Restructuring/Insolvency: London

THE SET  Sources are unanimous in their verdict that South Square offers "unparalleled expertise in restructuring," and has "done a fantastic job in cornering the insolvency market." High-end commercial lawyers are extremely enthusiastic about the work undertaken by the established silks here, and further highlight the abundance of junior talent within chambers' ranks. The set's recent work on the MF Global and Kaupthing insolvencies, and its appearance in a string of crucial Supreme Court cases, including Rubin and Nortel, serve to underscore the high level at which this set routinely operates.

SILKS William Trower QC acts for officeholders and creditors on cross-border, precedent-setting insolvencies and restructurings. He is widely recognised for his work on the Lehman Brothers and Nortel insolvencies, and is "the go-to man" for top law firms. His courtroom style is confident and effective, and he is described as "without a doubt the best team player in the market - he positions himself not just as adviser, but presents as a member of the team with shared responsibility."

Antony Zacaroli QC is an "extremely commercial and pragmatic" individual, who has good judgement and is excellent at problem solving. He recently represented the International Swaps and Derivatives Association (ISDA) as it intervened in the case of Lomas v Firth Rixson. This was a case where ISDA's Master Agreement, which governs trillions of dollars of transactions every year, was challenged in the Court of Appeal.

Robin Dicker QC is an "extremely clever and very measured advocate. You can count on him to give you the right advice, rather than that which you want to hear." He appeared in the Supreme Court case Rubin v Eurofinance, which is of great importance because it concerns the enforceability of foreign judgments in relation to companies in England.

Gabriel Moss QC's peers at the Bar are "so impressed with how calm and authoritative" he is in court. He is recommended "particularly where there is a potential clash between courts of different jurisdictions - it would be hard to find anyone better."

Mark Phillips QC successfully fought off Terra Firma's bid for enhanced disclosure in relation to Maltby Investments' pre-pack sale of EMI - if Terra Firma had been successful, the viability of pre-pack as a restructuring strategy would have been compromised. He is praised for his "fluid advocacy."

Richard Sheldon QC is an experienced insolvency litigator. He is often instructed on cross-border matters and on insolvencies involving financial institutions in Caribbean jurisdictions, including the Cayman Islands.

Michael Crystal QC is an "excellent" litigator and displays "brilliant courtroom craft," according to one source.

He is highly regarded in the market as is Simon Mortimore QC, a restructuring adviser with market leading expertise on director's duties. Mortimore is praised for the gravitas he exudes and the "very straightforward approach" he takes to a case.

David Alexander QC is "an astute and brilliant trial attorney," with "incisive cross-examination abilities." His practice is litigation-focused, and he acts for all sides on challenges to undervalued transactions, fraudulent conduct and debt recovery. 

Instructing solicitors find Barry Isaacs QC to be "accessible and sharp." Isaacs has carried out some important work on cross-border insolvency, representing the liquidators of New Cap Reinsurance in a case before the Court of Appeal, where it was decided that the liquidators could seek assistance from the English court following an Australian court's ruling.

Robin Knowles CBE QC is described as "a heavyweight in terms of his knowledge and analytical abilities."

Finally, Martin Pascoe QC has led the team of counsel to the administrators of MF Global UK. His peers describe him as "superb" and praise him for his "deep understanding of restructuring and insolvency. People bring him in for complex matters."

Glen Davis QC is sought out for his "particular specialism in banking and finance insolvency matters." Since taking silk in the last round, he has advised the FSA as the regulator took the landmark decision to bring MF Global under the Special Administration regime. He is described as "technically excellent and always a delight for clients to work with."

According to sources, Felicity Toube QC possesses a "brilliantly communicative manner," and is "very difficult to put under any serious pressure - she is completely unflappable and calm." She is instructed by debtors and creditors in complex matters, many of which involve jurisdictional questions.

Sources describe Mark Arnold QC as "disciplined - he doesn't let anything fall through the cracks." He is "a fantastic details person and can crunch through a prodigious amount of work." 

