise in the high-yield market. Well-established experience of cross-border restructuring work with an emphasis on the USA and Europe.

What's new? Continuing to make serious investments in its restructuring team, with key partner-level hires such as Yushan Ng from Linklaters and Holly Neavill from Latham & Watkins. 

Work highlights Advised the ad hoc committee of senior secured noteholders issued by SEAT Pagine throughout the company's restructuring.

Acted for MBIA UK Insurance in connection with the Punch Taverns restructuring. Specifically advising on the demerger of the company and Spirit Pub Company, as well as MBIA's position within the capital structure of Punch Taverns following the separation.

Notable practitioners  

Widely recognised by market observers, Yushan Ng is described as "a commercial, knowledgeable guy who has the ability to get the job done to the highest standard." His addition to the team is seen as a major success for the firm. He is accomplished at representing distressed investors.

Richard Nevins has significant experience in complex, multi-jurisdictional restructurings. He recently advised the ad hoc committee of noteholders on the financial restructuring of eircom in the Republic of Ireland.

Associate Alexis Kay is recognised as someone who "has a great feel for deals." He has been involved in many of the team's recent highlight deals, including SEAT Pagine and Punch Taverns.

Significant clients BlueBay Asset Management, Avenue Europe Management, Oaktree Capital Management, Capeview Capital Partners, King Street (Europe).

Basic facts about the department

- 7 partners
- 15 other qualified lawyers

What the team is known for Frequently advises on non-domestic restructurings utilising English schemes of arrangement. Offers high-quality representation across the spectrum of restructuring and insolvency, including both creditors and debtors. 

Strengths (Quotes mainly from clients)
Market standing: "They provide market-leading advice, as the restructuring team are at the forefront of current restructurings in Europe."

Commercial awareness: "They understand commercial realities and are good at providing alternatives and strategies which adapt to them."

Work highlights Advised RBS on the corporate restructuring of Vivacom (Bulgarian Telecommunications Group) using an English scheme of arrangement.

Advised the senior co-ordinating committee, including Barclays, BNP Paribas and HSBC, on the sale of Viridian's regulated energy business and the restructuring of the group post-sale.

Notable practitioners  

Interviewees value Philip Hertz for his direct approach. One source comments: "He is extremely hard-working and has the courage to give his views despite the risks." He is experienced in advising financial institutions, and was lead partner on the Vivacom deal.

Adrian Cohen frequently advises on multi-jurisdictional deals, and was part of the team that advised Dubai-based shipping company Drydocks World on its financial restructurings.

While previously noted for his insurance expertise, David Steinberg also advises on a significant amount of mainstream restructuring deals. Sources say: "He is calm and unflappable. Whatever a deal throws up he can cope with it without becoming too emotive in overly emotional circumstances." 

Basic facts about the department

- 7 partners
- 16 other qualified lawyers

What the team is known for Traditionally recognised as a top-choice bank panel firm. Niche expertise in advising on insolvency cases in the professional services industry. Also experienced in acting for both administrators and companies in retail sector insolvencies.

Strengths (Quotes mainly from clients)
Efficiency: "They work well together as a team, they are technically sound and produce results in a timely manner."

What's new? Recent panel appointments include RBS.

Emma Riddle was made up to partner in May 2013.

Martin Brown rejoined the group in August 2013 after a year's stint at Ashurst.

Work highlights Advising joint administrators BDO on ongoing issues related to the Dewey & LeBoeuf insolvency.

Advised Lloyds Banking Group in relation to an amendment and restatement of a term and revolving credit facilities agreement with RSM Tenon Group.  

Notable practitioners  

Rita Lowe is described as being "extremely practical, very knowledgeable and fantastic to deal with." Clients value her ability to "blend what is important technically with commercial reality." She was the lead partner advising on the Dewey & LeBoeuf insolvency. 

Peter Wiltshire has a broad restructuring and insolvency practice and regularly advises both bank and corporate clients. His recent work includes advising Lloyds Banking Group on the RSM Tenon restructuring.

Martin Brown's return to the team can only be seen as a good thing. Interviewees were highly positive about the impact of his move to Ashurst, which lasted for one year. Sources say: "He has great commercial acumen and good focus when handling complex, multi-jurisdictional matters."

Significant clients HSBC Bank, Deutsche Bank, AIB Group, Bank of Ireland, Clydesdale Bank.

David Gibson 

Basic facts about the department

- 10 partners
- 30 other qualified lawyers

What the team is known for Provides the full range of restructuring and insolvency advice, with a focus on representing lenders and leading insolvency practitioners. Adept at handling domestic insolvencies in the retail sector. Additional expertise in real estate and energy.

What's new? In March 2013 SNR Denton combined with Salans and Fraser Milner Casgrain to form the global firm Dentons.

Work highlights Advised PwC on its role as administrator to Petroplus following the oil refinery's insolvency.

Acted for HSBC and PwC throughout the various stages of The Jessops Group administration.

Notable practitioners  

Head of department Nigel Barnett has considerable experience of the market. He has recently acted on several high-profile matters, and was lead partner on the complex Petroplus insolvency.

Rachel Anthony regularly handles contentious and non-contentious insolvency matters. Market observers recognise her presence in several major transactions. Her recent work includes advising on the Jessops administration.

