Section 110 Reconstruction
Blake-Turner advised a group of companies on its reconstruction pursuant to Section 110 of the Insolvency Act 1986.
The group of companies had one holding company and had grown organically over many years due to a series of acquisitions. The holding company was an English company, but its 28 subsidiaries were in various jurisdictions throughout Europe and included companies limited by guarantee as well as the usual limited liability companies.
It was identified that the group of companies had 12 distinct business sectors and accordingly the group was split into 12 streamlined and more readily manageable groups. The original holding company was placed into solvent liquidation.
The reconstruction was a “paper heavy” transaction, but we assisted the board of the holding company in this regard by producing a detailed “roadmap” of all pre and post-completion actions and responsibilities. Various share options were to be exercised prior to completion and aside from dealing with the usual elements of a Section 110 Reconstruction, we also dealt with the restructuring of the group’s lenders’ security, specific issues in various jurisdictions involved and the Stamp Duty application post-completion.
We prioritised keeping the client fully informed by constantly updating and circulating roadmaps and, of course, ensuring that we were at all times available to answer their queries and produce the relevant documentation in a timely fashion to ensure a smooth completion.