Our dedicated Restructuring and Insolvency team is made up of experienced experts whose pragmatism has earned its strong reputation for delivering commercial results packaged into one seamless service.
The depth of our talent allows us to provide restructuring and finance expertise across a full spectrum of products and structures with access to partners who focus in areas which often prove pivotal in distressed situations. For instance, finance, litigation and dispute resolution, regulation, real estate, pensions, tax, derivatives, corporate and tech.
We have the expertise to advise on all types of insolvency proceedings, concentrating on multi-jurisdictional proceedings; litigation and dispute resolution including protecting creditor claims, cross-border recovery, asset freeze, and search operations); purchase and sale of claims; advice in relation to avoidance actions; and advice on regulatory, financial, and commercial issues.
How can we help you?
Global reach
We have expertise around the globe in formal restructurings and informal workouts. We offer commercial and practical advice on a full range of contentious and non-contentious issues encountered in insolvencies. We concentrate on complex multi-jurisdictional restructurings and insolvencies with dedicated resources in key European jurisdictions, the Middle East, Americas, Asia, and in emerging markets. In recent times we have been involved in advising on some of the most important restructurings and insolvencies taking place globally.
Broad client experience
We regularly represent a whole range of stakeholders from corporate debtors experiencing financial difficulties to lender groups; agents to syndicated lending groups; commercial creditors; insolvency officers; official and unofficial creditors’ committees; principal finance and private equity sponsors; financial institutions; accountants; and financial advisers.
High-level expertise
We have the expertise to effect all types of transactions, including: restructurings and rescue securitisations; moratoriums; workouts; standstills and override arrangements; rescheduling of debts; debt to equity swaps; other forms of capital restructuring (e.g. rescue rights issues); restructuring by means of corporate finance transactions (e.g. buyouts, M&A, new equity investment, etc.); structured receiverships; corporate restructurings avoiding formal insolvency procedures (e.g. schemes of arrangements;) restructurings through insolvency processes (e.g. restructuring plans, formal cram down processes; pre-pack administrations, bankruptcy sales and purchases); and purchase and sale of bankruptcy claims.
R&I Global Briefings and Insights
Explore our global R&I insights, news and people updates from across our network
A recent case from the bankruptcy court for the Southern District of New York, In re Mega Newco, addresses the use of corporate entities created for restructur...
Fifth Circuit reverses Bankruptcy Court and holds that the 2020 uptier transaction was not a permissible “open market purchase” under an exception to the pro r...
In an article first published in the July issue of Butterworths Journal of International Banking and Financial Law, the authors examine sponsor-provided d...
Since its adoption in the US, practitioners and commentators have questioned whether and how a US court would apply the Cape Town Convention in a Chapter 11 ca...
The market for cryptoassets has grown enormously since Bitcoin was launched in 2009, nearly reaching $3 trillion total market capitalization by November 2...
It is clear that the US Supreme Court’s ruling striking down nonconsensual third-party releases in Harrington v. Purdue Pharma will have a meaningful impact on...
In the almost 20 years since the enactment of Chapter 15 of the US Bankruptcy Code, the protections afforded by that Chapter to debtors in foreign proceedings ...
A Material Adverse Effect clause permits the parties to a contract to void it if an event occurs which changes the fundamental underpinning on which the contra...
Many boards face unprecedented situations and challenges ahead. Directors representing shareholders (such as private equity investors), need to act with all di...
In recent years, it has become almost commonplace for companies facing mass tort liability in the US to turn to US bankruptcy courts to provide a central forum...
We already knew the outcome of the Court of Appeal’s decision to uphold Thames Water restructuring plan provided on 17 March.
On 15 April, the Court of A...
On 17 March, the English Court of Appeal dismissed an appeal against the interim restructuring plan proposed by Thames Water, and supported by its Class A cred...
On 18 February, the English court approved the interim restructuring plan proposed by Thames Water and supported by the Class A creditors (the "Plan&...
On 3 February 2025, the English High Court sanctioned a restructuring plan proposed by Sino-Ocean Group Holding Limited ("Sino-Ocean") despite opposi...
