Insolvency and corporate recovery in Scotland
Addleshaw Goddard
Addleshaw Goddard’s large restructuring team is spread across Aberdeen, Edinburgh and Glasgow. Recent highlights included acting for Caledonian Marine Asset on the high profile administration of Ferguson Marine Engineering. Practice head Jamie McIntosh handles insolvencies, turnarounds and corporate restructurings. Addi Spiers is an expert in distressed debt, restructuring turnaround and recovery, and has a focus on distressed real estate. Tim Cooper and associate Kirsten Fleming are also recommended.
Practice head(s):
Other key lawyers:
Tim Cooper; Addi Spiers; Jamie Nellany; Emma Widdowson; Kirsten Fleming
Testimonials
‘Approachable, transparent knowledgeable and firm but fair in litigious matters.’
‘Always available, understand the clients needs quickly and provide the range of options and costs associated there with in a clear and concise manner.’
‘The tenacity of this team is outstanding and the focus to deliver commercial solutions is excellent.’
‘Tim Cooper led the assignment superbly and made himself available to solve all challenges. He was supported by Kirsten Fleming who was first class.’
Key clients
Lloyds Banking Group
The Royal Bank Of Scotland
Santander Bank
Clydesdale Bank PLC
HSBC
Barclays Bank plc
KPMG LLP
OakNorth Bank plc
Cable Capital Partners Limited
Aldermore Bank plc
Work highlights
- Advised Caledonian Marine Asset Limited on the impact of the insolvency of Ferguson Marine Engineering Limited (FEML) and developed an innovative strategy with the other key stakeholders in order to preserve value for our client but also rescue the business of FMEL.
- Acting for CNIM Groupe on the restructure and subsequent acquisition of the business and assets of Clugston Construction Limited.
- Advising US bank, TCF National Bank (as collateral security holder) on the UK subsidiary of the global Superwinch business, headquartered in the US and indebted to the US bank client for over $100m, on the global restructuring and insolvency of the Superwinch group of companies.
Burness Paull LLP
Burness Paull LLP is noted for its strength in contentious and non-contentious restructuring and insolvency work. Its team acts for high-profile banking and accountant clients and also advises on Scots law matters for City and US firms. Practice head Michael Thomson handles advisory and transactional work for lenders and borrowers, and insolvency and enforcement advice and action. Gary Moffat has over 25 years of experience of insolvency litigation and represents the Insolvency Service.
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Testimonials
‘Michael Thompson is a “go to” partner at Burness Paull for Scottish insolvency advice, he is responsive and his knowledge of the law is extremely good’.
‘Michael Thomson is an exceptional character’.
‘Michael is proactive, technically good and commercial’.
‘Burness Paull is a firm which is forward looking and which employs talented and innovative people’.
‘You get a real feeling they work together and there is an absence of the silo approach sometimes encountered’.
‘Michael Thomson has been fantastic to work with and he and his team have consistently provided solid practical advice’.
‘Gary Moffat is a very skilled lawyer, he has specialist knowledge in company and insolvency matters and also significant experience in commercial litigation’.
‘The team is very knowledgeable, responsive and great to work with’.
Key clients
Arcadia Group
The Pension Protection Fund
The Royal Bank of Scotland
Clydesdale Bank
Lloyds Banking Group
HSBC
KPMG
Deloitte
Ernst & Young
Highlands & Islands Enterprise
Work highlights
- Acted alongside Ashurst for KPMG and AlixPartners in the highly publicised sale of the high street stores of Thomas Cook to Hays Travel.
- Acting for a syndicate of lenders alongside several City law firms as Scots counsel in relation to the restructuring of 5 sterling facilities entered into and various US dollar designated notes issued by Interserve plc.
- Acted for Arcadia Group alongside Freshfields Bruckhaus Deringer in the proposal of a company voluntary arrangement (“CVA”), geared at restructuring and reducing the group’s liabilities to its landlords, pension scheme and other creditors.
