Leading global offshore law firm Appleby have acted in Jersey, Guernsey and the Isle of Man for the Joint Administrators of certain companies of the Arcadia Group, being the well-known retailer of fashion clothing and accessories, selling through several leading brands, such as Burton Menswear, Dorothy Perkins, Wallis, Miss Selfridge and Topshop.
On behalf the Joint Administrators (each of Deloitte LLP), the Appleby Insolvency and Restructuring Teams in Jersey, Guernsey and the Isle of Man have successfully obtained orders of recognition of the Joint Administrators’ appointment, within just two days of the administration orders being made in the UK. The recognition of the Joint Administrators in the jurisdictions will enable them to continue to trade the stores in those locations, whilst options are explored and the strategy of the administrations evolves. Appleby is the only firm which offers restructuring and insolvency capability across all three Crown Dependencies.
In addition to procuring recognition of the Joint Administrators’ appointment, the Appleby Insolvency and Restructuring Teams were also successful in securing a moratorium in Jersey, Guernsey and the Isle of Man, in substantively the same terms as the English law moratorium. This will ensure continuity of trade and prevent disruptive action that may undermine the purpose of the wider administration.
Jared Dann, Partner, supported by Gemma Whale, Senior Associate delivered Jersey legal advice; Anthony Williams, Partner, assisted by Andrew Murphy, Senior Associate and Ryan Courtney, Associate provided Guernsey legal advice and Caren Pegg, Partner, supported by Kyle Mills, Associate, delivered Isle of Man legal advice. Commenting on the matter, Jared Dann said:
“This instruction, on such a high profile and well publicised administration, is another excellent example of the Insolvency and Restructuring experience and expertise of Appleby’s global team. We have worked closely and successfully with the Joint Administrators to coordinate recognition being obtained in short order and concurrently across the Crown Dependencies”.
Appleby has extensive restructuring and insolvency expertise across nine global offshore jurisdictions and are best placed to assist with procuring recognition of foreign insolvency proceedings and to facilitate cross border restructurings.