As a competent litigator, Neil Griffiths focuses his practice on contentious insolvency matters. He regularly acts on complex matters and is experienced in handling cases with cross-border elements.

Significant clients Ernst & Young, Deloitte, KPMG, Zolfo Cooper, Grant Thornton.

Basic facts about the department

- 12 partners
- 35 other qualified lawyers

What the team is known for Handles mid-market to high-end restructurings. Impressive bench strength is brought to bear on large-scale deals. Focuses on domestic bank-side representation. Also regularly instructed by fund clients and insolvency practitioners.

What's new? Recently reappointed to the panels of both Lloyds Banking Group and RBS.

Work highlights Acted for Babcock International on a purchase and restructuring related to the company's new role as maintenance provider to the London Fire Brigade.

Advised receivers from Jones Lang LaSalle on a property collapse involving Goldman Sachs' UK headquarters, where a lending group led by a German bank had taken over the properties from an insolvent offshore real estate firm.

Notable practitioners  

Sources praise Michael Fiddy for his business-minded focus: "He has the ability to balance legal aspects with commerciality," states one source. He regularly works with key client Jones Lang LaSalle, demonstrating his first-rate real estate expertise.

"Impressive" Paul Fleming represents a diverse range of clients, most notably financial institutions and lenders. He is experienced in cross-border matters.

Stephen Halladay is viewed as "a hands-on relationship manager, who is extremely supportive and client focused." He is the key contact for many of the firms bank clients.

Sources say Sarah Coucher "has lots of experience and understands the sector well. She is very strong commercially and delivers when she says she will." She recently advised PwC and RBS on the restructuring of a national pub group's bank facilities.

Significant clients Barclays Bank, BDO Stoy Haywood, Deloitte, HSBC, KPMG.

Basic facts about the department

- 4 partners
- 9 other qualified lawyers

What the team is known for Strong mid-market offering with a focus on representing lenders. Noted for consistently providing partner-led representation. Experienced in acting for all major UK clearing banks, with a consistent position on the majority of panels.

Strengths (Quotes mainly from clients)
Pragmatic advice: "They are technically competent but also very practised – adept at getting to the answer as quickly as possible."

What's new? Recently reappointed to the RBS panel.

Work highlights Advised Lombard Corporate Finance on its exposure to Newsfax when the printing group went into administration.

Advised the banking syndicate on potential restructuring options and the ultimate disposal of Adelie Foods.

Notable practitioners  

"Creative thinker" Paul de la Peña is praised for being "a thoughtful lawyer who sees the broader perspective better than others and considers different objectives." He focuses on non-contentious matters, and recently advised the banking syndicate on the Adelie Foods disposal.

Head of department Simon Waller is recognised as "a well-respected leader." He has a broad practice, with experience across the restructuring and insolvency market. Recent highlights include leading the team on the Lombard Corporate Finance transaction.

Jamie Leader is described as "an astute litigator with a good grasp of the law. He sees all the potential issues and gets ahead of the pitfalls before they occur." Contentious insolvency matters are the key focus of his practice, where he regularly advises insolvency practitioners and key banking clients.

Significant clients LBG, HSBC, Barclays, NAMA, Clydesdale Bank.

Basic facts about the department

- 12 partners
- 30 other qualified lawyers

What the team is known for Strongest full-service offering in the restructuring and insolvency market, with the ability to offer high-quality consultation to a wide breadth of clients. Pre-eminence in company-side representation. Experienced in handling highly intricate, Europe-wide transactions.

Strengths (Quotes mainly from clients)
Bench strength: "They have this ability to staff a deal with all the resources, bodies and expertise you could ever need – an excellent network and a firm at the top of its game." 

Market standing: "They have a great reputation and are number one for company-side insolvency advice - in that field they are the best you could have."

Work highlights Acted for the ad hoc group of noteholders on the highly complex stressed rescheduling of Deutsche Annington, Germany's largest private landlord and Europe's largest CMBS. This was achieved by an English scheme of arrangement.

Acted for HSBC Bank as senior agent and the co-ordinating committee for senior lenders in the recapitalisation of the Biffa waste management group.

Notable practitioners  

The hugely accomplished Ken Baird draws substantial praise for his long-standing presence in the market. "He is very wise, he has a lot of experience and is an excellent sounding board," said a source.

Several sources highlight Adam Gallagher as the first port of call for complex restructuring and insolvency advice, praise which is understandable when considering market feedback: "He embodies everything about the firm; he is diligent, commercial, really quite incredible" and "he is one of the most creative individuals I have worked with."

US and UK-qualified Nick Segal continues to draw praise from clients for his vast knowledge of the field. One source states: "I am not sure I have worked with a solicitor who knows more and thinks more about a subject, he is so on top of every case he handles."

Neil Golding is described as being "creative, insightful and focused on delivering the right results." He is particularly proficient at handling cases with an insurance element and working on schemes of arrangement.

Emerging talent Ryan Beckwith is singled out as "one to watch" by sources: "He is commercial, creative and has great knowledge." He advises both lenders and borrowers, and recently acted on both the Travelodge and Clinton Cards restructurings.

Sources say Sean Lacey earns his place in this year's rankings as "he understands the commercial purpose of what we do and narrows analysis to salient points." He has advised clients on a number of restructurings, including the Biffa Group and UK Coal.

