Financial Restructuring


Our Financial Restructuring team includes specialists that work closely with our Corporate Restructuring & Insolvency and Corporate / M&A teams to provide collaborative, commercial and innovative responses on all forms of domestic and international financial restructurings, capital reorganisations, debt for equity swaps, refinancings, consensual workouts, distressed sales and formal insolvency proceedings acting for lenders, corporates and appointed insolvency officials. Our cross departmental approach provides our clients with ready access to a depth of expertise needed to implement pragmatic, tailored solutions.

Our team is a market leader in this area having been consistently involved in the most-high profile and complex restructurings in recent years. Our extensive cross border experience has given our wider restructuring team an understanding of the interactions between Irish and overseas processes, such as Chapter 11 and English schemes, that is unrivalled in the Irish market. 




Restructuring experience includes:

  • Advising EY as the Joint Administrators of the Nortel Group involving, inter alia, the restructuring of debt of over US$2bn involving 19 jurisdictions
  • Advised Concordia on the Irish law aspects of its secured and unsecured debt restructuring and recapitalisation through a Canadian court plan
  • Acting for Naval Energies SAS, in its capacity as majority shareholder and creditor, in the liquidation of the OpenHydro Group
  • Advised the indenture trustee in the restructuring of Waypoint Leasing the global helicopter leasing company through Chapter 11 proceedings in the US
  • Advised Debenhams Plc and Debenhams (Retail) Ireland Limited on its refinancing, administration and other insolvency processes (including an Examinership and liquidation)
  • Advised Carpetright Plc and House of Fraser on their restructurings on behalf of creditors and B&Q and Mothercare on their restructuring through examinership
  • Advised a syndicate of lenders regarding its enforcement options prior and subsequent to the administration of Alitalia
  • Advised Baker Tilly as examiner in the successful restructuring of the Golden Pages business in Ireland through examinership
  • Advised the Examiner of Weatherford in a co-ordinated New York, Bermudian and Irish insolvency process
  • Advised Ballantyne on the restructuring of US$1.65bn through an Irish Scheme with ancillary recognition proceedings in the US



Impacts of COVID-19 for Borrowers/Lenders

With COVID-19 resulting in business interruptions for many companies and market volatility, borrowers and lenders need to consider the capacity and flexibility afforded under existing financing arrangements. Download some practical steps that can be taken now by borrowers and lenders to help alleviate the position.

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We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.


  •  William Fry's Banking department have been described by clients as "excellent to deal with. Their level of market knowledge is very high, and they are proactive at finding solutions to problems  and good at pushing the transaction to close." Other clients adds that they are "very knowledgeable and have the capability to manage large and complex transactions seamlessly," as well being "massively respected by the team on the other side of the transaction." The team is also known for being a "very well-resourced team, providing excellent turnaround times and always ensuring partner availability." Legal 500 2020
  • "Excellent and no weaknesses." says one interviewee IFLR 2020
  • A client states "The team that I primarily deal with are excellent. The team is partner driven, and I can always get access when needed. Their attention to detail is first class but they explain it in layman terms. They are very well regarded within the legal community, and this can be of huge assistance when negotiating and closing complicated deals." Another clients states: "William Fry (partners David Maughan and Mary Ward) provide unparalleled service on Irish law matters. Their advice is always on the spot, and they are always available. I only go to other firms if William Fry is conflicted from advising my client.". With another saying: "Very professional firm with a good team in place. Their strength is their people and breadth of experience on various projects." IFLR 1000 2019
  • "They are very easy to deal with, you can pick up the phone to any of them and they are quick to come back and respond, even on small queries. They are very thorough, client friendly and they put time into developing the relationship". An interviewee appreciated that "the client service was very strong, they had an excellent understanding of the transaction and they showed good responsiveness to requests". Chambers Europe 2019
  • One happy client says: "Their legal expertise, service levels and business-friendly approach sets them apart. I have recommended the team to other parties and continue to do so." Another source notes: "The firm is committed to its clients and develops strong relationships with them." Chambers Europe 2018
  • "They were very commercial on complex deals, extracted the important parts, were very proactive and made sure that nothing slipped away." Clients also point out that "they have a nice house style: professional, friendly and courteous." Chambers Europe, 2017 
  •  "The lawyers took a personal interest in the work and the overall objective was always in their minds. There was a big team offering a lot of strength throughout." 
    "This firm had the size and skills to handle a particularly complex transaction, and the commitment to throw the necessary resources at the job." Chambers Europe 2016
  • William Fry is an "excellent practice". Legal 500 EMEA 2016


