Restructuring and insolvency
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Restructuring and insolvency

Our restructuring and insolvency team is a multi-jurisdictional team of lawyers who advise a wide array of stakeholders on all issues arising in connection with financial distress.
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Ranked amongst the top 30 firms globally for cross-border restructuring and insolvency mandates by Global Restructuring Review, our team combines technical excellence with the ability to apply astute commercial insight to any given situation.

We act for companies, banks, funds, other financial institutions, office holders, indenture trustees, pension trustees, directors and individuals dealing with the consequences of financial distress.

We are consistently recognised as experts in our field by the legal directories. Our vast experience in all types of corporate restructuring and insolvency, coupled with a deep understanding of the needs of clients in this area, means that we are able to craft practical, commercial and cost effective solutions.

Our lawyers' extensive cross-border experience means that we are able to find solutions which best protect our clients' interests, whether through optimal use of the legal frameworks which exist to facilitate cross border restructurings, or by identifying those jurisdictions and laws that are best suited to our clients' needs.

Our work covers all sectors – and encompasses domestic and international debt restructurings, schemes of arrangement, CVAs, administrations (including pre-packs), refinancings, workouts and turnaround strategies, debt for equity swaps, distressed M&A, distressed investing, loan to own strategies, receiverships, liquidations, personal bankruptcy, insolvency litigation and investigations, and fraud and asset recovery.

"provides 'robust advice' to a diverse array of clients including funds, insolvency practitioners, corporates and banks, and is best-known for its 'very strong capability in relation to contentious matters"

The Legal 500 UK 2020

E-Commodities Holdings (f/k/a Winsway)

Advising one of China’s largest coal importing companies on its award winning US$350 million bond restructuring using parallel Hong Kong and BVI schemes of arrangement and recognition under Chapter 15 of the US Bankruptcy Code.

AI Scheme Limited

Advising a company in the financial services sector on consumer liabilities; devising, negotiating and implementing ground breaking scheme of arrangement involving 11 banks, around 2 million creditors and various regulatory bodies.

Bolton Wanderers FC

Advising the joint administrators on the administrations of Bolton Wanderers Football & Athletic Company Limited, including on the sale its assets to Football Ventures (Whites) Limited, securing the future of the Bolton Wanderers Football Club.

Confidential restructuring of major Ukrainian group of companies

Acting for the companies in this major ongoing financial restructuring involving around $660 million of bank and note debt.

PSBP Midlands Limited

Advising administrative receivers of schools building project on numerous matters, including liaising with stakeholders, replacing the management services provider and contractual arrangements for completing the building project.

Pan Ocean Co Limited

Advising syndicates of lenders in connection with the Korean rehabilitation proceedings in connection with this huge shipping group, including litigation in the English court arising out of the Korean process.

Tomlinson Report

Acting on a number of litigious matters associated with the publication of the Tomlinson Report, including in relation to various claims against insolvency practitioners for alleged breach of fiduciary duty, negligence and breach of contract.

TES Aviation Group

Advising this aviation group on its proposed restructuring and subsequent pre-pack administration.

Noble Group Limited

Advising Bermudian provisional liquidator on the liquidation process used to implement this $3.5 billion restructuring.

Hanjin

Advising various bank syndicates on restructuring and then the Korean rehabilitation proceedings; dealing with various arrest proceedings in multiple jurisdictions.

Integrated Subsea Services Limited (in administration)

Advising the secured creditor in connection with this insolvency in the off-shore sector, involving numerous cross-border issues.

Toys R Us

Advising the administrators of the English entities on a range of matters in the administration including issues arising from aspects of the US Chapter 11 proceedings, and certain pension related matters.

Bell Pottinger group

Acting for the administrators of the English entities within the Bell Pottinger group following the PR firm's collapse into administration after a media scandal.

Angel Group Limited (in administration)

Advising former administrators of this property group on various issues including significant litigation against them involving an application to remove them.

Peak Hotels and Resorts Limited (in liquidation)

Advising liquidators on English aspects of this BVI liquidation of Peak Hotels, a partner in a JV which formerly owned the prestigious Aman Resorts, including recognition in England, security issues and claims.

The Co-operative Bank Plc

Advising the trustee of various issues of notes affected by the liability management exercise undertaken by the Bank, including the exchange offer and consent solicitation and the scheme of arrangement.

IM Skaugen SE

Advising and acting for one of the first foreign companies to successfully obtain scheme moratorium protection from the Singapore courts. This resulted in the first Singapore decision providing clarity on the scheme moratorium regime under s. 211B of the Companies Act (Cap.50).

