In this publication, FRP Advisory Restructuring Advisory Partners, Ian Corfield and Phil Armstrong explore the headwinds the leisure sector is facing, and the key factors that leisure businesses will need to keep in mind as they re open their doors.
Real expertise. Real results. Global offshore capabilities: Our coordinated approach
About FRP
R&H Restructuring is a multidisciplinary team with a diverse range of offshore multi- jurisdictional restructuring and insolvency experience. Their team of insolvency practitioners and qualified accountants has great depth of experience in dealing with distressed situations and the associated complexities of cross-border insolvencies and disputes in the Cayman Islands, British Virgin Islands and Bermuda, as well as across the Eastern Caribbean region. Alongside acting as court appointed liquidators, provisional liquidators and restructuring officers, their services include restructuring directorships, managed wind downs, voluntary liquidations, contentious trust, forensic accounting and receiverships. “The strong working protocol between our firms allows us to provide innovative solutions for our diverse clients globally. We look forward to the continued collaborations with the renowned specialist team at FRP.” Martin Trott, Partner at R&H Restructuring About R&H Restructuring Global expertise paired with local insight
FRP is one of the largest advisory firms in the UK, operating from 28 office locations nationally and one in Cyprus, advising clients ranging in size from large institutions to individuals. FRP’s integrated business teams work collaboratively to achieve tangible results for clients and draw on a breadth of services to manage risk, preserve and recover value. Specialising in forensic services, corporate finance, debt advisory, restructuring and insolvency and financial advisory, we deliver strategic solutions across a broad range of situations. Our five pillar services complement each other to draw on experts within each of our service areas to put the best people in place for each circumstance. A national leading business advisory firm “FRP are very pleased to hold an alliance with the respected and well known offshore firm, R&H Restructuring. This will continue to facilitate and extend our global reach across the advisory space for the benefit of all stakeholders.” Geoff Rowley, Chief Executive Officer at FRP
FRP credentials
AWAL Bank Fraud investigation
Project Thames Forensic investigation
Project Orange Fraud investigation Engaged by an AIM listed company to undertake an independent investigation to establish if fraud had occurred. Accountants and technologists assisted in the investigation which included a review of systems and controls.
Acting as Liquidators of 7 Cayman SPV Hedge fund subsidiaries of Awal Bank in Bahrain and assisting it’s Administrators– tracing $bns to recover and preserve assets
Instructed by the Board of an AIM listed company to investigate both identified issues regarding related parties and other non-identified issues. Produced a report for the Board setting out our findings to assist them in determining next steps.
held in multiple jurisdictions claimed by third parties and paying funds up to parent.
Alliance capabilities Supporting litigation and recovery at every step The alliance offers specialists in contentious insolvency, forensic accounting, forensic technology and valuation services who work seamlessly together to deliver effective solutions for litigation strategy, data management, investigations and recovery. From pre-issue to enforcement, FRP and R&H Restructuring have the expertise and specialist skills to handle any issue. Our experience covers disputes, including, loan or guarantee defaults, contractual defaults or disagreements, relationship breakdown between parties, absconded or uncommunicative debtors, suspicions of misapplication, misuse or dissipation of funds and fraud.
The stages of disputes and investigations
1 Dispute
2 Disclosure
3 Experts
5 Enforcement
4 Judgment
Investigations & consulting
Data recovery & preservation
Data maintenance & production Disclosure & review assistance
Data conversion & analysis Expert instructions
Valuations
Asset & strategy reviews Recovery
R&H Restructuring credentials
Official liquidation
Liquidation
Madison Asset Official liquidation Cayman based entity with
Platinum Partners
Genting Hong Kong Bermuda entity formerly listed on the Hong Kong stock exchange. In addition to the liquidation of the listing vehicle, where we act as one of the joint liquidators, the matter involves the wind down of approx. 260 subsidiaries across Asia, Europe and the US.
Joint liquidators of a US and Cayman based hedge fund, with US$1bn in AUM, comprising various debt and equity interests. Liquidation involved numerous technical challenges within the multi-jurisdictional complex group structure.
presence in Florida, the Caribbean and LatAm, the subject of fraud allegations and mismanagement. Obtained Chapter 15 recognition of the liquidation in the US and utilised discovery powers to obtain records.
