Sponsored briefing: Valuation – the new frontline in restructuring under the Corporate Insolvency and Governance Act 2020

Sponsored briefing: Valuation – the new frontline in restructuring under the Corporate Insolvency and Governance Act 2020

In the summer of last year, the Corporate Insolvency and Governance Act 2020 (CIGA) was rushed through the UK Parliament in a five-week period to deal with the expected fallout from the Covid-19 pandemic. As the biggest change to the UK’s insolvency and restructuring legalisation in over 20 years, one of the cornerstones of this new legislation is the introduction of the Restructuring Plan. While many of the provisions and the intent of both the Restructuring Plan and the existing Scheme of Arrangement are not dissimilar, what is ground-breaking is the introduction of the Cross-Class Cram-Down mechanism (or CCCD) and the sharp focus this is bringing on evidence as to where value breaks within the capital structure of the company in question. Continue reading “Sponsored briefing: Valuation – the new frontline in restructuring under the Corporate Insolvency and Governance Act 2020”

City biz support jobs axed again as Taylor Wessing makes 28 redundant

City biz support jobs axed again as Taylor Wessing makes 28 redundant

Taylor Wessing has made 10% of its 270-strong City business services staff redundant, the latest in a string of firms moving support roles to lower-cost locations.

The UK top 20 firm announced the move today (7 February) following a consultation launched a year ago which affected up to 34 roles. Continue reading “City biz support jobs axed again as Taylor Wessing makes 28 redundant”

City biz services staff under threat again as Taylor Wessing mulls 34 redundancies

City biz services staff under threat again as Taylor Wessing mulls 34 redundancies

The transfer of business services roles into low-cost bases shows no sign of slowdown in 2019, with top 20 UK firm Taylor Wessing announcing it is considering making 13% of its 270-strong City team redundant by the end of 2020.

The move, announced today (25 January), potentially affects 34 London-based staff and comes as the firm looks to create 35 new business services roles in the Liverpool base it launched last October. Continue reading “City biz services staff under threat again as Taylor Wessing mulls 34 redundancies”

‘A bit unsettled’: Lloyds legal team to report to finance arm after latest restructure

‘A bit unsettled’: Lloyds legal team to report to finance arm after latest restructure

The legal team at Lloyds Banking Group (LBG) will now report to the bank’s finance team in the group’s latest reorganisation, which led to the departure of chief people, legal and strategy officer and ex-Linklaters managing partner Simon Davies, after less than two years.

Continue reading “‘A bit unsettled’: Lloyds legal team to report to finance arm after latest restructure”

New Johnson Controls EMEA legal head to review Eversheds sole adviser deal following restructure

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David Symonds, EMEA general counsel (GC) for merged entity Johnson Controls International (JCI), is leading a restructure of the company’s legal function following the completion of the $16.5bn combination of Johnson Controls and Tyco International in September. Continue reading “New Johnson Controls EMEA legal head to review Eversheds sole adviser deal following restructure”