how we helped our clients

Here are some case studies that illustrate the best examples of what we have achieved for our clients:

Business restructuring

CW acted on the restructuring of a business using the administration procedure to rescue the company as a going concern. The company was unable to pay its debts as they fell due, even though it was materially solvent on a balance sheet basis and a winding up petition had been presented against it. The main financier appointed administrators, to protect the asset base. CW worked with the administrators, the financier, management and the principal creditor, to effect a re-financing of the company's assets, such that the petitioning creditor was paid off and working capital was made available for future trading. The administrators ceased to act and the company was restored to the management of the directors.

Trading business protection

Our client was a single company that ran a number of different businesses. Due to historical activity, there was the remote potential for substantial claims to be brought against it. Management was concerned to protect the value of the businesses. We advised management on a re-structuring of the company's business in a manner such that even if the catastrophic event took place, the trading businesses should be protected. This involved transferring businesses at value (including more that 50 properties) and reconstructing the financing of the group.

Walker vs  W A Personnel Limited and others

Acting on behalf of the liquidator in seeking to set aside the sale of a recruitment business that had been effected pre-liquidation at an undervalue. Rather than seek the difference between what was paid and what the liquidator considered ought to have been paid, the liquidator wanted the business to be restored to him so that he could expose the business to a competitive market and maximise a return to creditors. The Court agreed to appoint the liquidator as receiver and manager of the business pending resolution of the main proceedings. This quickly led to the purchaser agreeing to restore the business to the liquidator who was able to sell it for considerably more than the original purchase price.

The Secretary of State for Trade & Industry vs Fridd

Acting on behalf of the liquidator in respect of an application to court for directions regarding the interpretation of “mutual debts” for the purpose of statutory set-off pursuant to rule 4.90 of the Insolvency Rules 1986. The House of Lords ultimately held that it was not necessary for the purposes of rule 4.90(2) that the relevant debt should have been due and payable before the insolvency date. H L holding that it was sufficient that there should have been an obligation arising out of the terms of a contract or statute by which a debt standing of money would become payable upon the occurrence of some future event or events.