A distressed property is one whose price is likely to be below comparable market value, whether affected by actions taken following mortgage default or the financial distress of the owner such as a developer or investor.
Whichever way you encounter a distressed property, as borrower, lender, investor or potential purchaser, we can guide you through the legal complexities that may have arisen due to structuring, formation and funding of the property and/or advise on the issues arising from owners, tenant or borrower financial distress.
We also advise on the winding up and dissolution of successful SPV structures so to ensure stakeholder return while ensuring legal and regulatory compliance.
Our relevant experience includes:
- Acting for landlords on a string of notable tenant insolvencies, including MFI, Woolworths, Focus DIY, Barratts Shoes, Oasis, Viyella, Card Warehouse, La Tasca, JJB Sports, Blacks Leisure and Travelodge
- Leading renegotiations with Landlords at hundreds of sites following the approval of a Company Voluntary Arrangement in respect of the operator of a number of nationwide restaurant chains
- Acting for the administrators and liquidator of eight group companies in the restructuring of the half billion pound property investment portfolio (over 3000 multi-let industrial units comprising of 14.6m sq ft) which saw the transfer of its asset management arm through a pre-pack administration sale
- Acting for the owners of a chain of eight hotels where the leaseholder who was managing the hotels went into administration, which in turn led to the transfer of the hotel operating business to an unapproved company. Liaising with the administrators to ensure that the business and assets of the hotel were transferred to an operator elected by our client
- Acting for an offshore bank on the recovery of a multi-million pound residential property loan to a high profile Eastern European high-net-worth individual. This was because of international/cross-border criminal investigations, civil recovery actions and worldwide freezing orders. The advice led to appointment of a receiver, realisation of the property and repayment of the client’s debt
- Acting for a syndicate of investors in the restructuring and disposal of its investment in the Chatham Maritime Development, comprising of a cinema complex, restaurants and the Dickens World tourist attraction. Liaising with liquidators in regards to the insolvent tourist attraction
- Acting for the administrators in their appointment over South East England Inveco truck dealer and service centre, Grays Truck & Van, and then the disposal of the company’s property interests over four sites, following the transfer of its business and assets in a pre-pack sale to Inveco (part of the Fiat Group).