The new EU recovery and resolution directive (IRRD) will create a harmonised recovery and resolution planning framework for EU insurance and reinsurance compan...
On 13 December 2024, the European Council issued a press release announcing its position on the core Capital Markets Union (CMU) legislation, specifically aime...
The first hearing of the Thames Water (Thames) restructuring plan took place on 17 December 2024. Thames' restructuring plan is supported by its largest C...
The UK is recognised internationally for its offering of top-ranking higher education institutions.
However, many UK universities have found themselves facing ...
Recent developments in motor finance commission cases have highlighted the need to modernise the UK's redress system, with potential costs to financial institu...
On 20 November 2024, the English Supreme Court delivered its judgment in the case of Kireeva v Bedzhamov [2024] UKSC 39.
This addressed the limitations o...
The investigation by the Financial Conduct Authority (FCA) into potential mis-selling of motor finance on the basis of discretionary commission arrangements wi...
The Financial Conduct Authority (FCA) is consulting in CP24/20 on a package of near- and long-term changes to the safeguarding regime for UK payments inst...
The English court has granted a security for costs order in favour of Tameside and Glossop Integrated Care NHS Foundation Trust in relation to its challenge ag...
In a landmark decision, the District Court of Amsterdam has for the first time sanctioned a Dutch Restructuring Plan (WHOA) of bonds that were originally ...
Much ink has already been spilled over the recent English case initiated against the former directors of four companies in the British Home Stores Group (BHS)....
Re UKCloud Ltd (in liquidation) is another first instance case which considers whether security is fixed or floating, following closely after Re Avanti Communi...
On 17 April 2024, the UK Jurisdiction Taskforce (UKJT) published a comprehensive Legal Statement on Digital Assets and English Insolvency Law (the Stateme...
On 21 March 2024 the Dutch Court confirmed the latest stage in the restructuring of the McDermott International Group by approving its Dutch WHOA.
It is the fi...
In the latest development for UK restructuring plans, on 4 March, the English court ordered a further meeting of creditors to consider an amended plan for the ...
In a much-awaited decision the Court of Appeal has upheld an appeal by bondholders against a restructuring plan pursuant to Part 26A of the Companies Act 2006....
A special administration regime for water industry companies which ensures the continued provision of essential water and sewerage services has been around for...
Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, ...
The Luxembourg law dated 7 August 2023 on business preservation and modernisation of the bankruptcy regime (the "Business Preservation Law") introduc...
In recent weeks, there has been much discussion on the judgment handed down on 4 September 2023, by Commercial Court No. 2 in Barcelona, which resolved the jud...
On 7 June 2023, the Belgian parliament adopted a long-awaited bill amending the Belgian insolvency provisions to implement the European Restructuring Directive...
The Economic Crime (Transparency and Enforcement) Act 2022 introduces a new registration regime for overseas entities. Overseas entities which own or acqu...
On 15 July 2022 the Italian Business Crisis and Insolvency Code ("Code") entered into force. The Code has been updated by the recently enacted Legisl...
In the latest 'super scheme' case Re Smile Telecoms Holdings Limited [2022] EWHC 740 (Ch), the English Court has reached a high-water mark in approving a restr...
A new national security screening regime comes into effect on 4 January 2022 which gives the Government the power to assess certain transactions for national s...
On 28 June, almost a year to the day since the introduction of the new English restructuring plan under Part 26A Companies Act, an application to approve ...
Following announcements made earlier this week by the UK Government that there is to be a 4 week delay to the lifting of all restrictions, further temporary in...
From 30 April 2021, an administrator of an insolvent company may not make a substantial disposal within the first eight weeks of an administration to anyone co...
The long-discussed bill for the "further development of the German restructuring and insolvency Law (SanInsFoG)" entered into force on 1 January 2021...
International law reform in the context of restructuring and insolvency has been gathering pace for a number of years. The focus is very much on the developmen...
As at 1 October 2024, the President of the United Arab Emirates promulgated a new Federal-level law on the netting of qualified financial contracts under Feder...