Pinsent Masons LLP
The Pinsent Masons LLP restructuring team is renowned for its expertise in the oil and gas, retail, renewables, care homes and financial services sectors. It is particularly experienced in advising on under-performing and distressed businesses for all stakeholders, distressed loan sale and purchases, and UK bank ring-fencing projects. Group head Claire Massie is supported by Colin McIntosh, who is on the Law Society Insolvency Specialist Accreditation Committee. Stacey Bairner is also recommended, as are senior associates Ainslie Benzie, Natalie Colaluca and Jennifer McCormick.
Practice head(s):
Other key lawyers:
Colin McIntosh; Stacey Bairner; Ainslie Benzie; Natalie Colaluca; Jennifer McCormick
Testimonials
‘I have worked with the Glasgow based restructuring team at Pinsent Masons over a number of years and have always found they have provided excellent advice and service’.
‘The local Pinsent Masons team always provide a partner-led service which is ably supported by an extremely capable team’.
‘The stand out qualities for me are the responsiveness to my requirements which enables an appropriate response to be delivered to customers to drive forward difficult situations’.
‘We know that they will be able to deliver solutions quickly and effectively even if they have a number of other cases that require attention’.
‘My main contacts within the firm are Claire Massie and Ainslie Benzie who have have delivered an excellent service to me on a wide range of engagements over a number of years providing’.
‘Very experienced individuals with strong technical knowledge and ability’.
‘Partners have a deep understanding of key issues; provide timely and clear advice; and leverage other teams in their firm when required to ensure correct advice given’.
‘Clear communications and input into key matters’.
Key clients
Deloitte LLP
Elli Finance and the Four Seasons Group
KPMG LLP
Albert Bartlett & Sons (Airdrie) Limited
HSBC Bank plc
Hutchison Networks Limited
French Duncan LLP
Ernst & Young LLP
PWC
Leonard Curtis
Work highlights
- Acted for Deloitte LLP as administrators of Goals Soccer Centres plc on all matters arising from a sale of the business and assets by way of pre-pack administration.
- Advised KPMG LLP on the sale of the undertaking and certain assets of an international technology company.
- Acted for Elli Finance (UK) Plc and the rest of the Four Seasons Group, advising on governance, directors’ duties, launching and running a robust sale process requiring interaction with the boards of over 50 entities.
Shepherd and Wedderburn
Shepherd and Wedderburn stands out for its broad expertise, which spans transactional, financial and contentious restructuring and insolvency. Team head Yvonne Brady, who has over 30 years of experience, acts on the reorganisation and disposal of distressed and insolvent businesses in the SME and mid-market sectors. Gillian Carty leads the contentious side of the practice, while Fiona McKerrell focuses on financial restructurings. Also recommended are Paul Hally and senior associate Allana Sweeney, who advises on distressed M&A.
Practice head(s):
Other key lawyers:
Gillian Carty; Fiona McKerrell; Paul Hally; Allana Sweeney; Hamish Patrick; John Gallacher
Testimonials
The Shepherd & Wedderburn restructuring team appears to have the most experienced senior team in Scotland’.
‘The blend of expertise from the team provides both a technically sound and commercial approach to cases’.
‘Yvonne Brady is THE senior restructuring lawyer in Scotland’.
‘Yvonne has a wealth of experience to deal with the most complex and challenging cases’.
‘The team works in an inclusive way, and regardless of when you are making an enquiry, they are able to provide up to date information and guidance’.
‘Fiona McKerrell and Yvonne Brady are the longstanding and widely recognised leaders in the corporate insolvency and restructuring profession in Scotland’.
‘The whole team is reliable and knowledgeable’.
‘Gillian Carty’s team are approachable, knowledgeable and effective in understanding’.
Key clients
Ernst and Young (EY)
KPMG (UK and Ireland)
FRP Advisory
BDO
Johnston Carmichael
Deloitte
PwC
Latham & Watkins
Allen & Overy
Leonard Curtis
Sidley Austin
Work highlights
- Advising Deloitte LLP on the administration of Ferguson Marine Engineering Ltd – Scotland’s last operating shipyard.
- Advising FRP Advisory LLP on the preparations for, and the appointment of, administrators to Morisons LLP.
- Acting for the Insolvency Service in progressing the first compensation act under Sections 15A and 15B of the Company Directors Disqualification Act 1986.
