A combination of difficult economic, real estate and credit conditions presents challenges and opportunities for asset owners and investors. William Fry's Distressed Asset Group combines the legal expertise necessary to provide timely Tax, Financial Services, Regulatory, Real Estate and Restructuring and Insolvency advice to both vendors and purchasers of distressed assets, whether based in Ireland or elsewhere. Where necessary, we can access our global network of international law firms and investment banks to deal with any cross border issues associated with the tranfer of these assets.
We offer our clients guidance and expertise on the opportunities available within the Irish market to sell and acquire distressed assets and provide advisory services on the:
- Acquisition and disposal of loan portfolios
- Appropriate Irish and international taxation planning for the acquisition of distressed assets
- Acquisition and disposal of distressed real estate
- Restructuring of businesses and the accompanying acquisition or disposal of assets out of liquidation, examinership or receivership
- Appropriate fund and other corporate structures utilised to acquire and hold distressed assets
Our recent experience includes advising on the following:
- Kennedy Wilson and Deutsche Bank on the acquisition of the Project Prince loan portfolio (real estate backed loans with a par value of €360m).
- A consortium of international banks which established an Irish securitisation SPV to acquire a portfolio of German loans and related mortgages funded by senior debt and mezzanine debt in the restructuring of the facilities.
- Duke Street Capital, a private equity group based in the UK and France, on a novel cross border debt and capital restructuring of the Payzone group (the electronic payments network) which involved a debt for equity swap, and the disposal by joint receivers.
- The funders to IWP International plc in relation to its debt restructuring which involved the secured creditors converting circa €57m of their existing debt to equity, resulting in them owning 90% of the enlarged share capital of the IWP Group and the delisting of IWP.
- The Examiner of Structured Credit Company on its successful restructuring. SCC was the first Irish victim of the credit crunch.
- The establishment of a QIF fund of funds to invest in distressed collective investment schemes at highly discounted net asset values.
- A group of equity noteholders in a Lehman Anthracite securitization structure following the collapse of the Lehman Group.
- AIB on the acquisition of the private banking business of ABN Amro and a transfer of assets under Section 33 of the Central Bank Act, 1971.
- Domestic Irish lenders on the transfer of loan portfolios to NAMA.
- As part of a panel of legal advisers to NAMA on various enforcement and refinancing matters.
- Joint Administrator of Nortel Networks on the administration of telecoms provider, Nortel Networks (Ireland) Limited.
- Waterford Wedgwood plc on the restructuring of Waterford Wedgewood plc.
Team
Brendan Cahill
Brendan "has a strong international clientele and also advises Irish publicly quoted clients on a host of matters, including M&A, corporate governance, listing requirements and debt and equity issues."
Chambers Global, 2010 - Corporate
Andrew Muckian
Sources credit Andrew Muckian as "the driving force behind the practice". He is active on many of the group's key transactions.
Chambers Europe, 2012 - Real Estate
Andrew Muckian is widely praised for his "overall knowledge and attention to detail".
Legal 500 EMEA, 2012 - Real Estate
Andrew Muckian is viewed as "one of the key reasons for the team's success".
Chambers Europe, 2011 - Real Estate
Andrew is prasied as being "a market leader" respected for "getting the job done with no fuss".
Legal 500 EMEA, 2010 - Real Estate
Michael Quinn
Michael Quinn is "technically knowledgeable and very practical".
Legal 500 EMEA, 2012 - Insolvency & Corporate Restructuring
Michael Quinn is hailed as "an outstanding insolvency practitioner".
Chambers Global, 2011 - Dispute Resolution: Insolvency
"Smart operator Michael Quinn is a leading figure".
Chambers Global, 2010 - Dispute Resolution: Insolvency
Elaine Hanly
Elaine Hanly is "unbelievably dedicated, and has an ability to look ahead and find the difficult points and deal with them."
Chambers Global, 2012 - Capital Markets
Elaine Hanly is described as "a well-reputed figure on the market, whose broad scope of expertise includes structured finance transactions, debt capital markets and securitisations alongside general banking". According to their sources, she is "a tenacious lawyer who has a superb ability to get things done".
Chambers Europe, 2011 - Banking & Finance
Elaine's "tenacity and ability to co-ordinate teams across multiple jurisdictions have won plaudits from clients, who also welcome her hands-on approach".
Chambers Global, 2011 - Banking & Finance
Sonya Manzor
Sonya Manzor "understands the nuances of the Irish tax code, and how it relates to strategy and objectives".
Chambers Global, 2012 - Tax
Sonya Manzor "impresses clients with her thorough advice and dedicated approach".
Chambers Europe, 2011 - Tax
She is praised for "her attention to detail and communication skills".
Legal 500 EMEA, 2010 - Tax
Cormac Commins
Cormac Commins "puts himself out to understand his clients and fits his advice to what we need. He is versatile and will adapt his style to his client.”
Chambers Europe, 2012 - Investment Funds
Cormac Commins has "excellent business acumen".
Legal 500 EMEA, 2012 - Investment Funds
Clients are impressed by "the technical prowess and service levels" of Cormac Commins.
Chambers Europe, 2011 - Investment Funds
Cormac is recommended for his "ability to work intuitively with in-house counsel".
Legal 500 EMEA, 2010 - Investment Funds
Paul Murray
Paul is lauded as an "expert in SPV requirements".
Legal 500 EMEA, 2010 - Investment Funds