Paul Fleming
Partner
Paul leads the firm's restructuring and insolvency practice in London and Europe. He advises creditors (including institutional lenders and bondholders) stakeholders, insolvency practitioners, and directors on complex domestic and cross-border restructurings and insolvencies.
Key Matters
Some of the experience represented below may have been handled at a previous firm.
Advising on high-profile matters:
- Abraaj Holdings: advised in relation to the largest private equity group operating in emerging markets with assets under management of approximately US$13 bn. This included advice in relation to the Joint Provisional Liquidation of two trading Cayman entities as well as developing a co-ordinated restructuring proposal which considered a large number of SPV’s and a complex private equity group.
- Lehman Brothers Limited: acted as counsel for PwC including various litigation claims between estates of up to £7 billion, assignment of pension liabilities, the liability of shareholders to an unlimited company, the operation of the subordination of regulatory debt, and acting in the ‘washing machine’ distribution process to creditors and associated schemes.
- Peking University Founders Group: advised Hong Kong and BVI liquidator claimants in successfully obtaining a Hong Kong Court of Appeal judgment establishing the enforceability of $1.5bn keepwell deeds in English law affecting US$36bn of PRC offshore bonds.
- Indah Kiat: acted for a creditor in successfully resisting, Indah Kiat executing a ‘scheme of arrangement’ before the English court to extinguish certain debt.
- Travelodge Hotels Limited: acted for the board of directors regarding the company’s proposed Voluntary Arrangement for its business forming part of the company’s recovery plan.
- Formula 1 -Force India: advised and co-ordinated the initiation of the administration process and purchase options.
- Victoria Gate Casino: advised shareholders regarding the pre-pack sale of one of the country’s largest super casinos and succeeding in a court of appeal application for disclosure of information regarding the enforcement and sale.
Acting for or with complex bondholder groups:
- Mechel Group: advising one of Russia’s leading mining and metal companies upon the possible restructuring of its PXF facilities of US$1.5 billion
- Nortel: advising Canadian Pension trustee interests in relation to the various disputes and settlement.
- Dexia Credit Local: acting for bondholders regarding claims arising from the restructuring of the bank.
- Punch Taverns: acting for noteholders in the restructuring.
Advising upon significant real estate positions:
- Harris connection: co-ordinating enforcement over 5 aparthotels and a worldwide freezing order in relation to a £200m loan. Worked with Real Estate team to rectify planning arrangements and ultimately payment in full by re-financing and exit from an administration process.
- Credit Suisse International: acting for CSI concerning swap priority arrangements relating to the securitisation of a nursing homes group.
Acting in contentious matters including fraud:
- Lexi Holdings (variously reported): -successfully recovering significant assets for a syndicate of lenders.
- Levene bankruptcy-: acting for the trustee in bankruptcy of an individual the press dubbed ‘the British Madoff’.
- Leading authorities on subrogation (HSBC v Liberty).