Ian Wallace is praised for his ability to be "very commercial and focused on the big issues." Clients value the way in which he "instils confidence in his abilities and acts as a safe pair of hands."

At the absolute forefront of the market, Richard Tett is endorsed as "one of the most technically sound restructuring lawyers in the market." Clients say he is "phenomenally creative at problem-solving." He was lead partner on the Deutsche Annington matter.

Significant clients Blackstone, Rothschild, Lazard, Deloitte, Ernst & Young.

Basic facts about the department

- 12 partners
- 25 other qualified lawyers

What the team is known for Solid roots in bank-side and administrator-focused representation. Adapting to market trends to establish additional expertise in debtor representation. Adept at casework in the financial services sector. Experienced in both domestic and cross-border transactions.  

Strengths (Quotes mainly from clients)
Technical ability: "They are very thorough; they are prepared to do additional research and not just accept the norm and shy away from alternative solutions."

What's new? Recent panel appointments include Standard Chartered Bank.

Work highlights Acted for KPMG on its role as administrator of JJB Sports, which included advising on a pre-pack and negotiating with stakeholders.

Advised hibu on its £2.3 billion debt restructuring.

Notable practitioners  

Sources say Laurence Elliott "has a good knowledge of the market and can advise on different strategies." He has a broad practice, with experience of the financial services and insurance sectors as key strengths.

Kevin Pullen is praised for being "very strong technically, a deep legal thinker who is prepared to break new ground and do things differently." He is regularly part of teams advising on highlight mandates, and was key partner on the JJB administration.

Significant clients Ernst & Young, Findus Group, National Australia Bank, Card Protection Plan, FSCS.

Basic facts about the department

- 6 partners
- 14 other qualified lawyers

What the team is known for Commanding presence in lender and administrator-side representation. Reputation as a leading bank-side team. Recognised for its ability to bring a highly experienced team together, particularly on large cross-border matters. Significant expertise in healthcare.  

Strengths (Quotes mainly from clients)
Client service: "Hugely responsive and easy to deal with. The relevant skills are always there and they can add additional bodies when necessary, which makes the relationship very easy."

Bench strength: They have a fantastic team and the bench strength is excellent. They bring people through and develop them well, so the team is very strong and runs like a dream."

Work highlights Advised Lloyds TSB, National Australia Bank and FTI Consulting on the restructuring and subsequent administration of the Hampson Group, a London-listed aerospace group with subsidiaries in the USA.

Represented the trustees of the Nortel Networks UK Pensions Plan and the Board of the Pension Protection Fund on the high-profile, international-scale insolvency of Nortel.

Notable practitioners  

Sources cannot speak highly enough of global head Stephen Foster. One comments: "He is an incredible player in this field. I'm blown away by his expertise." His experience in this field is unquestionable and adds great value to a deal. "He does all the big transactions, and has that market awareness and overview that others lack," comments one interviewee.

Deborah Gregory is singled out as "a first-rate lawyer." Respected by both clients and peers, one source notes: "She has a great legal mind, really understands the difficult technical issues and has an unbelievable work ethic."

Joe Bannister has specialist expertise in the insurance sector, but has also developed his mainstream practice, acting on a significant number of high-profile restructurings. For instance, he acted as lead partner on the Nortel insolvency.

Paul McLoughlin is valued by clients for his experienced approach to high-pressure situations. One interviewee describes him as a "calming, understanding and assured" practitioner. He was lead partner on the Hampson Group deal.

Significant clients PwC, Ernst & Young, KPMG, Deloitte, Ford.

Basic facts about the department

- 9 partners
- 20 other qualified lawyers

What the team is known for Excellent transatlantic capabilities. Capable of handling complex cross-border deals, especially those with a US element. Key strength in contentious insolvency matters.

Strengths (Quotes mainly from clients)
Bench strength: "They have great lawyers who are all creative, commercial, practical and action-oriented."

What's new? New client wins include BNP and TPG.

Work highlights Advised American Greetings on various strategies related to the administration of Clinton Cards, in which a UK subsidiary of the US company was an unsecured creditor.

Advised Standard Bank on potential recovery strategies following Efad Real Estate Company's default on a murabaha.

Notable practitioners  

Sion Richards is recommended for his ability to advise on "complicated litigation with cross-border elements, as he can always see the bigger picture." Sources also highlight his "excellent investigative skills." Highlight clients include Standard Bank.

The "collaborative" Michael Rutstein is praised for his ability to "move the process forward and get the deal done." Singled out for his strength in non-contentious insolvency matters, he acted as lead partner on the Clinton Cards matter.

Ben Larkin recently joined the firm from Berwin Leighton Paisner. He is described as a "fantastic operator" and a "creative and commercial" practitioner. He is recognised for his superior knowledge of the real estate sector. He is a firm favourite amongst core banking clients.

Significant clients Liquidators of Weavering Capital, ESO Capital, Zolfo Cooper, MBIA, Duff & Phelps.

Basic facts about the department

- 2 partners
- 4 other qualified lawyers

What the team is known for Core strength in advisory and transactional matters. Often called upon by the leading insolvency practitioners to advise on complex mid-market transactions. Comprehensive experience of retail insolvencies.

