Department: Business Law
The client: Undisclosed
The deal: Administration.
Timescale: Instructions April 2008 - Completion March 2009
What we did: Advised on insolvency appointment for Client Company owned by overseas investor withdrawing from the UK due to adverse business rates regime which resulted in previously exempt premises being subject to rates.
Advising on legality and appeal prospects in relation to the new tax and then following certain strategic decisions on the appointment of administrators to decommission the business in an orderly and lawful manner for the benefit of the client and their customers.
We liaised over nine months with the dock landlord, client's bank and guarantors to achieve the best possible outcome for the client.
This co-ordination role required suitable attention to key relationships with the client, their landlord, suppliers, the insolvency practitioners and assisting the client in monitoring a worsening position in the context of the oncoming recession.