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”
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”
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”
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.
Linklaters has hired Ropes & Gray partner James Douglas to its London office, its second restructuring hire in as many months.
Marcus Lee, previously general counsel (GC) of Channel 5, has been promoted to GC for UK, northern and eastern Europe for Viacom International Media Networks (VIMN), also part of the media conglomerate Viacom.
Lloyds Banking Group (LBG) is to axe a further 22 legal roles as part of a further restructure of the bank’s legal team. In addition, a total of c.5.5 full-time equivalent (FTE) roles will be created. Continue reading “‘People are really upset’: Lloyds to axe 22 legal roles as part of further restructure”
RBS’ general counsel (GC) for corporate & institutional banking (CIB) Dan Williams has left the legal team of the banking group. Continue reading “RBS divisional GC leaves following legal team restructuring”
Clyde & Co will downsize its aviation team by three senior associates in a bid to streamline its offering. Continue reading “Clydes to cut fee-earners in London as part of aviation restructuring”
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”