Weil Gotshal & Manges' London office has advised on the administration of the UK arm of broker MF Global – the first company to enter Britain's special administration regime set up to protect market stability.

Weil is acting for the company's administrators, KPMG, with London restructuring head Adam Plainer and fellow partner Paul Bromfield taking the lead for the US firm.

The Weil team also includes partners in the firm's London corporate and finance practices, alongside South Square barristers Martin Pascoe QC and Daniel Bayfield.

The new special administration regime – which came into effect in February 2011 following the collapse of Lehman Brothers – sets out specific objectives for administrators, such as ensuring the return of client assets as soon as possible, and a requirement to either to rescue the subject as a going concern or wind it up in the best interests of creditors.

The administration also handed a role to Ashurst, which advised the Financial Services Authority (FSA) on the implementation of the terms of the new regime. Litigation chief Ed Sparrow (pictured) took the lead role alongside restructuring partner Giles Boothman.

MF Global's parent company in the US turned to longstanding adviser Skadden Arps Slate Meagher & Flom for advice on the administration, with New York-based restructuring partners Gregory Milmoe and Ken Ziman heading up the firm's team.

Plainer commented: "This is a truly groundbreaking case as it is the first time the new special administration regime has been used. The administrators will be working closely with the FSA who have extensive powers under the new legislation."