Initial analysis

Initial analysis

Initial steps

Whichever party you are acting for, the first step of a restructuring is to obtain all relevant documentation and conduct due diligence.

Usually the company will appoint new advisors to conduct an independent review—see Practice Note: A guide to independent business reviews. Restructuring specialists will be skilled at negotiating with creditors and allow the management to concentrate on running the business—see Practice Note: Restructuring—initial steps.

A number of parties involved in a restructuring or insolvency require legal advice and, in certain circumstances, parties with common interests may choose to use the same firm of solicitors. It is important to identify common conflict situations that arise and how information barriers may be put in place to allow a law firm to continue to act—see Practice Note: Conflicts in restructuring and insolvency.

If the company operates in a sensitive sector, the provisions of the National Security and Investment Act 2021 may apply (see Practice Notes: FAQs for insolvency professionals on the National Security and Investment Act 2021 and National Security and Investment Act—final orders tracker).

Benefits of restructuring over formal

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