Restructuring for your future
At Tughans we have one of the largest insolvency and restructuring legal teams
in Northern Ireland. Our team has developed into a focused and specialised unit, experienced in providing its core services to a full range of clients. With the breadth of experience in all required specialisms the team has the ability to meet and exceed the service requirements and expectations of banks, insolvency practitioners and both corporate and private businesses in the market place.
The changing economic climate has required our team to meet the needs and demands of the market place’s needs for insolvency and restructuring services. We have acted in a number of major insolvencies in Northern Ireland including regularly advising appointed administrators such as PriceWaterhouseCoopers and BDO. In addition to the widespread use of administration as a formal insolvency procedure for restructuring of both debt and a business, we have witnessed the prolific use of fixed charge receiverships as mechanisms for lenders to realise or take control of assets over which it holds fixed security. These are only two of the varied mechanisms that can be employed in the insolvency and restructuring environment. The team continues to expand its skill set, cognisant of continual developments in legislation and case law ensuring that clients receive the highest standard of advice possible.
What we do
- Restructuring/Pre-Insolvency Advice
We advise clients concerning their position in any dispute, for example, in relation to the operation of shareholder, inter-creditor and syndication agreements. We have a broad experience ranging from advising on the use of schemes of arrangement to cram down classes of creditors, to applying for the rectification of contractual arrangements and security interests, including relevant dealings with Companies House and the Land Registry. We regularly act to restore companies to the register in order to allow assets and interests to be realised and protected. We also advise directors regarding their obligations and duties.
- Formal Insolvency: Company &Individual Voluntary Arrangements
We advise banks, office holders and creditors in relation to issues and disputes arising during the course of administrations, receiverships (administrative, fixed charge and Court appointed), company voluntary arrangements and liquidations (voluntary and compulsory, solvent and insolvent). We are also experienced on matters concerning personal insolvency including individual voluntary arrangements and bankruptcy.
- Restructuring and Insolvency Litigation
Investigations, discovery and litigation in insolvency proceedings are typically on a more compressed timetable than other civil litigation. The team have advocated as both plaintiff and defendants’ counsel in many high-profile and precedential cases, in areas such as challenges to administrators appointments, challenging the process and voting in company voluntary arrangements, fiduciary duties and alleged negligence of directors and officers. Our expertise in these matters gives us a broad and balanced perspective on the strengths and weaknesses of each case. We have been heavily involved in a number of the leading cases in the area.
The depth and breadth of experience of our team provides us with the capacity to deal propitiously with our clients’ instructions. The nature of insolvency and restructuring is quite often tardy with lenders learning at the eleventh hour of the imminent liquidation of a borrower or indeed a debtor, facing the appointment of an office holder over its assets. Time is not available in these situations and our team has a recognised reputation of providing expeditious yet commericially efficacious insolvency and restructuring advice. Toby McMurray leads the team.
Our experience in the insolvency market is unparalleled. The profile of the instructions that we receive is testament to this. This is not by chance as we are continually pushing ahead of our competitors, ensuring that our team has a knowledge and skills base that is capable of dealing with the most complex and sizeable insolvencies in the market.
"The team is highly engaged and makes us feel that we're important. Members are responsive and enthusiastic
." (Chambers UK 2014
Toby McMurray is praised in Chambers UK 2011
for his "business acumen and the speed with which he grasps key issues."
Fearghal O’Loan "He always knows what to argue for and what is achievable." Chambers UK 2011