Strengths (Quotes mainly from clients)
Clarity: "They always ensured that the right person was on the deal at the right time. The advice was consistently clear, firm and practical."

Work highlights Advised Mazars, as administrators, on the sale of assets of Thamesteel, including the disposal of a steel mill.

Acted for the sellers and Deloitte, as administrator, on the pre-pack administration of the business and assets of Collier International UK.

Notable practitioners  

Clients identify Jeremy Goldring as an experienced adviser. One interviewee comments: "He could be fierce when necessary, commercial, hard-working, reassuring and had our best interests at heart." He recently acted as lead partner to Deloitte during the Collier International administration.

Michael Woollard's practice focuses on non-contentious insolvency cases. He has leading expertise in the retail sector, and recently advised La Senza on its pre-pack administration.

Significant clients KPMG, Ernst & Young, PwC, Landsbanki, PLUS Market Group. 

Basic facts about the department

- 4 partners
- 4 other qualified lawyers

What the team is known for Making its presence felt in the restructuring field through involvement in a significant number of the most high-profile mandates in the market. A considerable force in lender-side representation, advising major investor clients.

Strengths (Quotes mainly from clients)
Commercial awareness: "They are very commercial and see a high volume of transactions. As such, they are involved in original deals, and I think they have introduced new and unique processes to the restructuring market."

Market standing: "They have stellar practitioners and have moved to a new level."
"They are young and hungry, and all the elements are falling into place well."

What's new? KKR Asset Management is a new client win for the team.

Work highlights Advised the senior lenders on the restructuring of Irish telecoms company eircom.

Represented Strategic Value Partners on the buyout of Klockner Pentaplast from Blackstone.

Notable practitioners  

Kon Asimacopoulos draws praise from interviewees as "he is very practical and gets it right; his judgements are spot-on and he brings all the firm's expertise to the deal." Highly reputed for his ability on complex matters, another source noted that he is someone "that you want onside when you are on a long-drawn-out deal."

Partha Kar is singled out for his ability to be "the calming sense of reason that brings a deal together and makes sure everything stacks up and works," while another commentator remarked: "He is a pleasure to work with, and his expertise and knowledge is first class."

Significant clients Oaktree Capital, Goldman Sachs, Centerbridge Partners, GSO Capital Partners, Avenue Capital.

Basic facts about the department

- 8 partners
- 10 other qualified lawyers

What the team is known for Stellar expertise in representing bondholders and investors in the restructuring market. Ably advises on complex European and international transactions. Can draw on wider network to provide clients with necessary expertise in esoteric or challenging matters.

Strengths (Quotes mainly from clients)
International capability: "We needed a law firm which could handle complicated multi-jurisdictional, multi-asset structures with European presence, so we picked them."

Technical ability: "They have great technical knowledge, and the amount of diligence and effort they put into their work is really impressive."

Work highlights Advised the committee of senior noteholders on the Punch Taverns restructuring, which included £2.4 billion of debt.

Acted for the ad hoc committee of junior bondholders in the complex SEAT Pagine Gialle restructuring.

Notable practitioners  

John Houghton is described as "an excellent guy to drive the deal forward." He handles many of the team's most complex mandates and has represented bondholders, noteholders and lenders in several high-profile restructurings, including Punch Taverns, SEAT Pagine Gialle and Biffa.

What the team is known for Prevalent team for creditor-side representation. Firm favourite of leading domestic and international financial institutions for large, high-risk or challenging matters. Vast international network guarantees cross-border expertise across the globe. 

Strengths (Quotes mainly from clients)
Bench strength: "They do the big team stuff extremely well. They have real strength and depth and are capable of running high workload restructurings better than anyone I have come across."

Technical ability: "They have visionary leadership that is backed up with strong delivery and excellent legal insight."

What's new? Reappointed to the panels of both RBS and Lloyds TSB in 2013.

Work highlights Advised Iberotravel Vacations, as the Spanish parent company of an international travel group, on the capital restructuring of its corporate group in a process involving schemes of arrangement under English law.

Acted as the UK advisors to Eastman Kodak Company on the foreign aspects of the company's Chapter 11 restructuring in the US, which included advice on foreign subsidies and assets.

Notable practitioners  

Tony Bugg is highly valued as "he has a commercially driven approach to strategy." Sources describe him as "thorough, thoughtful, strategic and hard-working." He regularly acts for administrators in complex insolvency deals.

Richard Holden is a "calm, measured, insightful and strategic" practitioner. He has considerable experience of this market and has acted on some of the largest restructuring deals of recent times.

Viewed as a seasoned adviser by sources, David Ereira is acknowledged for his ability to "provide very wise counsel" to his clients. He recently advised Zolfo Cooper on its role as temporary administrator to AB Bankas Snoras.

Rebecca Jarvis attracts praise for being "very smart and crisp in her advice." She has a wide-ranging restructuring practice advising the full breadth of market clients. She was the lead partner advising Eastman Kodak Company on the foreign elements of its Chapter 11 restructuring.

The "implicitly trusted" Bruce Bell enters the rankings this year. Sources describe Bell as "amazing" and add: "He has the reputation and the expertise, and performs to the highest level." He is lead partner on several highlight deals, including the EUR3.8 billion restructuring of eircom.

