Insolvency & restructuring

Why choose Deacons for insolvency & restructuring advice?

Services offered include

Insolvency and Restructuring

Deacons' insolvency and restructuring group is a multidisciplinary team of nine partners plus supporting lawyers with expertise in insolvency and restructuring, litigation, banking, financial services including investment funds and listed trusts, and corporate finance. As Hong Kong's largest independent full service law firm we can also draw on the experience of other partners with specific industry expertise according to the needs of particular matters and we have the depth of resources to respond quickly and comprehensively.

The experience of Deacons' insolvency and restructuring team places us amongst the market leaders in Hong Kong, with extensive knowledge of both the legal and practical aspects of restructuring and insolvency in the local market and regionally, particularly in the People's Republic of China.

Why choose Deacons for insolvency and restructuring advice?

We are regularly ranked amongst the best. The Asia Pacific Legal 500 described our insolvency group as "market-leading" and PLC Which Lawyer? "highly recommended" us.

Our individual lawyers are also well respected in the directories. For example, Philip Gilligan is recommended for restructuring and insolvency in PLC Which Lawyer? and mentioned in the Asia Pacific Legal 500. Phillip also served on the Technical Committee for the 2008 INSOL conference in Shanghai and spoke on utilities insolvency at the INSOL conference in Beijing.

Simon Deane is an acknowledged leading lawyer in Banking & Finance by Chambers Global, Chambers Asia and Asia Pacific Legal 500.

Daisy Tong is acknowledged as a leading lawyer for Dispute Resolution in Asia Pacific Legal 500, the 2008 Expert Guides to the World's Leading Litigation Lawyers and Who's Who of the Law.

Alex Lai is acknowledged as a leading lawyer for Dispute Resolution in Asia Pacific Legal 500 and PLC Which Lawyer?

Robert Clark is acknowledged as a leading lawyer in Dispute Resolution in Asia Pacific Legal 500, Chambers Global, Chambers Asia, the 2008 Expert Guides to the World's Leading Litigation Lawyers , PLC Which Lawyer? and Who's Who Legal - The International Who's Who of Business Lawyers.

Joseph Kwan is acknowledged as a leading lawyer for Restructuring & Insolvency in PLC Which Lawyer? and for Dispute Resolution in Asia Pacific Legal 500 and Chambers Asia.

Ronny Chow is acknowledged as a leading lawyer in Capital Markets and Corporate/M&A by Asia Pacific Legal 500, Chambers Asia and PLC Which Lawyer?

Rory Gallaher has more than 20 years' experience in financial services law, with particular emphasis on investment funds and securities issues. Rory is cited as a leading lawyer by Asia Pacific Legal 500 and Chambers Asia.

With a network of offices in Asia, including three in mainland China as well as Taiwan, each staffed by a mixture of local and expatriate lawyers, we have the strength and depth to handle the most challenging assignments effectively and efficiently.

Services offered include:

• Rescue and restructuring 
  Deacons has extensive experience of advising accountants, banks, other financial institutions and borrowers on every aspect of rescue and restructuring, including refinancing, debt rescheduling, sale and lease back, distressed debt issues, court sanctioned arrangements and work-outs.
• Rescue financing
  We advise on the complex finance and security issues that arise in relation to the financing of a rescue bid in a liquidation or provisional liquidation situation.
• Insolvency
  We regularly advise banks, financial institutions and office holders on all types of formal insolvency procedures, including liquidations, provisional liquidations, receiverships and administrations in Hong Kong and overseas. We also advise trustees on bankruptcy issues and individuals facing financial difficulty.
• Schemes of arrangement
  We advise on the drafting and sanctioning of schemes of arrangement and have successfully completed schemes in various sectors and contexts, including insurance and including as part of a rescue under provisional liquidation. We have advised on the complex issues that can arise as regards classes of creditors in the context of a scheme. 
• Contentious insolvency
  Advising on contentious insolvency matters requires detailed knowledge of both this complex area of the law and litigation. Our highly-regarded team provide all of the practical, strategic advice and litigation support that clients require.
• Enforcing and realising security
  Deacons has extensive experience in handling the commercial and legal issues that arise when looking to take, improve and enforce security and other rights, both in Hong Kong and overseas.
• Distressed debt
  We advise on the acquisition, disposal and enforcement of non-performing loans, both on an individual and a portfolio basis.
• PRC insolvency
  We have a great deal of experience of insolvency and debt-restructuring issues in the PRC, including restructuring of loans advanced to PRC borrowers (including FIEs and SOEs) and on various matters relating to PRC insolvent companies.
• Creditor services
  We offer a wide range of creditor services, including advice on making claims, submitting proofs and arranging attendance at creditors' meetings in Hong Kong, the PRC and throughout the Asia Pacific region. We also provide guidance on the procedure to be followed at these meetings, proxy voting and dividend recovery.
• Corporate rescue services
  Seeking professional advice early can make all the difference and help a company facing financial challenges avoid insolvency. Working closely with accountants and financiers, we advise on all aspects of turnaround such as cash-flow management, refinancing, restructuring, debt factoring and other rescue strategies.
• Advising directors
  We regularly advise directors on their duties and liabilities, including avoiding disqualification and potential liability for fraudulent trading and other statutory offences.
• Advising purchasers
  We advise purchasers acquiring businesses and assets from receivers, liquidators and other office holders and on the acquisition of distressed assets. Time is of the essence in these transactions and we respond quickly, giving the best practical and commercial advice.
• Insurance insolvency
  The insolvency of an insurance company raises unique issues. Our team has experience of advising on all aspects of insurance insolvency, including schemes of arrangement, runoff and handling 'live' policyholders.
• Debt collection
  To enable our clients to recover their debts rapidly and cost effectively we offer a fully-automated debt collection service. Clients receive regular status reports showing daily activity and summaries of each matter.