Jeremy Goldring QC is instructed as a restructuring adviser to FTSE 100 companies and administrators, as well as insolvent entities and creditors in cross-border disputes. He is described as "forthcoming and active in consultation with clients" and is "very highly thought of" by his peers.

A significant proportion of Lucy Frazer QC's insolvency practice is international - she acts for officeholders and companies on complex, cross-border restructurings and insolvencies. "She is easy to work with, has a complete knowledge of her field, and offers practical advice." 

JUNIORS Tom Smith is widely praised by interviewees, who describe him as "a valued resource - his structured, commercial approach is welcomed by the clients." He has been involved, along with a number of other silks and juniors at South Square, in the Supreme Court cases of Rubin and Bloom. David Allison continues to be involved in cutting-edge insolvency litigation, including several cases related to Lehman Brothers and the case of Bank of New York v Eurosail UK, the outcome of which will have implications on repayment liabilities in relation to collapsed CDO instruments. He has a "fizzy intelligence," and is "a highly responsive barrister with a natural bent for strategic thinking." Daniel Bayfield is "a rising star, who matches practical and commercial sense with technical ability." He has recently represented noteholders in insolvency proceedings involving the failure of multimillion-pound mortgage-backed vehicles. 

Lloyd Tamlyn is a financial services insolvency specialist described as "a really tough opponent, who gives everything for his client."

Instructing solicitors say Hilary Stonefrost is a versatile and experienced practitioner, able to produce "incisive" written work, and to "command the respect of the court" with her "considerable advocacy skills."

Adam Goodison represents large banks in debt recovery litigation. Recent highlights for him include his work on matters involving MF Global UK and Assetco.

John Briggs is "pre-eminent in terms of personal insolvency, and is quite excellent in what he does," according to one interviewee. He recently appeared in McPherson v Wise, a Court of Appeal case concerning bankruptcy proceedings by a well-known ex-footballer against a property developer.

Richard Fisher focuses on structured products and derivatives in the context of insolvency. His highlights include the continuing Lehman Brothers litigation and challenges to the interpretation of ISDA Master Contracts, which govern debt recovery where derivatives holders become insolvent. Fisher "is impressive in that he is very sharp and can navigate his way around multidisciplinary litigation." 

Elite banking law firms are keen to instruct "excellent all-round insolvency junior" Stephen Robins. He is involved with the headline-grabbing case of Rubin, and has recent experience acting on multiple large-scale insolvencies in the world of shipping.

Marcus Haywood acts for officeholders and companies on cross-border insolvency proceedings, and is regarded by one instructing solicitor as "a great advocate and our preferred junior."

Hannah Thornley has a strong academic background in insolvency and company law and was picked out by one source as "a rising star who will soon emerge - she has a great reputation."

THE SET 11 Stone Buildings houses market leading lawyers with experience right across the insolvency and restructuring field, who are regularly instructed by a broad range of stakeholders in both an advisory and litigious capacity. Recent highlights for the set include involvement in the Nortel case in the Supreme Court, and instructions from Kaupthing following the bank's high-profile collapse. Solicitors indicate that at 11 Stone Buildings they can access "very good technical experience and user-friendly advocates," who are well clerked by the accomplished Michael Couling's team. They go on to say that following some significant lateral hires, the set "has upped its profile effectively."

SILKS Lexa Hilliard QC is retained as an adviser and leading silk on high-value litigation. She provides expert opinions on English law to insolvent international entities, and represents noteholders and corporations, including Kaupthing, throughout court proceedings. Instructing solicitors praise her preparation, advocacy and teamwork skills, noting that she demonstrates an "ability to think about novel ways to approach questions, especially when there is no case law on the matter." 

JUNIORS Marcia Shekerdemian has been active on cases involving both English and international law, having recently appeared in the Isle of Man and provided advice in situations requiring an understanding of bankruptcy laws in Bahrain, France and Gibraltar. Her practice is split between insolvency and bankruptcy, and she is described as "a star" and "an excellent all-round practitioner."

