Insolvency

In the current straitened economic times, the likelihood of financial problems arising within any business are greatly increased. Sport is not immune to the duties accompanying directors or the consequences of financial failure. Within it, however, the end result is magnified by the particular rules applying throughout most competitions.

Our team has considerable experience of advising on the operation of businesses with reference to insolvency considerations. We offer a fixed fee review to the boards of companies, financial providers and shareholders to enable a report to be prepared with key recommendations.

Often our initial involvement will be to assess the business and advise its directors on their duties, liability and the effect of insolvency legislation. Working closely with our commercial team, our track record has demonstrated our ability to assist clients to avoid insolvency or where this cannot be achieved to perform a successful rescue of the business.

Similarly we have also:-

• represented, challenged or advised governing bodies or their members on the application of insolvency related regulations within sport, including the Football Association regarding the football creditors rule, Football League clubs and Football Conference
• provided pragmatic guidance on managing, selling, restructuring or purchasing a business within sport in the event of the threat or actuality of insolvency arising
• given detailed guidance to directors at a number of professional clubs relating to their duties, legislation and potential options for avoiding insolvency or where unavoidable to oversee the process on their behalf
• enabled insolvency practitioners and creditors to recover assets, with particular experience in fraud related enquiries
• dealt with all typical exit options from insolvency including cva and prepacked administration

Contact: Martin Askew