LEGAL
Restructuring & Special Situations
Industry expertise, international capability and a track-record of advising on the full spectrum of issues arising from financial distress
Search our PeopleFinancial distress, restructuring and insolvency have been on the rise in recent years due to economic challenges presented by the pandemic, rising interest rates and high inflation, and a slowdown in market activity for some sectors.
When businesses are in financial distress, considering all options is essential, as well as an understanding of all the stakeholders' interests so as to aim to optimise the commercial outcome.
Our team covers the field in terms of turnaround, restructuring, insolvency and distressed investment legal services. Whether applying creative techniques to a distressed company, working to turnaround a company in difficulty, or managing a major corporate collapse, our team has the requisite skills and experience to help optimise each client's position. We pride ourselves on being one of the few balanced restructuring practices, regularly representing clients across the capital structure on both domestic and cross-border restructuring and insolvency cases.
Global network, local knowledge
Local Knowledge: We are at the forefront of the latest structures, techniques, terms and processes across Europe, Asia and Australia. In jurisdictions where Ashurst does not have a restructuring presence, we have forged strong relationships with leading expert counsel.
A truly balanced practice
Our depth of experience advising a broad range of stakeholders, including distressed and alternative investment funds, bondholders, borrowers, directors, clearing banks, senior lenders, junior lenders, bondholders and insolvency practitioners, means we have the insights to help find commercial solutions for difficult credit problems.
Industry approach
While our restructuring lawyers are, by virtue of their training, "sector agnostics", we can capitalise on the vast industry and sector experience the wider Ashurst network offers. Our restructuring experts thoroughly understand the workings of key industry sectors, such as real estate, oil and gas, infrastructure projects and financial services.
How we can help
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Restructuring and special situations
When businesses are in financial distress, considering all solutions is essential to retain value and to first avoid formal insolvency, including debt negotiation and business restructuring to achieve a better financial future.
Read moreRestructuring and special situations
Distressed debt on the rise
When businesses are in financial distress, considering all solutions is essential to retain value and to first avoid formal insolvency, including debt negotiation and business restructuring to aim to achieve a better financial future.
The number of methods and structures available to facilitate distressed debt trades and to restructure overleveraged and underperforming businesses is on the rise, driven by legislative reform as well as factors such as ongoing balance sheet deleveraging, capital management and increased trading of non-performing loans.Commercial solutions for difficult problems
Our restructuring team sits across key jurisdictions in Europe, Asia and Australia and has a hands-on approach to restructuring distressed debt and equity. We offer a full service, both on the debtor and creditor sides of high-value restructurings. Having played a key advisory role in many major domestic and cross-border business turnarounds and corporate collapses of the past few decades, we are at the forefront of the latest structures, techniques, terms and processes to aim to find commercial solutions for difficult credit problems. Our lawyers advise on the full spectrum of issues that arise in these situations, including directors' duties, secondary debt trading, loan-to-own strategy, non-performing loan portfolios, schemes of arrangement, company voluntary arrangements, administration pre-packs and contentious enforcement scenarios.
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Insolvency
Formal insolvency processes can be used where restructuring options are unavailable or have been exhausted, or as a tool to implement a restructuring.
Read moreInsolvency
When to use a formal insolvency process
Formal insolvency processes can be used where restructuring options are unavailable or have been exhausted, or as a tool to implement a restructuring. Depending on the circumstances, an effectively planned and managed external administration can provide relief and opportunity for revival.
In-depth knowledge
Our team has an in-depth knowledge of administration, liquidation and receivership procedures, across Europe, Asia and Australia. In jurisdictions where we do not have a restructuring presence, we have forged strong relationships with expert local counsel. We have advised on numerous trading administrations as well as pre-pack administrations and receiverships.
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Distressed investing
Global distressed debt opportunities are growing as inflation continues to rise in many countries across the globe.
Read moreDistressed investing
Distressed debt opportunities
Global distressed debt opportunities are growing as inflation continues to rise in many countries across the globe and in the aftermath of the pandemic, as businesses carry significant debt in an uncertain environment and may be looking for ways to restructure their debts. Driven by factors including ongoing liquidity constraints and increased trading of non-performing loans, the number of methods and structures available to facilitate distressed debt trades is on the rise.
Experience of working on both sides of a distressed debt trade
Our distressed investing team acts on both the sell and buy sides of a distressed debt trade, guiding clients through the many options available. We assist clients on the agreement and settlement of consensual and non-consensual loan-to-own transactions, the sale or purchase of non-performing loan portfolios, and the sale or purchase of single credits in a distressed or par value context. Our team has been involved in some of the largest portfolio transactions and projects in recent times.
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Insolvency litigation
Insolvency litigation trends have increased as stakeholders in distressed companies become more proactive in protecting their interests, leading to more disputes over asset recovery and breach of fiduciary duties.
Read moreInsolvency litigation
Litigation on the rise
Insolvency litigation trends have increased as stakeholders in distressed companies become more proactive in protecting their interests, leading to more disputes over asset recovery and breach of fiduciary duties. Whether facing an immediate challenge or a need to protect assets in the future, our team of litigation experts has broad experience of advising and acting in complex cases. Whether you are a creditor, investor, debtor or officeholder, we will work towards helping you minimise risk and hold value.
Advising on all aspects of dispute resolution
We advise on dispute resolution in enforcement proceedings, including in disputes over the interpretation or performance of agreements or arising out of opposition to the enforcement of security. We can advise on insolvency-related litigation and other recovery techniques to assist recoupment of shortfalls from the proceeds of secured assets. We combine our expert dispute resolution and contentious insolvency experience with the transaction expertise of our global restructuring and special solutions group to provide a seamless multi-disciplined service.
We understand your business
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RSSG webinars
January 2025 - Restructuring and Insolvency review of 2024 and predictions for 2025
There were several legal developments in European restructuring in 2024 that have the potential to impact restructuring outcomes in 2025. On 21 January members of our global restructuring practice led a discussion on three critical developments. Drew Sainsbury and Karsten Raupach were joined by experienced CRO Steve Welch to discuss the evolution of directors' duties in the UK. Inga West and Jose-Christian Bertram discussed the use of restructuring tools like the various European cram-down tools. Finally, Jacques McChesney, Olga Galazoula and James Fletcher discussed the emergence of aggressive US-style liability management exercises in Europe and strategies creditors can use to defend against them.
Previous webinars
June 2024 - Six Months into 2024: What's Hot and What's Not?
On 26 June, Ashurst's restructuring experts in Europe and Asia came together to discuss the key trends that they have seen developing in their markets. Rob Child spoke with Inga West about the restructuring view across APAC, included the latest developments in Chinese real estate restructurings, Singapore’s recent clarification on directors' duties in distressed situations and how the "Lion City" is faring as an international restructuring hub. Noam Ankri and Ru-Woei Foong expressed their views about the rise of France as a centre for large capital structure restructurings and discussed which restructuring tools are typically used and whether forum shopping to the UK is a concern.
What do you want our next webinar topic to be or what would you like to listen to? Contact the RSSG Webinar Team with your suggestions and a member of the team will get back to you as soon as possible.