Brodies LLP
Brodies LLP advises on all aspects of restructuring and insolvency matters across all sectors. The team generates mandates from global corporates, Scottish and UK based groups, and SMEs. Peter Kelly has over 20 years of experience of restructuring matters, mainly acting for banks. Kelly co-heads the practice with Bruce Stephen, who is recommended for specialised insolvency processes involving credit institutions and related Banking Act requirements. Lucy McCann was promoted to partner. Former practice head Rachel Grant left the firm for an in-house position at Manolete Partners.
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Testimonials
‘Brodies are well regarded in the market as a strong, commercial and approachable team. Their technical knowledge is first class and they always provide sensible, commercial advice relevant to each situation.’
‘Shirley Li-Ting is an excellent restructuring lawyer. Shirley combines strong technical skills with good commercial awareness, ensuring that the advice and support provided on engagements is always clear and concise.
‘Shirley Li-Ting has good knowledge of the key insolvency market drivers and is well respected within the Scottish restructuring market.’
Key clients
KPMG LLP
Ernst & Young LLP
Grant Thornton LLP
FRP Advisory LLP
BDO LLP
Aver Corporate Advisory Services Limited
Dunedin Advisory
Tennent Caledonian Breweries UK Limited
Moorfields Advisory Limited
Campbell Dallas
AlixPartners UK LLP
RSM Restructuring Advisory LLP
French Duncan LLP
Duff & Phelps LLP
Leonard Curtis Business Recovery Limited – Scotland
Deloitte LLP
PriceWaterhouseCoopers LLP
Johnston Carmichael
Stirling Toner
Work highlights
- Acting for BDO LLP, as joint liquidators of RFC 2012 plc in a high-profile football insolvency.
- Advising directors of a shipbuilding company during a high profile period of financial distress and during the subsequent administration.
- Advising on aircraft detention in a high profile airline insolvency.
CMS
The Scottish corporate recovery team at CMS is led by Siân Aitken, who has a strong track record advising insolvency practitioners, banks and corporates on restructurings, risk management, directors’ duties and insolvency. Other areas of focus include co-venturer insolvencies, defaults, acquisitions of assets in distressed situations and decommissioning liabilities.
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Dentons
Dentons' restructuring team generates significant mandates on the ground in Scotland, under the leadership of Douglas Blyth and Derek McCombe. Its varied workload covers restructurings, insolvencies and advice to directors and purchasers of distressed companies. Blyth is recommended for his contentious insolvency expertise. McCombe is sought out by banks and insolvency practitioners.
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Testimonials
‘Douglas Blyth is a very bright and commercially savvy solicitor with a broad range of litigation experience and a strong understanding of the Scottish market.’
‘Very knowledgeable and practical team. They listen to what you want to achieve, and are able to give legal advice with that in mind. Good under pressure, and able to think strategically in the midst of litigation.’
‘Douglas Blythe is commercially astute and able to spot opportunities and angles that others often miss. Great lawyer, and the kind of person you want in the room with you during difficult negotiations.’
Work highlights
- Advised Spectre on its £5.7m off market acquisition of Bonmarche Holdings plc (Bonmarche), followed by a corporate restructure and the subsequent administration of Bonmarche.
- Advised KPMG on their appointment as Administrators of Kaiam Europe Limited (Kaiam) and the resulting sale of the business and assets of Kaiam.
- Advised the Official Receiver and Special Managers of Carillion across over 400 separate work streams on the largest insolvency in the UK in the last 11 years.
Morton Fraser
Morton Fraser draws upon strengths across multiple disciplines to undertake restructuring and insolvency work, including litigation, banking, property, employment, financial crime and asset-based lending. It advises a wide variety of stakeholders, including banks, financial institutions, unsecured creditors and insolvency practitioners, businesses, creditors and directors. Iain Young co-heads the practice with Alan Meek.
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Testimonials
‘The breadth of experience within the team at Morton Fraser is impressive and you can always have confidence that no matter how small or large the assignment it will be handled with skill and professionalism.’
‘The individuals we work with a very approachable and not afraid to give advice as opposed to regurgitating the law. Alan Meek and Nicola Ross have excelled.’