On 1 May 2024, Federal Law Decree 51/2023 on Financial Restructuring and Bankruptcy (the "2024 Bankruptcy Law") came into force and replaced the prev...
The New Saudi Insolvency Law represents a significant step towards the achievement of Saudi Arabia’s Vision 2030 and to improve the position of Saudi Ara...
The introduction of the new insolvency law (DIFC Insolvency Law No 1 of 2019 and the DIFC Insolvency Regulations 2019 on 13 June) is the latest in a number of ...
The Privy Council in Sian Participation Corp (In Liquidation) v Halimeda International Ltd [2024] UKPC 16 has held that the proper test when the court is decid...
Keepwell deeds (KWDs) and equity interest purchase undertakings (EIPUs) have for some time been special features of offshore financings by Mainland groups of c...
With the continued global expansion of the pool of private credit, what does the future hold? Will the boom times continue, or will enthusiasm be dampened by t...
On 14 May 2021, the Hong Kong SAR Government and the PRC Supreme People's Court signed a Record of Meeting setting out a landmark consensus for mutual recognit...
Re Avanti Communications Limited (in administration) is a helpful first instance case for secured lending and will be welcomed by borrowers and lenders. It con...
We live in uncertain times, where many companies face challenges brought about by the sudden and wide-ranging economic impact of Coronavirus. Whilst government...
On 14 March 2024, the National Development and Reform Commission (NDRC) of the People's Republic of China issued a consultation paper for the Circular of NDRC ...
The financial impact of Coronavirus (Covid-19) on businesses which operate, or are reliant upon suppliers or customers, in affected areas has been widely repor...
On 5 January 2023, the National Development and Reform Commission (NDRC) released the Administrative Measures for the Review and Registration of Medium and Lon...
Clifford Chance expands European Private Credit capability with hire of partner Gianluca Fanti
Global law firm Clifford Chance announces that Gianluca Fanti has been appointed as a partner in its Global Financial Markets team based in Milan, as the firm expands its European structured debt and special situations team. He joins the firm from White and Case in early 2025.
Global law firm Clifford Chance has hired partners David Schultz and Matthew Hinker, further strengthening its Private Equity and Restructuring & Insolvency practices. They join from O'Melveny.
Hinker, a restructuring and insolvency partner, focuses his practice on complex Chapter 11 bankruptcy proceedings representing debtors, creditors, purchasers, lenders and other parties-in-interest in Chapter 11 reorganizations, out-of-court restructurings, and bankruptcy litigation. His experience spans several sectors such as retail, restaurant, hospitality, energy, and manufacturing.
Clifford Chance further strengthens its European Restructuring & Insolvency practice
Clifford Chance further expands its global Restructuring & Insolvency law practice with the hire of another leading and highly experienced partner in Germany: Kolja von Bismarck will join the partnership with effect from 1 October 2024.
Alongside colleagues Andreas Steiger and Patrick Schulz, who joined Clifford Chance on 1 June 2024, Kolja von Bismarck and his well-established team will take on both German and cross-border restructuring mandates from Munich.
Clifford Chance expands its restructuring capability in Europe
Clifford Chance hires two market leading and highly experienced partners in Germany: Patrick Schulz and Andreas Steiger. The hire of these two top tier restructuring partners will strengthen the Restructuring & Insolvency team in Germany, led by Managing Partner Stefan Sax, and further enhance Clifford Chance's global capabilities in this area.
Clifford Chance grows Restructuring & Insolvency practice in the Americas
Clifford Chance has hired US partners Brian J. Lohan and Maja Zerjal Fink, further strengthening its global Restructuring and Insolvency team in New York. Their practice covers all aspects of corporate reorganizations, distressed situations and bankruptcy and insolvency proceedings for US domestic and international clients.
Designed for business users, our Cross Border Guides offer a concise and practical overview of the key legal and market developments in jurisdictions around the world. Our clear guidance helps you assess the key issues and focus on what you do best: create a successful deal.
Cross Border Financing Guide
Accessing information critical to the proper structuring of a cross border transaction is essential to the success of a deal. The Cross Border Financing Guide gives you online access to the information that can make or break your deal.