Jack Wills

Advising and acting for the liquidators of Jack Wills (SG) Pte Ltd as part of the global administration of Jack Wills Limited, in respect of intellectual property as well as title/ownership issues.

Pacific Radiance

Advising and acting for one of the secured lenders in respect of scheme of arrangement moratorium applications by Pacific Radiance Limited and Pacific Crest Pte Ltd and successfully obtained a carve-out of the lender's secured assets from the moratoria orders.

Lawyer

Susan Moore Partner and head of restructuring and insolvency

T:  +44 20 7809 2111
M:  +44 77 6997 6929 Email Susan | Vcard Office:  London

Lawyer

Jamie Stranger Office managing partner Greater China

T:  +852 2533 2780
M:  +852 9354 4481 Email Jamie | Vcard Office:  Hong Kong

Latest news & insights

22 Oct 2020

From Insights

Going concerns - October 2020

In the latest edition of Going concerns, Stephenson Harwood’s Asia restructuring and insolvency team touch on key changes in Singapore brought about by the recent Sing..

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17 Aug 2020

From Insights

Media coverage: Professional Pensions - What the new corporate insolvency law means for the pensions industry

The 248-page Corporate Insolvency and Governance Act provides additional options and protections for companies that would otherwise be facing insurmountable financial ..

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10 Aug 2020

From Insights

Corporate Insolvency and Governance Act 2020 – How does this impact secured lenders?

CIGA introduces various changes to various provisions of the Insolvency Act 1986 and the Companies Act 2006.

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22 Jun 2020

From Insights

Restructuring and insolvency issues: understanding and enhancing your position

Clearly there are some major economic challenges ahead. Many businesses may be able to withstand the challenges ahead but it may very well be that their trading counte..

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15 Jun 2020

From Insights

Three things corporates need to know about the new Corporate Insolvency and Governance Bill 2019-21

This briefing focuses on the proposed changes to shareholder meetings and Companies House filing deadlines.

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12 Jun 2020

From Insights

Financing arrangements: covenant breaches/ financial distress

The Covid-19 pandemic and the response to it, including global lockdowns, has caused substantial disruption to business operations and trade which has resulted in sign..

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11 Jun 2020

From Insights

Cross border insolvency in Hong Kong – second recognition of PRC winding up

Shenzhen Everich Supply Chain Co, Ltd (in Liquidation in the Mainland of the People’s Republic of China) [2020] HKCFI 965 (date of judgment: 4 June 2020)

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30 Mar 2020

From News

Stephenson Harwood provides advice to the British Private Equity & Venture Capital Association in connection with insolvency law amendment

Law firm Stephenson Harwood LLP, together with other insolvency experts, has advised The British Private Equity & Venture Capital Association (BVCA) in connection with..

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16 Mar 2020

From Insights

Insolvency law update - Gibbs Rule and the first Hong Kong scheme involving a PRC law governed debt香港特区首个涉及中国法管辖的债务偿还计划与吉布斯规则 (Gibbs Rule)

China Lumena New Materials Corp (In Provisional Liquidation) [2020] HKCFI 338 (decision made on 23 January 2020 and reasons given on 4 March 2020)

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24 Jan 2020

From Insights

香港地区破产与仲裁程序间的相互较量

Sit Kwong Lam v Petrolimex Singapore Pte. Ltd [2019] HKCA 1220案 (裁决日期:2019年11月1日) But Ka Chon v Interactive Brokers LLC [2019] 5 HKC 238案 (裁决日期:2019年8月2日)

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24 Jan 2020

From Insights

香港法院首次颁令承认中国大陆破产管理人

上海华信国际集团有限公司(在中国大陆清算)[2020] HKCFI 167 (裁决日期:2020年1月13日)

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16 Jan 2020

From Insights

First recognition order granted by the Hong Kong Court to PRC insolvency practitioners

CEFC Shanghai International Group Limited (in Liquidation in the Mainland of the People’s Republic of China) [2020] HKCFI 167 (date of judgment 13 January 2020)

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09 Jan 2020

From Insights

The interplay between insolvency and arbitration proceedings in Hong Kong

Sit Kwong Lam v Petrolimex Singapore Pte. Ltd [2019] HKCA 1220 (date of judgment 1 November 2019) But Ka Chon v Interactive Brokers LLC [2019] 5 HKC 238 (date of judgm..

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16 Dec 2019

From Insights

新除牌制度与借壳上市规则

——新修订将如何影响上市公司重组

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© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.