Key clients
RSM
KPMG LLP
French Duncan LLP
FRP Advsory LLP
The Environment Agency
Geoghegan & Co
Ernst & Young Legal
Interserve Group Limited
Wylie & Bissett
Bibby Financial Services
Work highlights
- Acted for Environment Agency (instructed via the Office of the Advocate General for Scotland) in relation to a £15m claim for environmental liabilities in the administration of the Dawson International group of companies.
- Advised French Duncan as liquidator of The Scotsman (Edinburgh) Company Ltd on various complex and high-value litigation.
- Advised Interserve Group Limited on high-value debt restructuring.
BBM Solicitors
BBM Solicitors is well-known for its insolvency and restructuring work, which includes formal appointments, administrations and liquidations. Contentious insolvency is an area of focus for the practice, which is also noted for it strengths in fraud-related cases, as well as asset recovery and related matters. The firm is seeing an increase in instructions from large English and international firms in relation to the Scottish aspects of insolvencies. Edinburgh-based Eric Baijal heads up the team.
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Key clients
FRP Advisory LLP
Manolete Partners Plc
French Duncan
Johnston Carmichael
RSM Restructuring
Anderson, Anderson Brown
MLM Solutions
Henderson Loggie
Thomson Cooper
AABRS
Work highlights
- Acting for the joint liquidators of a financial services business in relation to two commercial court litigations arising from the insolvency.
- Acting for liquidator of construction company in relation to all matters arising from the insolvency including advising in relation to rights and claims relating to JV enterprises, land issues, contract issues and issues in relation to claims against former directors.
- Acting for a trustee in sequestration in relation to gratuitous alienation proceedings in the Court of Session.
Harper Macleod LLP
Harper Macleod LLP handles a broad range of restructuring and insolvency matters, including bank-led restructures and refinancings, administrations and liquidations. The firm is seeing an uptick in instructions from new entrants to the lending market, such as challenger banks and crowdfunded lenders. The team (which has notable expertise in the sports sector) includes Gordon Hollerin, who has over 30 years of experience handling restructurings, as well as corporate recovery and insolvency matters. James Lloyd, who jointly heads up the team with Hollerin, is an expert in personal insolvency.
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Testimonials
‘A very practical and commercial firm with a wealth of experience at a senior level.’
‘Gordon Hollerin is a very highly respected restructuring lawyer with a huge amount of experience on cases that range in size and complexity. He brings a lot of practical and commercial experience to the table and takes a robust but practical approach to what can at times be difficult situations to deal with.’
Key clients
KPMG LLP
RSM UK
BDO
FRP Advisory
Leonard Curtis Business Solutions Group
Campbell Dallas
Johnston Carmichael
Lloyds Banking Group Business Support Unit
Clydesdale Bank Strategic Business Services
Allied Irish Bank Financial Solutions Group
HCC International Insurance Company PLC
Work highlights
- Instructed by FRP to assist with the Scottish aspects of the administration of Bonmarche Limited.
- Advised the priority ranking charge holder HCC International Insurance Company PLC, (“HCCI”) and its English law advisers, Mills and Reeve, on the high-profile administration and subsequent effective restructuring of Scotland’s last remaining commercial shipyard, Ferguson Marine Engineering Limited.
- Acted successfully for Scott Moncreiff as liquidators of Grampian MacLennan Distribution Services Limited in the Supreme Court, radically altering the statutory interpretation of the concept of gratuitous alienation in Scotland.
Aberdein Considine
Aberdein Considine is noted for its focus on the real estate sector, where it handles insolvency and corporate recovery matters. Clients include high-net-worth individuals, SMEs, large corporations, insolvency practitioners and financial institutions. Ross Webb in Edinburgh is the head of the team. David Orr was promoted to partner.
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Key clients
KPMG LLP
Grant Thornton UK LLP
Griffins
The Royal Bank of Scotland
Santander
Lloyds Banking Group
Begbies Traynor Central LLP
French Duncan LLP
RSM Restructuring Advisory LLP
Campbell Dallas
Moorfeild Advisory Limited
Middlebrooks
Meston Reid
Moorfield Advisory Limited
Shepherd Surveyors
Hardies LLP
Watershed (Scotland) Limited
DASH Properties Limited
Work highlights
- Advised Griffins as liquidators for FEP Heatcare Limited.
