Simpson Thacher & Bartlett and Herbert Smith Freehills have picked up roles to advise KPMG on the offload of its U.K. insolvency and restructuring advisory business to private equity firm HIG Europe.

KPMG will sell the business to Interpath Advisory, a new company backed by HIG. As part of the deal, 22 partners and around 528 staff currently employed by KPMG’s restructuring business will transfer to Interpath, according to a statement issued by KPMG on Thursday.