Tina Kyriakides is "very good and very persuasive indeed," according to one interviewee. She recently represented a creditor of Stanleybet UK Investments who was owed EUR26.5 million. 

One source was keen to sing the praises of Christopher Boardman because "he's a very robust individual in court, and if you need someone to fight your corner he's a good advocate to have." He represents creditors, stakeholders and officeholders in complex, cross-border insolvencies.

Iain Pester drew praise from multiple sources. He is "extremely competent, very dedicated and good on his feet," according to those that use him. His ability to speak Russian is particularly valued by his instructing solicitors.

Clients are complimentary of Thomas Robinson, stating that they "have nothing but high regard for him." His key attributes are "his ordered mind - he lays out his points to a judge in a very ordered manner," his work ethic and his personability. 

Jonathan Lopian was retained by a coalition of creditors in the widely reported Hellas Telecommunications insolvency. He is described as "excellent - he's very thorough and gets on top of difficult issues quickly."

Jamie Riley is a "rising star" and "an excellent team player, who is pragmatic, commercial - and good on his feet." He recently represented the trustees of Dias-Azedo in a Hong Kong-based insolvency, and advised the directors of the collapsed Von Essen Hotels group on duties and restructuring strategy.

Birgitta Meyer "has one speed, which is full throttle," and, according to multiple sources, "will go the extra mile for the client. She'll work long hours and do a very good technical job in difficult circumstances."

Adam Deacock "is a master of detail and a meticulous advocate," according to an instructing solicitor. He maintains an active chancery practice, and regularly appears in the higher courts. 

THE SET This focused set is truly international in scope, and strong across key commercial disciplines, including insolvency, company law, general banking and finance, international arbitration and global trusts law. Members of 4 Stone Buildings are regularly instructed in the Supreme Court, and in higher courts around the world, especially in financial services centres such as Hong Kong, Singapore, the British Virgin Islands and the Cayman Islands. Peers comment that barristers at the set "have real expertise and potential, attention to detail, flexibility, and they are great with clients. Sources also value the clerking, commenting that they "are always really fast to respond - they know the strengths of the individuals that they are clerking for."

SILKS Robert Miles QC is instructed in complicated insolvencies, often where there are issues of fraud. Cases concerning the Versailles Trade Finance and Madoff collapses have been notable for his involvement in them. He is "a real star," who is "consistently excellent - he is a huge resource to draw upon when required."

Head of chambers George Bompas QC leads in a significant proportion of the set's key litigation, and has an active international advisory practice. He has recently appeared in hearings in Hong Kong relating to structured debt obligations. Sources comment that he possesses "strong advocacy skills" and is "well respected by the Bench."

Sources describe John Brisby QC as "a very impressive advocate. He's someone who has a real presence in court and is very fast on his feet." 

Malcolm Davis-White QC is endorsed as "a top-class analyst" who "always puts the case in the best possible way." He has recently received instructions from HMRC in attempts to recover monies in the case of insolvencies.

New silk Richard Hill QC continues to act for the administrators of the Nortel group, and appeared in the Supreme Court on the high-profile Lehman Brothers case on client monies. He is picked out as a "star of the future" who is "really good around the negotiating table."

JUNIORS Tiran Nersessian is regularly instructed by the HMRC and the Department of Business, Innovation & Skills, and acts for officeholders and insolvent entities. He "knows his stuff," is "very calm in his approach," and is "good on his feet."

THE SET Erskine Chambers is "excellent for corporate and insolvency matters." One City firm remarked that they look to Erskine Chambers in particular for the set's expertise on financial and corporate structures and schemes. Members of chambers have been busy with continuing Lehman Brothers-related litigation, and are instructed as advisers to the full range of stakeholders during insolvency proceedings. A number of juniors at the set are particularly active in this area and look set to make a considerable impact in the future. 

SILKS Richard Snowden QC is praised for his broad legal knowledge and was endorsed by a City solicitor as "one of the best insolvency barristers there is." He has recently been acting against the administrators of collapsed law firm Halliwells, and has also been representing a group of bondholders on a case brought against the Bank of Ireland.

