Insolvency & Business Restructuring
Insolvency is a key risk which needs to be identified early and managed with urgency. Speed is of the essence. The restructuring of companies in financial distress is on the increase globally. Prevention is better than cure and we have experienced and specialist lawyers who advise on the registration, protection and enforcement of securities, the risks of financial exposure, debt restructuring, recovery actions and the various business restructuring and liquidation/insolvency mechanisms available under applicable law.
We focus on providing value-add legal services and strategic advice, enabling directors, shareholders, employees, creditors, liquidators, administrators, trustees, judicial managers, business rescue practitioners and employees to understand and appreciate the limitations, scope and efficacy of the various insolvency and restructuring regimes in Africa.
Botswana: Advised Standard Chartered Bank – petitioning Court for the insolvency of Boseto Copper Mine and advisory services to senior lenders during liquidation process.
Ghana: We advised Unilever Plc in respect of the Ghanaian law aspects of a proposed restructuring involving the parent company of Unilever Ghana Limited and an application to the Securities and Exchange Commission of Ghana for an exemption from undertaking a mandatory takeover of shares in Unilever Ghana.
Kenya: Representing I&M Bank in this novel case regarding whether the appointment of a receiver could apply to events that occurred prior to the Insolvency Act coming into force in November 2015.
Morocco: Represented the American “Carlyle Group” in the bankruptcy procedure opened against the Moroccan refinery “SAMIR” to obtain the payment of Carlyle’s debt.
Mozambique: Recapitalization of a banking institution within the scope of its intervention by the Central Bank.
Nigeria: Local Counsel to a foreign company in respect of Seplat Sapele Integrated Gas Plant Project.We reviewed the Technical Service Agreement.
South Africa: Advising the current directors of Steinhoff in respect of a possible restructuring / compromise in South Africa, in parallel with compromise procedures in foreign jurisdictions.
Uganda: We advise on the handling of loan defaults, enforcement of our client’s rights as creditors of insolvent entities.
Tanzania: Involved in a corporate takeover and restructuring of one of the largest local manufacturing conglomerates by a foreign MNC.
Zambia: Advisor to the Atlas Copco Group, Sweden’s biggest industrial group by market capitalisation, on the split of the group into two separate listed companies, Atlas and Epiroc. The spinoff company, Epiroc, focusing on the mining and civil engineering business while Atlas Copco focusing on the industrial business.
Zimbabwe: Handled debt restructuring in the media and communications industry to the value of USD 17 million, involving a continental media house and a continental telecommunications company.
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LEX Africa’s lawyers have deep expertise and experience in local laws, regulations, practices and customs. Their goal is to deliver customised services that align with each client’s unique needs, ensuring efficient, compliant and successful outcomes. Together they form a strong Pan African legal team and resource for our clients.
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