Highly regarded by market observers, Yen Sum has a broad finance practice that regularly requires her to advise on national and international restructurings. She is particularly recognised for her lender-side representation.

Senior partner Robert Elliott still acts as a contact for the firm's key clients, who value his wide experience of the restructuring market.

Significant clients PwC, Deloitte, Cortefiel, eircom, Ernst & Young.

Basic facts about the department

- 8 partners
- 17 other qualified lawyers

What the team is known for Equally adept at handling work on behalf of borrowers and lenders. Frequently active in sophisticated transactions involving multiple jurisdictions. Can draw on the firm's wider global coverage. Notable strength in the retail sector.  

Strengths (Quotes mainly from clients)
Commercial awareness: "They have an excellent quality of advice, combining sound legal analysis with an understanding of key commercial drivers."

Technical ability: "The quality of work undertaken was outstanding, with no stone left unturned and exceptional attention to detail."

What's new? New client wins include NRW Bank, Alvarez & Marsal and Bank of Montreal.

Work highlights Advised the board and directors of Eircom Ireland Finance on the substantial eircom restructuring.

Represented the liquidators of New Cap Reinsurance Corporation in a case before the Supreme Court which sought to enforce an Australian preference judgement.

Notable practitioners  

One interviewee describes David Allen as "ferociously intelligent and extremely practical." His practice focuses on litigation, and his expertise is often called upon when contentious insolvency cases arise.

Clients value Devi Shah for her strategic acumen. One source notes: "She proved outstanding in developing and successfully executing strategy." She is particularly adept at handling restructuring matters in the insurance sector, yet also demonstrates abilities in pension and retail matters.

Ashley Katz is described as "a very gifted, careful and diligent lawyer." He has a broad practice with experience in both domestic and cross-border deals. Highlights this year include acting On the eircom deal as well as advising clients involved in the Comet administration.

Ian McDonald is recognised for being "calm, disciplined, great with clients and demonstrating excellent judgement." As head of the commercial dispute resolution team he is a solid option in contentious insolvency matters.

Significant clients Ernst & Young, Great American Group, Deloitte, BNP Paribas, Wilmington Trust.

Basic facts about the department

- 6 partners
- 20 other qualified lawyers

What the team is known for Handling cross-border transactions with a strong presence in the European market. Regularly represents insolvency practitioners in a broad range of contentious and non-contentious transactions. First-rate expertise in the real estate sector.

Strengths (Quotes mainly from clients)
Responsiveness: "The team are first-class in responding to the needs of administration and insolvency cases, and they have excellent attention to detail."

Clarity: "They give clear advice, do not include unnecessary technicalities but are very focused, so it is easier for us to make the right decision."

What's new? Allied Irish Bank and Iberotravel are amongst recent new client wins.

Work highlights Advised Mastelle Hotel Group on its acquisition of St John Chinatown out of administration.

Represented UK Coal during its large-scale restructuring which involved splitting the company into two separate arms. 

Notable practitioners 

Patricia Godfrey is singled out for "her ability to draw everything together, bringing disparate bits of advice and complications together to give clear recommendations." She regularly acts for liquidators and insolvency practitioners in cross-border matters.

Sources say Glen Flannery is "very knowledgeable and commercial." Clients value his ability to "provide good, thoughtful advice that considers the bigger picture but understands all the detail as well." 

Significant clients Petroplus Marketing, KPMG, PwC, GE Capital, Bank of Ireland.

Basic facts about the department

- 7 partners

What the team is known for Strength in handling contentious insolvency matters. Singled out for knowledge of the real estate and shipping sectors. Experienced in handling cases with cross-border elements.

Work highlights Acted as UK Counsel to the trustee of Lehman Brothers, advising on all aspects of the insolvency, including settlements.

Represented various Malaysian entities in a joint venture to acquire Battersea Power Station following the underlying company going into administration.

Notable practitioners  

Sources say Hamish Anderson "has a lot of experience backed up with great academic knowledge." He has a broad practice and regularly handles complex cross-border matters. He was the lead partner on the Lehman case.

Basic facts about the department

- 7 partners
- 14 other qualified lawyers

What the team is known for Highly commercial team with specialist expertise in real estate and technology-based restructurings and insolvencies. In-depth experience of the European market, demonstrating sophisticated understanding of cross-border transactions.

Strengths (Quotes mainly from clients)
Commercial awareness: "They have proven themselves to be a commercially minded team, they understand commercial objectives and ensure that we understand the commercial risks."

Problem-solving: "They stand out for being solution-driven. They are lateral thinkers who assess the risks and think how to resolve them."

What's new? New clients include Hatfield Philips International.

Work highlights Advised the management of Town Centre Restaurants on the company's pre-pack administration sale to a vehicle owned by management and backed by Clydesdale Bank.

Advised PwC as administrators of Folksam International Insurance Company throughout the company's administration process.

Notable practitioners

Alicia Videon earns high praise from interviewees. One source comments: "She is incredibly responsive, responds quickly and always finds solutions to problems, even when the answers are not obvious." She regularly advises both domestic and European banks.

Significant clients Kaupthing, Landesbank Berlin, F&C REIT Asset Management, Deutsche Hypothekenbank, BDO.

