We were instructed to advise potential administrators over four group companies which had run into financial difficulties as a result of the Coronavirus pandemic.
This was an out-of-court director appointment and the directors required the whole group to be put into an insolvency process to obtain the moratorium protection as soon as possible. The matter was particularly complicated given each company had a qualifying floating chargeholder who had to be given prior notice, a number of employees raising issues of furloughing/redundancy/adoption of contracts, various property leases and with assets located across the county to be urgently gathered in.
This required a co-ordinated approach with our Employment, Real Estate and Corporate and Commercial team to advise the administrators but we successfully filed Notice of Intention to appoint to initially obtain concurrent interim moratorium protection before, later, filing Notices of Appointment to formally place the companies into administration and appoint our clients.
We have also, in conjunction with Employment, Real Estate and Corporate and Commercial teams, been advising on any post appointment matters that have arisen including a successful sale of the business by the administrators.