- Advising DASH Properties Limited and Derek Milne following director and shareholder deadlock to petition the Court of Session (Scotland’s Highest Civil Court) to wind up the company on just and equitable grounds.
- Advising Moorfield Advisory Limited on the insolvency of a lease-holding property company with two large industrial assets in the north-east of Scotland.
Anderson Strathern
Anderson Strathern advises on the full range of insolvency and restructuring work, and is well known for its contentious corporate insolvency experience. The firm is instructed by insolvency practitioners, financial institutions and government agencies on domestic and cross-border cases. Team head Katrina Lumsdaine is recommended for her strength in insolvency litigation.
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Testimonials
‘A strong restructuring team with a huge amount of experience.’
‘Katrina Lumsdaine in particular is a solicitor who has a wealth of experience and knowledge that she applies in a very practical and commercial way. I have always found Katrina to be very responsive and engaged, she demonstrates a very practical and robust approach to what can be difficult situations, and is a pleasure to work with.’
‘Well resourced, knowledgeable team led by the very experienced Katrina Lumsdaine.’
‘Katina Lumsdaine is always available, has a comprehensive knowledge of insolvency legislation and a pragmatic commercial approach. Gets to the nub of the problem.’
Key clients
HMRC
Accountant in Bankruptcy
Hastings & Co
Begbies Traynor (Scotland) LLP
Johnston Carmichael LLP
RSM Tenon
Wylie Bissett
MLM Solutions
Thomson Cooper Accountants
KPMG
Work highlights
- Acting for the administrators of Pihl UK Limited in Administration in relation to all aspects of this administration.
- Acting for the Trustee in Sequestration of Man Hen Lui in a long running litigation.
- Acting for the Administrators of Birkwood Estates Limited.
Blackadders LLP
Blackadders LLP handles a mix of contentious and non-contentious corporate and personal insolvency work. It also advises clients on post-insolvency issues. Practice head Ryan McKay is noted for his experience of contentious insolvency matters, as well as related areas, such as property litigation, agricultural disputes, commercial disputes and debt recovery cases.
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Key clients
William Duncan (Business Recovery) Ltd
Campbell Dallas
KPMG
Dunedin Advisory
BTO Solicitors LLP
BTO Solicitors LLP is noted for its expertise in insolvency litigation and related disputes, including shareholder and boardroom disputes, and disqualification proceedings. It also advises directors on other pre and post-insolvency issues, such as directors’ duties and personal liability. Dorothy Hatfield and Grant Hunter are the joint heads of the insolvency side of the practice, while Alastair Dunn handles advisory (including restructuring) work.
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Gilson Gray
The recovery, restructuring and insolvency group at Gilson Gray covers the gamut of contentious and non-contentious issues for clients. The practice is jointly led by three partners; Steven Jansch is an insolvency litigation specialist; Craig Darling is a restructuring and banking specialist and David Alexander focuses on debt recovery.
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Testimonials
‘Personal service from David Alexander, sets them apart from competitors in sector’.
‘Knowledge and experience of debt recovery processes is second to none’.
‘This practice has a modern approach which is also tailored to clients’ needs’.
‘You are always aware of the particular stages of your instructions without the need to enquire’.
‘All of the individuals within the team are prepared to offer a personal advice and reassurance if necessary from partner level down’.
‘Ability to always be ahead of market in coming up with new service lines for clients whilst making it cost-effective’.
‘Steven Jansch has great advocacy skills in court, the confidence to run a case, and is a strong litigator ‘.
‘They provide a high-quality service and timely pragmatic advice and I find their rates to be good value’.
Key clients
KPMG
Armstrong Watson
Bridging Loans Limited
Leonard Curtis
William Duncan
Anderson Anderson and Brown
Dunedin Advisory
Condies Business Recovery
Begbies Traynor
Campbell Dallas
French Duncan
Grainger Corporate Recovery
Grant Thornton
Middlebrooks Business Recovery
RSM UK
WRI Associates
Wylie & Bisset
Johnston Carmichael
Work highlights
- Acted for KPMG as administrators of Watt Brothers (Glasgow and Edinburgh) Limited.
