Thought Leadership

Security enforcement: the quiet remedy that packs a punch

A look at appropriation, a rarely used lender's remedy that allows a secured lender to take ownership of charged shares without a court process or a sale. It sets out why it is so underused and what ABT Auto v Aapico says about the 'commercially reasonable' valuation it requires.

European high yield & eurobond liability management for distressed companies

How distressed bond issuers use consent-based liability management to change their debt without a formal restructuring. It covers where English-law and New York-law bonds differ, and the case law that sets the limits (Azevedo, Assenagon, Marblegate).

UK insolvency rules are trapping firms between Scylla and Charybdis

Why employment law meant to protect jobs, TUPE in particular, can put buyers off rescuing a business in an insolvency and leave acquirers exposed in a distressed sale.

An introduction to UK restructuring

A short primer on UK restructuring and insolvency. It covers when a company counts as insolvent, how directors' duties change as trouble sets in, and the main tools: schemes, administration and pre-packs, CVAs, US Chapter 11, and the CIGA restructuring plan.

UK financial restructuring landscape in 2021

Reserve base lending

Lessons learned from the restructuring of the Co-operative Bank

Uses the Co-operative Bank's 2013 recapitalisation to show how bank-rescue law changed after the financial crisis, and the move towards 'bailing in' subordinated bondholders to help fund a restructuring.

Bankruptcy remoteness — a remote prospect?

Why structured-finance vehicles are built to be 'bankruptcy remote', and how the Eurosail and ARM Asset Backed Securities decisions cast doubt on whether those protections really hold up.

On "vulture funds", distressed debt & European restructuring

Stephen on distressed debt: whether the funds are predatory 'vultures' or the partners who put up rescue money, the problem of private equity 'sponsor designation' of lenders' counsel, and how the UK scheme of arrangement grew out of the early-2000s high-yield bust.