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Aspiring Lawyers - Interviews & Vacation Schemes
Commercial Awareness Discussion
Decline of the high street
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<blockquote data-quote="Jaysen" data-source="post: 2993" data-attributes="member: 1"><p>1. Restructuring and insolvency departments are very busy at the moment. When companies struggle, they need legal advice. Perhaps, they want to sell off non-core assets, restructure debt or make employees redundant. As you said, they can also try an agreement with creditors using a CVA or scheme of arrangement.</p><p></p><p>Lawyers are there to negotiate, draft the documentation and advise on the best solution for a company using their knowledge of the law. If a high street business enters a formal insolvency process, lawyers will be there to advise both the directors and the administrators.</p><p></p><p>For example. Kirkland & Ellis advised Toys R Us on its restructuring options: <a href="https://uk.reuters.com/article/uk-toys-restructuring-kirkland/toysrus-taps-law-firm-to-weigh-restructuring-options-source-idUKKCN1BH2ZA" target="_blank">https://uk.reuters.com/article/uk-toys-restructuring-kirkland/toysrus-taps-law-firm-to-weigh-restructuring-options-source-idUKKCN1BH2ZA</a></p><p></p><p>Later on, when Toys R Us went into administration, Kirkland & Ellis advised the administrators: <a href="http://www.lex100.com/index.php/news/news-2/1450-deal-watch-kirkland-and-eversheds-lead-as-toys-r-us-and-maplin-collapse-following-bleak-xmas-for-retailers" target="_blank">http://www.lex100.com/index.php/news/news-2/1450-deal-watch-kirkland-and-eversheds-lead-as-toys-r-us-and-maplin-collapse-following-bleak-xmas-for-retailers</a></p><p></p><p>2. You could definitely argue that. I wrote about this before in relation to Toys R Us: <a href="https://www.thecorporatelawacademy.com/forum/threads/commercial-news-summary-february-2018.20/#post-146" target="_blank">https://www.thecorporatelawacademy.com/forum/threads/commercial-news-summary-february-2018.20/#post-146</a>. I would personally argue these companies were in trouble/would have collapsed anyway and that the fault lies in their ability to compete with e-commerce.</p></blockquote><p></p>
[QUOTE="Jaysen, post: 2993, member: 1"] 1. Restructuring and insolvency departments are very busy at the moment. When companies struggle, they need legal advice. Perhaps, they want to sell off non-core assets, restructure debt or make employees redundant. As you said, they can also try an agreement with creditors using a CVA or scheme of arrangement. Lawyers are there to negotiate, draft the documentation and advise on the best solution for a company using their knowledge of the law. If a high street business enters a formal insolvency process, lawyers will be there to advise both the directors and the administrators. For example. Kirkland & Ellis advised Toys R Us on its restructuring options: [URL]https://uk.reuters.com/article/uk-toys-restructuring-kirkland/toysrus-taps-law-firm-to-weigh-restructuring-options-source-idUKKCN1BH2ZA[/URL] Later on, when Toys R Us went into administration, Kirkland & Ellis advised the administrators: [URL]http://www.lex100.com/index.php/news/news-2/1450-deal-watch-kirkland-and-eversheds-lead-as-toys-r-us-and-maplin-collapse-following-bleak-xmas-for-retailers[/URL] 2. You could definitely argue that. I wrote about this before in relation to Toys R Us: [URL]https://www.thecorporatelawacademy.com/forum/threads/commercial-news-summary-february-2018.20/#post-146[/URL]. I would personally argue these companies were in trouble/would have collapsed anyway and that the fault lies in their ability to compete with e-commerce. [/QUOTE]
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