David Chivers QC has a "big name and reputation" according to market sources. He acted for AssetCo, the organisation that owns London's fire engines, on insolvency proceedings and provided advice throughout the restructuring.

Michael Todd QC is "a master of detail," according to one source at the Bar, and has considerable experience acting on contested winding-up proceedings. He is active in the USA, Europe and the Caribbean. Todd recently acted on the Quarry Hill Investment dispute, worth approximately £100 million. 

Peter Arden QC's practice encompasses a raft of business and financial law, although it is his focus on company and individual insolvency cases that draws the most praise. Commentators note his "intellectual approach" and his "keenly incisive mind" as formidable weapons which are particularly well suited to cross-border insurance disputes. He has recently been instructed in high-profile matters such as the T&N Federal Mogul case and the Kaupthing Singer & Friedlander administration.

Raquel Agnello QC's "greatest strength is that she understands the nuts and bolts of how corporate groups and insolvencies work on the ground - she has a natural understanding and finds it easy to talk to insolvency practitioners." Agnello is strong on both pensions and insolvency law, and has done some important work for the Pensions Regulator.

THE SET Maitland Chambers is an insolvency heavyweight and members of chambers are instructed in high-profile, headline matters on a regular basis. Work inevitably reflects the global financial outlook: Ireland, Iceland and Lehman Brothers-related work have been much in evidence. One instructing solicitor commented that Maitland Chambers is "a set where you know that the work is good." It is particularly strong on litigation, although members also tackle advisory mandates with aplomb.

SILKS Paul Girolami QC "commands the respect of the court" and his peers, attracting positive comments for his work on complex, cross-border disputes arising from insolvency proceedings. 

Solicitors and barristers comment that Matthew Collings QC "has a reputation for taking difficult points" and describe him as "forensic and commercially astute - he has an excellent and practical legal mind and is always willing to go the extra mile."

Anthony Trace QC has recently advised the administrators of Borders Books, and acted on the insolvencies of the key casualties of the global financial crisis. He is praised as "very good on his feet, very persuasive and incredibly good with clients. He is also good as part of a team."

Catherine Newman QC is a Deputy High Court Judge, is admitted to the Bar of the East Caribbean, and has recently pursued actions against directors and the liquidators of Fairfield Sentry, a British Virgin Islands-based company linked to the Madoff insolvency. She is described as "a very good lawyer who is technically very good."

An instructing solicitor described Christopher Parker QC as "a very effective advocate, who delivers in a punchy style - I have no hesitation in using him." Parker regularly practices in the British Virgin Islands and successfully defends and challenges insolvent corporations during cross-border proceedings and arbitration.

Michael Gibbon QC is "an outstanding, extremely user-friendly advocate." He has carried out work in relation to financial services insolvencies in India, and is on the Attorney General's panel of preferred counsel and, as such, is instructed by government departments in insolvency and company-based proceedings.

Rebecca Stubbs QC has been heavily involved with Lehman Brothers litigation. Sources remark that "she is very good with clients and very straightforward to deal with."

JUNIORS Catherine Addy is widely praised for "her ability to consume and digest huge amounts of information and pick up on every detail." She is, by the account of multiple interviewees, "outstanding."

THE SET 3 Verulam buildings is "an outstanding chambers" that has members who act for and against officeholders and directors on a range of jurisdictions and proceedings. The matters it undertakes are complex and of high value, and often involve issues of fraud or misconduct. Recent cases handled include the Icelandic bank Glitnir's insolvency and an instruction from HMRC in relation to proceedings against Portsmouth Football Club.

SILKS Ewan McQuater QC advises corporates and financial institutions looking to restructure. By common consent, he has "an extremely strong reputation" and a vast experience in this field.

"Clients love Sonia Tolaney QC as she's extremely successful." A lawyer who "can hold her own in any forum," she is sought out for her specialist fraud and insolvency crossover knowledge.

Adrian Beltrami QC "is technically excellent and is also very strategically astute." He has been heavily involved in the Madoff litigation, acting for the liquidators of a group of feeder funds attempting to recover EUR500 million of investor funds.

