Links and Nabarro lead on latest bank insolvency
A raft of City firms have landed top roles on collapsed financial services company London Scottish Bank's administration. Linklaters and Nabarro have both been instructed by the bank, which went into administration this morning (1 December).Linklaters London-based banking partner Bruce Bell advised the bank on its financing, while Nabarro restructuring and insolvency chief Patricia Godfrey advised on corporate matters.Slaughters is acting for longstanding client the UK Treasury and the Financial Services Authority (FSA).
December 01, 2008 at 10:29 AM
2 minute read
A raft of City firms have landed top roles on collapsed financial services company London Scottish Bank's administration.
Linklaters and Nabarro have both been instructed by the bank, which went into administration this morning (1 December).
Linklaters London-based banking partner Bruce Bell advised the bank on its financing, while Nabarro restructuring and insolvency chief Patricia Godfrey advised on corporate matters.
Slaughters is acting for longstanding client the UK Treasury and the Financial Services Authority (FSA).
The magic circle firm fielded a team under finance partner George Seligman advising the Treasury, while dispute resolution partner Ewan Brown advised the FSA.
Meanwhile, Denton Wilde Sapte acted for administrators Ernst & Young, with a team led by restructuring and insolvency partner Nigel Barnett.
London Scottish Bank, which specialised in offering fixed-rate savings accounts and loans to customers with poor credit histories, is the latest financial institution to fall in the midst of the crumbling economic downturn after suffering losses of roughly £7.4m during the first half of its economic year.
The news comes a week after Standard & Chartered filed its £1.78bn rights issue, with both Slaughters and Linklaters landing roles.
On that deal Linklaters corporate partner William Buckley was instructed by Temasek, the bank's largest shareholder, with corporate partner Matthew Middleditch assisting.
Slaughters advised long-term client Standard Chartered, fielding in a team led by Nilufer von Bismarck.
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