Clifford Chance LLP

Restructuring/Insolvency Department

London (Firms)
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What the team is known for Standout practice advising on sophisticated restructurings in the UK and abroad, attracting instructions from a range of industry players, with a focus on creditor-side representation. Coordinates across its network to provide multidisciplinary and multi-jurisdictional teams where needed. Advises on both contentious and non-contentious work, with noted strength handling cross-border recovery and protection of creditor claims. Particularly strong when advising on mandates within the retail sector.

Strengths One source reveals: "The lawyers are among the best I have worked with in the industry in the UK. They are very responsive, knowledgeable and willing to tell you how it is."

A client says: "They are an excellent firm and I wouldn’t hesitate to use them again in the future. The team has great depth with a global network."

"All members of each Clifford Chance team were efficient and highly responsive to our requests," reports one client.

Work highlights Acted for the bank coordinating committee on the EUR2 billion restructuring and recapitalisation of Nystar.

Notable practitioners


Adrian Cohen
fields extensive experience in the restructuring space. He has particular expertise handling emerging markets and real estate focused matters.


David Towers
has experience advising on both the creditor and debtor sides of mandates, with particular expertise in the representation of alternative lenders. His practice includes both restructurings and recapitalisations in domestic and international markets.
"He's very talented, very commercial and very smart." "David is pragmatic and responsive - he is a strong partner."


Iain White
has a broad practice with experience advising both creditors and debtors, as well as officeholders. He is experienced in advising clients on matters spanning a range of sectors including manufacturing, retail and energy.
"He is very bright and very able."


John Maclennan
is a respected practitioner with expertise acting for banks, bondholders and alternative investors. He is regularly called upon to assist clients with both domestic and cross-border matters.


Philip Hertz
is the global head of restructuring and insolvency at the firm with enviable experience in complex cross-border matters. He is a popular choice for lender clients, counting leading banks and hedge funds among his client base.
"Although a specialist in insolvency and restructuring, Philip has an excellent, broad knowledge of multiple disciplines. His advice is always sound and he has a very personable approach." "He is the quiet, calm head you want on your side if you do something fiendishly complicated as he does not get fazed." "He is very commercial; he has seen everything before and nothing passes him. He's got that great blend of intelligence, experience and personality."