JUNIORS Angharad Start has recently been active in the higher courts. She is "terrifyingly bright, just so clever and really razor sharp," say solicitors. 

THE SET Commentators praise Enterprise Chambers for being "extremely well run, very efficient, and a helpful place to go." Instructing solicitors are keen to work with the set because of its commercial and hands-on approach. They say that "the hallmark of Enterprise is its muck in together, no ego approach - they just get on with it and become an integral part of the team." Its "outstanding" members "all provide a sterling service" and are supported by a strong clerking team. Commentators note the group's command of the full raft of restructuring and insolvency disputes, although its considerable insurance insolvency expertise is the team's main calling card. The set has an enviable track record of involvement in major insolvency cases, and recently appeared in the high-profile T&N Federal Mogul case.

JUNIORS Geoffrey Zelin is a "bold advocate" who is one of the set's leading insolvency practitioners. He recently acted for the liquidators of Apex Line on a complex claim against both the directors and an alleged de facto director of the company.

Linden Ife focuses her practice on commercial litigation and insolvency disputes. Peers admire her for being a "fierce and formidable advocate" who is "very resolute, very tough, and can take any amount of flak while all the time providing sound advice to her clients." She has been heavily involved in a number of disputes following the insolvency of the claims management companies The Accident Company and Claims Direct.

Olivier Kalfon is a specialist restructuring and insolvency barrister. Many peers believe that "he punches above his weight" due to his "ability to deal with cases which would usually be beyond someone of his call." He was recently successful in opposing the liquidator of Rebell Holdings' application to overturn a High Court judge's decision.

Rebecca Page's practice encompasses the full range of commercial chancery litigation, although insolvency cases are her core focus. She receives regular instructions from creditors, directors and HMRC, and is noted for her expertise in cross-border insolvency cases. Peers believe "she has a nice measured style of advocacy which is all the more effective because she is never overstated."

James Barker's forthright style impresses instructing solicitors. "An excellent and tenacious advocate," "he is not shy of telling you that you are wrong, and he gets in there and really goes through the detail." Barker is experienced across the full range of both corporate and personal insolvencies.

Niall McCulloch is "a ferocious advocate and a great guy to turn to if you have a difficult case." He has considerable corporate insolvency experience, and receives frequent instructions from liquidators. Recently, he was heavily involved in Clydesdale Financial Services Limited v Smailes & Others, a major SIP 16 case.

James Pickering has a broad commercial litigation practice which covers commercial disputes, professional negligence, and intellectual property disputes as well as insolvency cases. Clients see him as possessing "everything you want in a senior junior," noting that while "he seems quiet and unassuming, he proves to be an absolute genius at whatever he turns his hand to."

THE SET Clients report that "all of the barristers at New Square Chambers provide an excellent service and are easy and pleasant to work with." Barristers engage in hostile winding-up proceedings in jurisdictions around the world, and frequently act for officeholders and companies on advisory and litigious capacities. The flavour of the practice is decidedly international, with New Square Chambers counsel currently working on matters involving Finland, Hong Kong, the British Virgin Islands and the Cayman Islands.

SILKS Robin Hollington QC has built a truly global insolvency practice, and has recently fought a slew of winding-up proceedings in the Caribbean, often involving multibillion-dollar hedge funds. He acts for all sides, and is cited as "the man to go to for minority shareholder disputes."

Stephen Smith QC is roundly praised as "a top-rate litigator" and "a very highly regarded silk." Smith has been heavily involved with litigation surrounding BTA Bank, a financial institution based in Kazakhstan.

JUNIORS "The well-known" David Eaton Turner is "totally charming and very clever." In addition to long-running matters RBS v Fielding and the BCCI insolvency, Eaton Turner represented creditors in the liquidation of Pioneer Iron & Steel, a British Virgin Islands-based billion dollar company.

Sources comment that insolvency-focused lawyer James Bailey is "exceptionally bright and anticipates every possible angle on a situation." One client remarked that he "gave one of the best advocacy performances I have ever seen."