Basic facts about the department

- 8 partners
- 20 other qualified lawyers

What the team is known for Seen as an impressive, up-and-coming team in the market with a rapidly-growing presence. Traditionally recognised for representing many of the major UK clearing banks. Sector expertise in industries such as professional services and real estate.

Strengths (Quotes mainly from clients)
Commercial awareness: "They not only demonstrate high-quality legal knowledge, but also understand the economic, commercial and business points of a deal."

Problem solving: "They have a high-standards, rational approach, and are good at offering practical solutions to tackle complex solutions."

What's new? New panel appointments and reappointments include Santander, Dunbar Bank and Bank of Ireland.

Work highlights Advised Grant Thornton on the full range of issues related to the insolvency of Danoptra Group, a gaming and sports club company.

Advised investors Endless on the management buyout of Vion Food UK.

Notable practitioners  

Nicholas Pike is well respected by market observers. Clients value his "supportive, arm-round-the shoulder" approach in complex, highly charged situations. He is skilled at handling contentious and litigious work for a range of clients.

Steven Cottee is singled out as a highly active player in the market. Clients praise his niche understanding of insolvency cases in the professional services market. He regularly advises bank clients on their activities.

Tom Withyman has a solid reputation in the restructuring and insolvency market. His practice focuses on advising financial institutions and banks on recovery and workout solutions.

Richard Williams recently advised Hampson Industries on its distressed sale process and the pre-pack administration sale of its operating subsidies. He is particularly adept at handling matters in the real estate and construction sector. 

Significant clients HSBC Bank, LLoyds Banking Group, Investec Bank, KPMG, Deloitte.

Basic facts about the department

- 5 partners
- 5 other qualified lawyers

What the team is known for Structured finance-focused team with a track record for providing creative solutions to restructuring transactions. Close links with the firm's leading finance team, offering clients the full range of expertise. Skilled at representing clients in all sides of a transaction. Proficient in cross-border deals.

Strengths (Quotes mainly from clients)
Client service: "Sidley Austin is responsive, thoughtful, proactive and always comes up with solutions."

Work highlights Advised Zolfo Cooper, as provisional liquidators of Arcapita Investment, on a Cayman Islands-based provisional liquidation and the relevant US Chapter 11 proceedings.

Acted for GRAND, advising on the restructuring of a distressed CMBS via an English scheme of arrangement.  

Notable practitioners  

Valued for his tactical acumen, Patrick Corr is recognised as an accomplished restructuring practitioner. One source notes: "He is exceptional; excellent at sifting through strategic priorities and a great negotiator." He has recently acted for Zolfo Cooper and GRAND.

Significant clients Merrill Lynch, Regus, Federal-Mogul Corporation, JSC Astana Finance, Solutus Advisors.

Basic facts about the department

- 7 partners
- 12 other qualified lawyers

What the team is known for Growing presence in the market with diverse expertise. Recognised for its strength in providing contingency planning advice in pre-insolvency situations. Adept at advising companies and directors, with increasing activity in bank-side representation.

Strengths (Quotes mainly from clients)
Client service: "Simmons & Simmons is one of the most balanced firms in understanding the key issues around service levels. The team will always have open discussions about work quality and deadlines."

Work highlights Advised HMV Group on its administration and restructuring, including the renegotiation of its banking facility and the disposal of its live entertainment division.

Advised GHG, the landlord of the private hospitals and its directors on the potential restructuring of £2.1 billion of debt.

Notable practitioners

Peter Manning is described as "an excellent no-nonsense lawyer who blends robust legal advice with a good balance of commerciality." Highlights this year include advising GHG on its significant debt restructuring.

Alan Gar is singled out for his experience in representing creditors. One source comments: "He brings bank-centric expertise to the team," adding that "he is top-quality, organised and gives superb advice." He is also praised for his ability to "eliminate lengthy mediation by utilising his commercial negotiation skills."

Significant clients NAMA, Deutsche Bank, Deloitte, Grant Thornton, BDO.

Basic facts about the department

- 2 partners
- 6 other qualified lawyers

What the team is known for Handling sophisticated transactions that involve multiple jurisdictions. Proficient at representing corporate clients and debtors. Specialist expertise in the shipping industry.

Work highlights Advised Danish shipping company TORM on its potential out-of-court restructuring.

Acted for Travelport on Bermudan elements of its restructuring.

Notable practitioners  

Sources say Chris Mallon is "fantastic to deal with." He offers leading experience in highly complex cross-border transactions. He has acted as lead partner on the majority of standout mandates this year, including the TORM restructuring.

Dominic McCahill has a diverse practice acting for creditors and debtors across the market. His work tends to focus on cross-border deals and he has advised on some of the most complex restructuring matters to occur in the market during the financial crisis.

Significant clients Mechel, Excel Maritime Carriers, Suntech, Kaupthing, Seat Pagine.

Basic facts about the department

- 7 partners
- 20 other qualified lawyers

What the team is known for Niche activity advising governments and national banks affected by the eurozone crisis. Further recognised for its representation of companies involved in complex, large-scale restructurings. Brings a full-service team together by drawing on the firm's wider expertise.  

Strengths (Quotes mainly from clients)
Technical ability: "The firm's work is consistently of a very high standard and unfailingly precise."