The Debt Restructurings Guide provides an overview of the key issues to be considered in restructurings. It sets out the restructuring options available in key jurisdictions including pre-packaged solutions, court supervised schemes, and restructuring plans.
The Cross Border Merger Control Guide gives you a practical aid to multi-jurisdictional merger control, foreign investment and national security reviews.
Guide to Asia Pacific restructuring and insolvency procedures
We are pleased to present the third edition of our guide to restructuring and insolvency laws and procedures across key jurisdictions in the Asia Pacific region. This updated guide provides an overview of each jurisdiction’s applicable laws and regulations on key areas of concern, with chapters covering Australia, Mainland China, Hong Kong SAR, India, Indonesia, Japan, South Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam.
Restructuring plans as commercial litigation – navigating a complex legal environment
Thursday 1 May 2025
17:00 BST | 18:00 CEST
In-person event:Clifford Chance LLP 10 Upper Bank Street, Canary Wharf, London E14 5JJ
Restructuring plans have been powerful and highly contentious tools within the domestic and cross-border restructuring markets. Our panel will focus on the key points companies and dissenting creditors will need to navigate, and the novel strategies that parties are importing from the world of commercial litigation. We will also consider the developments that we think are on the horizon.
Mastering double Luxcos, Anglocos, Dutchcos and French Fiducie (Hybrid event)
Tuesday 13 May 2025
17:00 BST | 18:00 CEST
Hybrid Event: Clifford Chance LLP, 10 Upper Bank Street, Canary Wharf London E14 5JJ /and Online webinar (Webex)
Our panel of legal professionals, accompanied by a valuation expert and a security trustee, will share their first-hand experiences and will also examine the interplay between enforcement strategies and intercreditor considerations, providing a comprehensive understanding of the nuances involved in these cross-border structures.
Tune in for a discussion among Clifford Chance partners Neil Evans, Matt Dunn and Melissa Coakley about hybrid capital solutions, in particular preferred equity and Holdco debt, and what is driving their popularity among issuers and investors.
Access the Clifford Chance Financial Markets Toolkit for a 24/7 online resource that gives you the cutting-edge knowledge you need for your financial markets business. Aimed at all professionals working across the global financial markets, the Toolkit comprises a collection of publications, guides and transaction tools from across our network. It has been designed to be compatible with smart phones and tablets and its resources are available to you on demand, whenever you need them.
Aggregate. Advised a leading European investment manager and core creditor in relation to the €1.2 billion restructuring of Project Fürst, a landmark construction project in Europe. This complex multi-jurisdictional transaction involved the laws of the UK, Luxembourg, Germany and the Netherlands and an implementation involving a COMI shift to England and use of the part 26A restructuring plan.
Bio City. Advised the Bio City Development Company, a healthcare and research infrastructure developer, in relation to a proposed acquisition of equity and redemption of outstanding debt implemented via a change of law from English to Dutch and a ground-breaking Dutch WHOA.
Calon Energy (Baglan). Advised the Official Receiver and Special Managers of Baglan Power Station. TRI Company Award for Business Continuity – TRI Awards 2022.
Eskom. A group of lenders on the corporate reorganisation of Eskom, South Africa’s electricity public utility.
Eroski. Advised Eroski on the restructuring of its €1.2bn financial indebtedness (Eroski is a highly prominent Spanish supermarket chain with over 1000 retail outlets in Spain). The restructuring was implemented through the issuance of Eroski’s first ever High Yield Bond under US law, and the simultaneous execution of several financing agreements (TLA, bridge financing, working capital facilities, ICO backed loans) under both Spanish and English law.
Evergrande. Acting for the Hong Kong liquidators of Evergrande, the second largest Chinese property developer.
gategroup.Advised gategroup Holding AG on the restructuring of its senior and mezzanine facilities by way of a UK Part 26A restructuring plan and utilising an innovative and specially incorporated "deed poll company. The restructuring was implemented via the first part 26A restructuring plan to successfully argue its status as an insolvency proceeding for the purpose of international recognition.