Sebastian Prentis has recently worked with administrators and regulators in financial services insolvencies, and is described as "very thorough and systematic - he's very clear, he explains things well to lay clients as well as to lawyers."

THE SET This commercial chancery giant has considerable insolvency expertise, and its members are frequently instructed in liquidations, administrations, receiverships and bankruptcies. Commentators praise the commercially oriented and forward-thinking approach taken by the set's members, while instructing solicitors are struck by the strong commitment to client service exhibited by its esteemed team of clerks.

SILKS Philip Jones QC is held up by clients as the very definition of 'user-friendly'; "he gives straightforward, no-nonsense advice that I can easily use rather than spend hours interpreting." He is currently acting on behalf of one of the defendants on the disqualification proceedings stemming from the collapse of the Fairpak Christmas Savings Club.

"The exceptionally bright" Philip Marshall QC is "a superb advocate who balances aggression with excellent judgement." He has a broad commercial chancery practice which covers fraud, company, and professional negligence alongside insolvency law. He recently acted on behalf of the administrators of Nortel on US insolvency proceedings, appearing as an expert witness on UK insolvency law.

Alan Boyle QC is one of the leading practitioners at the Commercial Chancery Bar, and while insolvency is by no means the core of his practice, his profile is such that he receives regular instructions in restructuring and insolvency cases. He is "a fabulous advocate" who is "brilliant at distilling issues into digestible form."

Lance Ashworth QC is a new recruit to Serle Court, having recently joined from St Philips Chambers in Birmingham. His practice is spread across chancery, commercial and insolvency issues.

JUNIORS Peers believe that describing Daniel Lightman as dedicated is a significant understatement; "he simply never lets a point go, he gives 100% for his clients and is available for them day and night." He recently acted for the defendant in Paragon Mortgages Ltd v Alex Hyett, a multimillion-pound claim.

Ruth Jordan strikes peers as being "terrifically good on tax-related insolvency matters." She recently acted in the High Court for HMRC in Mercury Tax Group (In Administration); HM Revenue & Customs v Klempka.

Timothy Collingwood's broad commercial and chancery litigation practice covers both corporate and personal insolvency issues. He greatly impresses both peers and instructing solicitors who note that "he's not just an intellectual heavyweight, he also has excellent judgement." He is currently representing the trustee in Buchler v Almidani.

Ruth den Besten strikes instructing solicitors as "user-friendly, accessible, and very cool under pressure." She has recently been instructed in the Halliwells insolvency, acting on behalf of former fixed share members of the firm.

THE SET XXIV Old Buildings is recommended for its "prompt, clear insolvency advice" by a number of sources, and is described as "a really good set with really good barristers." It has recently been instructed in the Madoff, Kaupthing and The Carlyle Group insolvencies, and is retained by the Association of Chartered Certified Accountants (ACCA) and the Secretary of State for Business and Innovation. 

SILKS Alan Steinfeld QC is "clever beyond words," according to one instructing solicitor. "His steer on matters is absolutely excellent, and you know when he says something that it is the correct course." He leads for some of the set's key clients in cross-border insolvencies.

JUNIORS Richard Ritchie is praised for his pragmatic advice, the high quality of his work and his approachable manner. He acts for defendants and officeholders on insolvency litigation, however the majority of his practice in this area centres around government instructions from the Department of Business, Innovation & Skills (BIS) and the Treasury Solicitor. 

Partnership, company law and insolvency are key areas of practice for Steven Thompson. He recently acted for creditor Standard Chartered, and is described by one market commentator as "excellent, hard-working and very good in court."

During tough litigation, Lyndsey de Mestre is a strong presence - according to one source, "if there's a war going on, she will bring calmness to the storm." She has successfully represented the ACCA in disciplinary proceedings and fought off disqualification proceedings brought by BIS.

Stuart Adair has particular expertise in director's duties, fraud and freezing powers related to insolvency legislation. He is described as "a key junior" and "a street fighter - he can deal with whatever is thrown at him very quickly."