Elaine Hanly

  • "Elaine Hanly has a long-standing presence in the market, advising borrowers on acquisition finance and refinancing. She also acts for lenders on project finance matters." Chambers Global 2020
  • "Ms Hanly's perspective and experience on banking issues is unmatched." IFLR 1000 2020 
  • Elaine has a "very strong technical understanding, is solution-driven and will seek to be very commercial in assessing transactions." Chambers Europe 2019
  • Sources say she is "pragmatic, diligent and goal-oriented," adding: "She tries to work with clients to find solutions rather than throwing up problems for the client and is comfortable driving an aggressive timetable." Chambers Global 2018 
  • William Fry excels in real estate finance, where practice head Elaine Hanly is "an excellent and thorough banking lawyer." Legal 500 EMEA 2017

David Maughan

  • David has been ranked in both Chambers Europe 2020 and Chambers Global 2020. Clients especially highlight him for his "excellent technical skills and strong commercial understanding of the aviation sector." Another client said that David "provides hands-on, pragmatic and on-the-point advice."
  • According to Legal 500 2020, David is "extremely knowledgeable and always has a practical solution to problems encountered" and "provides excellent commercial advice."
  • David is a widely respected figure in the market, particularly in relation to asset finance mandates including securitisations and structured finance deals. Interviewees attest that he "knows his stuff and is very approachable." Chambers Global 2019
  • David Maughan's practice revolves around the financing of aircraft and other assets. He also handles leases, joint ventures, refinancing and securitisations.  Sources see him as "a technically good lawyer." Chambers Global 2018
  • Clients say that David Maughan is "very approachable, responsive, easy to worth with, commercial and pragmatic." Chambers Global 2017
  • David takes an “excellent commercial approach”. IFLR 1000 2017
  • David is renowned for his experience of mandates in the aviation sector, as part of a wider structured finance practice. Sources say: "His advice is top-notch, and his communication is strong." Chambers Europe 2016 

Padraic Kinsella

  • According to one client, "Padraic stands out for his excellent responsiveness and dedication to transactions. He has a very commercial approach in dealing with issues as they arise, will always seek to find a path through to consensus with all parties, is very proactive in keeping a transaction moving, and shows strong attention to detail."  Legal 500 2020
  • Clients describe Padraic as "excellent" and "very personable and easy to get along with, very proactive and always available.” He "has a very in-depth knowledge of the product and is very proactive." Another client notes that he "remains very cool and gets his point across, knows what he’s doing and knows where we are coming from, what our levels are and what we’re flexible on." Chambers Europe 2020

Jason Hollis

  • According to Legal 500 2020, Jason has been described as "one of the best partners in Dublin: extremely hardworking, commercially astute, excellent legal advice, proactive and solutions focused," as well as having a "very professional manner and is extremely knowledgeable on the property market. I would be delighted to use his services again."
  • "Jason gives clear direction and operates a partnership approach with my team and me. He has an excellent can-do and commercial attitude." Another interviewee notes that he "is one of the new up-and-coming partners," "very knowledgeable, turns things around quickly and is dependable.” Chambers Europe 2020
  • Jason was ranked in Legal 500 EMEA 2017 as a 'Next Generation Lawyer' in Banking

Key Contacts

David Maughan Partner

Lyn Brennan Partner

Elaine Hanly Consultant