Corporate recovery is the term used to describe the mechanisms for effecting a turnaround of a company in financial difficulty. Corporate recovery is generally managed by a specialist accountant or insolvency practitioner, but there are significant issues on which the company and its directors will require legal advice, particularly in connection with directors’ duties and liabilities, personal and corporate guarantees, debt management and contracts with creditors, financial institutions and, ultimately, liquidators, administrators and receivers.
A corporate recovery scheme may at its most extreme involve a complete restructuring of a company or group.
We have extensive experience and expertise in advising companies and directors on the legal issues of corporate recovery. We also have a good relationship with accountants and insolvency practitioners who are specialists in the field of corporate recovery. We take a realistic and commercial approach to a client’s needs, always ensuring that we understand the commercial reasons leading to the corporate recovery scheme, and the desired outcome.