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Clifford Chance

Clifford Chance
Philip Hertz

Philip Hertz

Global Head of Restructuring and Insolvency

Global Head of Restructuring and Insolvency
Philip Hertz

Philip has been a Partner since 2002 and is Global Head of the Restructuring and Insolvency Group. He is a member of the Association of Business Recovery Professionals, INSOL, and the Insolvency Lawyers’ Association. Philip is a past President of the Insolvency Lawyers’ Association.

Philip is the co-author of the chapter entitled “Schemes of Arrangement” in Tolley's Insolvency Law and “Compromising Shareholder Claims both generally and in listed companies” in “The Law and Practice of Restructuring in the UK and US” as well as numerous articles on insolvency related topics. His practice involves general insolvency and restructuring work (as well as insurance run-off and insolvency work).

Relevant experience includes advising:

  • Gategroup in relation to an innovative restructuring plan to restructure the group’s financial indedtedness
  • Provident Financial Group in relation to a scheme of arrangement to cauterise its consumer redress exposures
  • Morses Company Limited in relation to a potential scheme of arrangement to cauterise its consumer redress exposures
  • The Official Receiver and Special Managers of Baglan Plant
  • Lessors to Malaysia Airlines in relation to the restructuring of the airline through a UK scheme of arrangement
  • Lessors to Garuda Airlines in relation to the restructuring of the airline through an Indonesian PKPU process
  • Nordic Aviation Corp in relation to a novel scheme of arrangement to effect a waiver and deferral across multiple facilities and lenders and also in relation to its subsequent balance sheet restructuring
  • the Department for Transport on the COVID-19 impact on the airline and airports sector, including in relation to the Virgin Atlantic restructuring plan, the first such plan implemented in the UK
  • HMG in relation to Flybe Limited
  • Matalan in relation to the restructuring of its financial indebtedness
  • Codere SA in relation to its second scheme of arrangement including the successful defence of a challenge to the scheme on class and fairness grounds
  • an ad hoc group of noteholders in relation to their holding of notes issued by Intu (SGS) Finance plc
  • Fosun, Thomas Cook Group plc's largest shareholder, on its attempted recapitalisation and restructuring of Thomas Cook
  • the partners of Deloitte on the possible pre- or post-pack sale of the business and assets of Debenhams Retail Limited
  • the senior lenders to Carillion in relation to its attempted restructuring and its ensuing liquidation following the appointment of the Official Receiver and Special Managers
  • Co-ordinating Committee of Lenders in relation to the restructuring of the Nyrstar Group
  • Official Receiver/Special Managers of British Steel Limited
  • the Co-operative Bank on all aspects of the successful completion of its recent restructuring
  • British Energy plc in relation to a GBP 1.3 billion restructuring of its business
  • the senior lenders to House Of Fraser in relation to its attempted restructuring and the administrators subsequently appointed in respect of House of Fraser in relation to the sale of the business to Sports Direct and ongoing matters
  • an Ad Hoc Group of Bondholders in relation to the restructuring of Abengoa SA
  • the management board of Scholz Group Holding GmbH in relation to the restructuring of its financial indebtedness
  • APCOA in relation to the restructuring of its financial indebtedness and its two recent innovative schemes of arrangement
  • a co-ordinating committee of senior lenders in relation to the restructuring of Autobar
  • a co-ordinating committee of senior lenders in relation to the restructuring of Metrovacesa
  • an ad hoc committee of senior lenders in relation to the restructuring of Promotora de Informaciones, SA (Prisa)
  • senior co-ordinating committee in the relation to the restructuring of SEAT PG SpA
  • senior lender co-ordinator in relation to the restructuring of BTC/Vivacom
  • co-ordinating committee of senior lenders in relation to the restructuring of Rodenstock GmbH
  • Second Lien Lenders to H.C. Starck in relation to the restructuring of that company’s financial indebtedness

News and client work

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Contact details

Career and qualifications

  • University College, London (LLB) 1989
  • Downing College Cambridge (LLM) 1991
  • Joined Clifford Chance as a trainee solicitor 1991
  • Admitted as a solicitor in England & Wales 1993
  • Partner since 2002

Professional bodies

  • Member of the International Association of Insurance Receivers, Insolvency Lawyers Association and R3

Awards and citations

  • Philip Hertz is held in high esteem by the market, with interviewees describing him as a "sharp strategic thinker" and "commercial, calm and proactive". He has recently led numerous market-leading mandates.
  • Chambers UK 2017 – Restructuring and Insolvency (Band 1)
  • Ranked in Band 1
    Chambers UK 2017 – Restructuring and Insolvency – Ranked Lawyers
  • Ranked as a Leading Lawyer
    Legal 500 UK 2017: Corporate Restructuring and Insolvency (Tier 1)