Bench strength: "Slaughter & May's reputation opens doors, and it backs up that reputation with truly talented partners and excellent expertise at the junior level."

What's new? Vion is a new client win.

Work highlights Advised the trustee for the liquidation of MF Global on the claims related to the special administration of MF Global UK.

Advised Punch Taverns on the potential restructuring solutions of its capital structure and the subsequent implementation.

Notable practitioners

Ian Johnson is the key contact for the practice.

Significant clients European Investment Bank, the Irish government, Portuguese Ministry of Finance, Ricardo Shoreham, Winding-up Board of Glitnir.  

Basic facts about the department

- 4 partners
- 5 other qualified lawyers

What the team is known for Focuses on mid-market insolvency cases. Frequently active on cases in the retail sector. Primarily advises leading insolvency practitioners on a broad range of matters. Ably handles larger deals.

What's new? New clients include Menzies Recovery.

Work highlights Advised MasterCard Members Forum and KPMG as liquidators on the former's insolvency, including advice on competition claims in the High Court. 

Represented Deloitte during the administration of London Pleasure Gardens and the subsequent sale of the site and assets.

Notable practitioners 

Simon Ridpath is recognised for his skills in contentious insolvency work with one peer stating: "He is a very effective insolvency litigator." Clients value his pragmatic nature and his ability to "think around problems and engage his team."

Significant clients Ernst & Young, Grant Thornton, Zolfo Cooper, Chantrey Vellacott, RSM Tenon.

Basic facts about the department

- 3 partners
- 6 other qualified lawyers

What the team is known for Expertise in contentious insolvency matters, with in-depth understanding of cases involving fraud. Frequently utilises its large European network to bring resources to cross-border deals. Accomplished in the real estate sector.

Strengths (Quotes mainly from clients)
Technical ability: "They are very good in larger corporate restructurings, and when things get hostile they are very good at protecting the client's position."

Client service: "The quality of service and advice you get from the team is excellent."

Work highlights Advised Moore Stephens, as administrator to the Specialist Schools and Academies Trust, on the pack administration sale of the company's UK business.

Acted for administrators BDO and appointed bank Santander on the administration of Cobra Automotive.

Notable practitioners

"Brilliant lawyer" Nick Moser is praised for his expert litigation skills and his ability to be "brave and aggressive when necessary." His diverse practices includes contentious and non-contentious work, and he consistently impresses clients with his creative solutions.

Significant clients RBS, Grant Thornton, NAMA, PwC, Chantrey Vellacott.

Basic facts about the department

- 3 partners
- 7 other qualified lawyers

What the team is known for Expertise in retail and pensions matters. Particular strength in representing both corporates and insolvency practitioners. Involved in numerous significant insolvencies on the UK high street.

Work highlights Advised Clinton Cards on its administration, including advice on handling and negotiating with lenders, and guidance on directors' duties.

Advised Blacks Leisure Group on its administration, including property and trading guidance.

Notable practitioners 

Head of department Jeremy Walsh has a diverse practice demonstrating expertise in both acquisition finance and debt restructuring. He was the lead partner on the Clinton Cards administration.

Significant clients KPMG, BDO, Zolfo Cooper, Bank of England, Bridgepoint Advisers.

Basic facts about the department

- 3 partners
- 17 other qualified lawyers

What the team is known for Undertaking some of the most high-profile international restructurings of recent times. A full-service, partner-led offering acting for clients from all areas of the market and advising on the full spectrum of big-ticket matters.

Strengths (Quotes mainly from clients)
Bench strength: "They have the ability to put up a formidable team on large and wide-ranging cases."

Visibility: "They have made a remarkable splash in a short period of time and now have a commanding presence in that market."

Work highlights Advised the joint special administrators of MF Global UK on the special administration of the company.  

Represented Lion Capital in a range of matters, including the financial restructuring and recapitalisation of the Findus Group.

Notable practitioners  

Adam Plainer is described as a "terrific leader who has a real grasp of both the overall tactical and client facing issues that need to be addressed." He has a substantial practice and has recently been busy advising clients on both the Lehman and MF Global insolvencies.

Paul Bromfield is praised for his "excellent judgement" and his ability as a "robust, all-round performer." He does a considerable amount of work for key client Lion Capital, including advising it on the Findus Group restructuring.

Alex Wood is sought as "he is a good negotiator who reads situations well." He brings additional cross-border experience to the team, and recently advised on the insurance sector BAICO insolvency in Barbados.

Significant clients KPMG, PwC, Lehman Brothers, Providence Equity, Standard Bank.

Basic facts about the department

- 11 partners
- 9 other qualified lawyers

What the team is known for High-quality advisers with a focus on acting for lenders on complex cross-border deals. Recognised for its expertise in sovereign debt matters. Additionally highlighted for its work with private equity and hedge fund clients. Valued for its global network.

Strengths (Quotes mainly from clients)
Bench strength: "White & Case has a comprehensive team which can offer bespoke solutions and analysis, and co-ordinate the right pockets of wisdom to do a deal."

Commercial awareness: "They understand how to manage risk and be commercial and practical in their approach."

Work highlights Acted for the co-ordinating committee of lenders to shipping company TORM on its USD1.8 billion restructuring.

