United Kingdom: Insolvency/Bankruptcy/Re-Structuring

Private credit providers taking control of distressed borrowers face unique challenges in designing effective management incentive plans. Unlike traditional private equity structures, post-restructuring scenarios require innovative combinations of equity and cash-based incentives to align management interests with lender objectives while navigating significant debt obligations and steep return hurdles.

Steven Geerlings shares insights from his extensive international career in asset-based lending, spanning work across the UK, Netherlands, Belgium, and Germany. Drawing on experience managing multi-billion euro transactions for Deutsche Bank and navigating complex cross-border finance structures, he explores the operational and legal challenges that arise when lending against assets across multiple European jurisdictions. The discussion reveals how evolving regulations and practical expertise are reshaping

Much discussion around restructuring focuses on rescue processes such as administration, restructuring plans and consensual workouts. Yet across the property market, one of the most commonly used enforcement tools is the appointment of a receiver under the Law of Property Act 1925 – known as an LPA receiver.

Contractor insolvency poses a significant threat to construction projects, with nearly 4,000 construction businesses entering insolvency in 2025 alone. Collateral warranties from sub-contractors can provide crucial protection by creating direct contractual relationships that preserve rights of recourse when main contractors fail. Understanding how these warranties work alongside due diligence and performance security can help developers, funders, and other stakeholders manage risk effectively.

Winning a judgment against an individual is only half the battle—converting that legal victory into actual recovery requires understanding where wealth truly sits and how it can be accessed. From property holdings and offshore structures to bankruptcy proceedings and asset preservation, successful enforcement demands strategic thinking that goes far beyond the courtroom judgment.

Frasers Group's acquisition of Harvey Nichols for £43.3 million has sparked controversy as creditors face significant losses, while Victoria Beckham's fashion empire achieves its first-ever profit after years of financial struggle. Meanwhile, China's luxury market shows signs of weakening recovery amid tax pressures and economic uncertainty, raising questions about the future of global luxury growth.