Hong Kong Airlines. Provided contingency planning and implementation advice to five of Hong Kong Airlines' aircraft lessors in relation to the latter's use of a parallel Hong Kong scheme of arrangement and United Kingdom restructuring plan. We also acted for the largest creditor CDB holding 47% of the debt.
JBF RAK. Advised certain of the senior secured creditors to the JBF Group on the UAE’s first debt-for-equity swap implemented under the onshore Bankruptcy Law. The court-sanctioned restructuring plan is also the first to successfully cram down dissenting secured creditors.
Leoni. Advised the investor Mr Pierer and the Pierer Group on the restructuring of LEONI Group, the first restructuring of this magnitude which was implemented on the basis of the StaRUG in Germany.
Link Fund Solutions Ltd. Advised Link Fund Solutions Ltd, the authorised corporate director of c.£90bn of UCITS funds, in relation to a Financial Conduct Authority investigation and its high profile contested consumer redress scheme. Implemented via an FCA supported scheme of arrangement.
Lion Air. Advised various financiers and lessors on the restructuring of multiple leases to Lion Air. European Restructuring Deal of the Year – Airline Economics European Aviation 100 Deal of the Year Awards 2023.
Malaysia Airlines. Acted for a large group of lessor creditors to the Malaysia Airways Berhad group through the development and implementation of a large multi-stakeholder multi-jurisdictional restructuring. Deal of the Year, Airline Economics Deal of the Year Awards 2021.
Matalan. Advised UK retailer Matalan in the highest profile UK restructuring of 2022. Acted on its comprehensive recapitalization involving debt to equity swap, pre-packaged administration, refinancing and new money injection.
Nordic Aviation Capital. Advised NAC, the world’s largest regional aircraft lessor, on the successful restructuring of approximately $6bn of its secured and unsecured debt implemented via an Irish law Scheme of Arrangement and on its subsequent restructuring by way of US Chapter 11.
NMC Healthcare. Advised the Ad Hoc Creditors' Committee of NMC Healthcare on its ground-breaking $7 billion financial restructuring, including the first-ever use of ADGM administration and deeds of company arrangement. Restructuring Deal of the Year IFLR Middle East Awards 2022.
Orpea. Advised an ad hoc committee of Taiwanese banks who are Schuldshein lenders to Orpea, French care home giant, restructuring via sauvegarde proceedings.
Pacific Andes. Advised the liquidators of certain entities in the Pacific Andes group, including with respect to ongoing US bankruptcy proceedings of other entities within the group.
Pierre et Vacances. Advised on the acquisition by Atream, Fidera and Alcentra and €1.5bn debt restructuring of the French tourism group, implemented via sauvegarde proceedings.
Silicon Valley Bank. Advised HSBC on the emergency first of its kind acquisition of SVB UK, brokered by the Bank of England and the UK Government pursuant to powers under the Banking Act 2009.
Takko. Advised certain term loan and letters of credit lenders to Takko Fashion, a major European discount fashion retailer, in respect of negotiating a sustainable solution to the company's upcoming debt maturities in 2023.
The Learning Network. Advised the Lenders on the financial restructuring and ultimate distressed sale by way of Dutch pledge enforcement of The Learning Network Group from TowerBrook Capital Partners to Hans van der Wind (ex-owner, current board member and minority shareholder) and Intersaction.
Vroon. Advised certain senior lenders to Vroon, a prominent Dutch shipping group, in relation to the group’s cross border restructuring process, including via a parallel Dutch WHOA and an English scheme of arrangement. Restructuring Deal of the Year – IFLR Europe Awards 2024.
Webuild. Advised global construction group Webuild on the successful restructure and acquisition of Australian engineering and construction company Clough Group through a deed of company arrangement. The transaction represents the largest successful trade-on and turnaround of a construction group through voluntary administration in Australian history.
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Clifford Chance has a strong collaborative culture where all lawyers are technically strong and experienced. They provide clear, thoughtful advice and do not over-hedge.
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Clifford Chance works on the most complex and unique restructurings. The team is relentless and systematically able to adapt to every setback.
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Clifford Chance