Represented the steering committee of the private creditor/investor committee for Greece in the EUR206 billion restructuring of government debt.

Notable practitioners  

Christian Pilkington is particularly recognised by market observers for his experience in schemes of arrangements. One source describes him as "the king of schemes," adding: "He is my go-to for complex scheme work; he is willing to push boundaries and has seen more of this work than most." His expertise is demonstrated in his work with German cable group Primacom.

New partner Laura Prater is described as an "excellent lawyer" who regularly "keeps the deal running." She has specialist experience in cross-border matters, upon which she frequently advises lenders and investors.

Significant clients Anchorage, Appaloosa, Deutsche Bank, Elliott, Goldman Sachs.

Other Ranked Lawyers 其他上榜律师

Louise Verrill of Brown Rudnick LLP is recognised for having "bags of experience" in the restructuring market. She is frequently appointed on highly complex matters, and recently advised the official committee of unsecured creditors in the Dewey & LeBoeuf liquidation.

The "impressive" John Verrill of Chadbourne & Parke LLP has vast experience of both contentious and non-contentious insolvency matters. He recently defended The Football League against an attempt by HM Revenue and Customs to challenge the football creditor rule which relates to insolvent clubs.

Interviewees say Stewart Perry of Clyde & Co LLP "is an invaluable source of information and is always willing to go the extra mile." He regularly acts for lenders and insolvency practitioners, and recently represented BDO as administrators of Pickfords.

David Gibson of Dundas & Wilson is described as "a calm and assured character who can keep the heat off in a deal." His practice focuses on corporate insolvency.

Gregory Campbell of Gibson, Dunn & Crutcher LLP primarily focuses on cross-border transactions, frequently representing both borrowers and lenders.

Carolyn Jones of Matthew Arnold & Baldwin LLP heads the department with considerable experience in insolvency matters, particularly related to banking and finance. Clients have reported: "She is one of the most client-centred lawyers I have come across and this comes through in her work."

Simon Neilson-Clark recently joined McGuireWoods London LLP from DLA Piper. He focuses on restructurings and workouts. He has headed many key mandates of late, including the Babcock International transaction.

Nick Angel of Milbank, Tweed, Hadley & McCloy LLP is described as "a calm, proactive, measured and experienced" practitioner. He is valued for his ability to give clients commercial direction, as one source notes: "He has an opinion on things and is very good at advising us on which way to go, providing valid points as to why."

Sources describe associate Anna Thomander of Milbank, Tweed, Hadley & McCloy LLP as a "thoughtful, helpful, proactive and highly commercial" lawyer. She is experienced in advising clients on complex transactions, and recently acted as the lead contact advising the Wilmington Trust on the eircom restructuring.

Bruce Johnston of Morgan, Lewis & Bockius LLP has a large finance practice which encompasses restructuring and work out matters. He is proficient at handling matters which involve a European element.

Keith Bordell of Osborne Clarke has recently joined the firm from Speechly Bircham. His practice focuses on corporate recovery, advising clients on a range of restructuring options.

Sources praise Michelle Duncan of Paul Hastings (Europe) LLP for her excellent litigation skills. She regularly handles contentious insolvency matters and often acts on cross-border deals.

Mark Fennessy of Proskauer Rose LLP earns praise for his "impressive knowledge base" and his ability to "simplify complex issues for clients, especially in those situations where multiple jurisdictions are involved."  

"Technically brilliant and highly intellectual," Charlotte Møller of Reed Smith LLP has an excellent reputation amongst market observers. She has played a role in numerous high-profile insolvencies, including the Lehman case.

James Douglas of Ropes & Gray is recognised for his stellar expertise in complex structures, especially derivatives work, with one source describing him as "London's best-kept secret in that market." He is described as "pragmatic, commercial, incredibly astute and on top of the law."

Market observers agree that Tony Horspool of Ropes & Gray has leading creative brilliance. "He has an excellent flair for creativity," notes one source. Another adds: "He is massively creative and great with solutions." He regularly advises on complex restructuring matters.

Cathryn Williams of Squire Sanders is praised for her "100% commitment to her clients." Sources praise her ability to "get up to speed quickly, calm situations down and bring a level-headed, focused approach to a deal."  

Chris Howard recently joined Sullivan & Cromwell from Linklaters. Clients say he "has good practical ideas about what we should be looking at and always plans ahead." He attracts considerable praise from peers, who describe him as a "significant force" in the market. His expertise is often sought by financial institutions.

Foreign Experts

Foreign Experts are individuals with expertise in a different jurisdiction to the one they are based in. These individuals are particularly highly regarded for international and cross-border work. Usually, they will be identified in the jurisdiction in which they are based and in their country of expertise.

Senior Statesman

A 'Senior Statesman' is a lawyer who no longer works hands-on with the same intensity but who, by virtue of close links with major clients, remains pivotal to the firm’s success.

Eminent Practitioners

'Eminent Practitioners' are highly influential lawyers in a particular practice area who, due to managerial or client relationship commitments, are less active in day-to-day work but remain key players in the team.

Other Noted Practitioners

Other Noted Practitioners are individuals who have not yet been ranked but are seen to be active and accomplished in this area of law.

Other Noted Firms

Other Noted Firms are firms that have not yet been ranked but are seen to be active and accomplished in this area of law.