Cross border experience
Strategic collaboration, seamless multi-jurisdictional support FRP and R&H Restructuring have established a strategic services alliance to enhance collaboration and provide efficient support for clients dealing with multi-jurisdictional matters. With a successful history of joint appointments spanning several years, the alliance leverages a global network of offices and affiliates to deploy specialised teams in optimal locations. Aligned goals and cultures enable us to address clients’ cross-border needs seamlessly, avoiding duplication and inefficiencies. This partnership allows FRP and R&H Restructuring to seamlessly execute global assignments, creating a unified, multi-jurisdictional network experience for our clients. Together, both firms bring a wealth of cross-pillar experience to deliver comprehensive solutions.
International touch points
USA
United Kingdom
Isle of Man
Guernsey
China
Cayman Islands Bermuda
Jersey
Hong Kong
Cyprus
British Virgin Islands
Singapore
Bahrain
South Africa
Australia
FRP and R&H Restructuring credentials
Restructuring Advisory
Restructuring Advisory
Project Tree
Magellan Asset Finance
FRP and R&H Restructuring are the Joint Liquidators of a BVI entity which was an investment vehicle primarily engaged in trading fixed interest securities which it did via an associated company incorporated in England and Wales. This entity is being liquidated by FRP in the UK. The joint liquidators undertook a document recovery exercise which allowed for a forensic review of the company’s trading activity prior to its insolvency.
FRP and R&H Restructuring were appointed to a special purpose vehicle incorporated in the Cayman Islands by a leading litigation funder. The vehicle had been intended to be used to fund a portfolio of litigation claims albeit at the time of the appointment only one claim had been funded. Investigations remain ongoing in regard to the company and the Joint Liquidators are currently assessing potential claims/recovery options.
Key contacts
David Hinrichsen Partner, FRP Advisory Restructuring Advisory +44 (0)7500 025 441 david.hinrichsen@frpadvisory.com Forensic Services + 44(0)7983 593 259 chris.osborne@frpadvisory.com Christopher Osborne Partner, FRP Advisory
Paul Allen Partner, FRP Advisory Restructuring Advisory + 44 (0)7506 629 104 paul.allen@frpadvisory.com
Adrian Coates Director, FRP Advisory
Chris Smith Director, R&H Restructuring Restructuring Services +1 (345) 814 8779 csmith@RHRestructuring.com Forensic Services +44 (0)7709 713 214 adrian.coates@frpadvisory.com Owen Walker Director, R&H Restructuring Restructuring Services +1 (345) 814-8763 owalker@RHRestructuring.com Nathan Mills Director, R&H Restructuring Restructuring Services +1 (284) 545-4444 nmills@RHRestructuring.com
Faye Hall Partner, FRP Advisory Forensic Services +44 (0)7543 502 479 faye.hall@frpadvisory.com
Geoff Carton-Kelly Partner, FRP Advisory Restructuring Advisory +44 (0)7850 806 894 geoff.carton-kelly@frpadvisory.com Gordon Wilson Partner, FRP Advisory Restructuring Advisory +44 (0)7624 490 804 gordon.wilson@frpadvisory.com
Tracy Cook Associate Director, R&H Restructuring Restructuring Services +1 (284) 340-4982 tcook@RHRestructuring.com Lewis Sedge Senior Manager, FRP Advisory Restructuring Advisory +44 (0)7704 345 515 lewis.sedge@frpadvisory.com Samuel Ouriach Director, FRP Advisory Restructuring Advisory +44 (0)7715 491 301 samuel.ouriach@frpadvisory.com
Jim Davies Partner, FRP Advisory Financial Advisory +44 (0)7841 829 826 jim.davies@frpadvisory.com
Laura Dymott Partner, FRP Advisory
Martin Trott Partner, R&H Restructuring Restructuring Services +1 (345) 814-8729 mtrott@RHRestructuring.com Forensic Services +44 (0)7590 857 054 laura.dymott@frpadvisory.com
FRP Advisory Trading Limited
R&H Restructuring (Cayman) Limited
Windward 1, Regatta Office Park Grand Cayman, KY1-1103 Cayman Islands
110 Cannon Street London EC4N 6EU United Kingdom
R&H Restructuring (BVI) Limited Little Denmark Building, Unit 3A, 147 Main Street, Road Town, Tortola, VG 1110 British Virgin Islands
FRP Advisory Trading Limited is a company incorporated in England and Wales registered number 12315855
February 2024
frpadvisory.com
rhrestructuring.com
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