- Represented social enterprise GTS Solutions CIC in relation to HMRC winding-up petitions.
- Acted for WRI Associates as liquidators of CMC Properties Limited.
Ledingham Chalmers LLP
The team at Ledingham Chalmers LLP is experienced in restructuring, insolvency and litigation work. Led by Aberdeen-based partners Tim Thomas and Jody Mitchell, it is sought out by regional insolvency practitioners, as well as liquidators, administrators and trustees located nationally.
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MacRoberts LLP
MacRoberts LLP is noted for its contentious insolvency advice but it has recently seen an uptick in instructions relating to non-contentious matters. It continues to see an increase in cross-border insolvencies and instructions from English lawyers and insolvency practitioners. It also handles the sale and purchase of businesses on behalf of insolvency practitioners. Leon Breakey is the head of the practice.
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Testimonials
‘Good legal skills combined with good commercial awareness.’
‘MacRoberts are approachable and responsive with great attention to detail.’
‘Leon Breakey gave an outstanding performance on our behalf at a mediation and achieved an excellent settlement.’
Key clients
Campbell Dallas
KPMG
French Duncan
AlixPartners
WRI Associates
Johnston Carmichael
Wylie & Bisset
FRP Advisory
Mazars
Shoosmiths
Shoosmiths’ insolvency practice draws on expertise from across a range of practice areas at the firm including corporate, recoveries services, employment, and real estate. It handles cross-border insolvencies, restructuring and litigation. Team head Stuart Clubb is a solicitor advocate. Kim Pattullo, who joined from Addleshaw Goddard as head of employment, advises businesses on employment-related insolvency matters.
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Testimonials
‘Very approachable team who are always at the end of the phone’.
‘No legal problem is an issue as they provide a safe pair of hands and also reassure me on the right road to take’.
‘They have a very joined-up way of working, ensuring the right person is put on the job’.
‘Stuart Clubb provides prompt turn-around, concise advice with no caveats, just clear legal advice with good knowledge on commercial realities that need to be considered’.
‘Strong insolvency knowledge’.
‘Stuart Clubb is a great client partner who co-ordinates work within his team’.
‘Stuart Clubb is a great people person and very approachable and friendly’.
‘Very user-friendly, good legal skills combined with good commercial sense’.
Key clients
KPMG
Grant Thornton
Campbell Dallas
Middlebrooks Business Recovery & Advice
BDO
Johnston Carmichael
French Duncan
Quantuma
Work highlights
- Acting on behalf of a specialist insolvency claims acquisition company in the pursuit of a high value gratuitous alienation claim.
- Acting on behalf of a director in director disqualification proceedings, and in a subsequent application for leave to act.
- Advising a trustee in sequestration in relation to potential challengeable transactions and claims.
TLT
TLT acts for accountants, insolvency practitioners, creditors, distressed businesses and directors. In addition to being active in the corporate insolvency sphere, the firm also handles personal insolvency cases. The practice generates mandates in the food and hospitality, healthcare, intellectual property, telecommunications, financial services and renewables sectors. Alan Munro leads the team.
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Testimonials
‘From my point of view TLT have a good combination of insolvency, licencing and employment law.’
‘Alan Munro is my go to solicitor when it comes to anything to do with personal insolvency and liquidation in Scotland. What makes Alan different from other solicitors is that he always has time to help answer specific queries and provide expert and also practical advice. Alan is technically very strong whilst still being commercially minded.’
‘The team are able to provide pragmatic legal advice, that both covers the legal aspects as well as the corporate aspects of a particular situation.’
‘Alan Munro possesses the gravitas of the best lawyers but is equally approachable and receptive to ideas.’
‘I feel the team at TLT combines a very commercial and practical approach with a very good understanding of our position as insolvency practitioners. They are always very responsive and react very quickly to the sometimes time pressured situations we often have to deal with.’
‘Alan Munro in particular has a very commercial approach and has an excellent understanding of the issue being faced by insolvency practitioners.’