Glen Flannery

Professional Memberships

R3 (the UK Association of Business Recovery Professionals)

R3’s Education Courses & Conferences Committee

The Insolvency Lawyers Association

INSOL Europe

INSOL International

Publications

“Harmonisation of insolvency avoidance actions in Europe: the UK perspective”, CMS Law-Now, January 2024.

“Pre-packs – the UK’s approach”, INSOL International Bulletin, August 2023.

“Re Avanti Communications Ltd (In Administration) 2023: fixed or floating charge – a spectrum of control?”, CMS Law-Now, May 2023.

“Pandemic-era CVAs and beyond”, R3 Recovery Magazine, published Summer 2021.

"The Rise and Rise of CVAs - Impact on Pension Schemes", PLC Magazine, published October 2019.

"Brexit - implications for restructuring and insolvency: a British and Dutch perspective", published in the 7 November 2016 edition of Tijdschrift Financiering, Zekerheden En Insolventierechtpraktijk.

"Lowcosttravelgroup insolvency shows why UK needs Euro Reg", published in the August 2016 edition of Global Turnaround.

"EU forges ahead with restructuring reforms, despite Brexit Vote", published in the May 2016 edition of Global Turnaround.

"UK pre-packs endorsed, but 'clean-up' recommended", published in the Autumn 2014 edition of Eurofenix.

“Registration and publication of judgments opening insolvency proceedings under the EC Regulation (with reference to the Crisscross Communications case)“, Tolley’s Insolvency Law & Practice, 2005.

Glen was previously the UK editor of Colliers International Business Insolvency Guide.

Work Highlights

-Gazprom (Securing Energy for Europe) – advising the German government on the English law aspects of the group’s stabilisation, recapitalisation and restructuring, following the commencement of the war in Ukraine.

-Ralph & Russo - advising the purchaser of the business and assets of a couture fashion retailer from its administrators (BTG).

-Raedex – advising the administrators (RSM) of a failed car leasing business on a range of complex issues requiring court directions.

-Hydrodec Group Plc – advising the group on its restructuring, including one of the first uses of the UK’s new standalone moratorium process and an administration sale of the US sub-group as a going concern.

-Wahaca – advising the company on a successful pandemic-era company voluntary arrangement and wider debt and equity restructuring.

-Harland and Wolff Group Plc - advising the group and its administrators (BDO Northern Ireland) on the restructuring and administration sale of this iconic business, best known for building the Titanic.

-British Steel – advising the company in its restructuring negotiations with government and other key stakeholders.

-Costcutter – advising this national retailer on its restructuring and turnaround following the collapse of the UK’s largest wholesaler, Palmer & Harvey.

-House of Fraser - advising the pension scheme through the group's restructuring, involving a company voluntary arrangement and inter-locking schemes of arrangement.

-Toys R Us Limited – advising the pension scheme in relation to Toys R Us’ restructuring, involving a company voluntary arrangement.

-Carillion – advising a range of stakeholders on major issues arising from this high profile compulsory liquidation.

-Hoover Limited – advising the company on a £0.5 billion pensions related restructuring, implemented by way of a rarely used regulated apportionment arrangement.

-Lowcosttravelgroup – advising the joint administrators (Smith & Williamson) of a pan-European travel group, involving major issues in Spain, Poland and Switzerland as well as the UK.

-Confidential – advising a real estate fund on its acquisition from Bank of Ireland of a portfolio of non-performing loans, secured by a dozen regional shopping centres.

-Niton Fund – advising the Cayman Island liquidators (RHSW) of a failed investment fund on a range of cross-border matters.

-LQD Markets (UK) Limited – advising the special administrators (RSM) of a currency broker on its investment bank special administration.

-Confidential – advising the trustee in bankruptcy of an Irish bankrupt on avoidance claims across several jurisdictions.

-Reservoir Exploration Technology – advising the UK liquidators (Smith & Williamson) on a range of cross-border issues involving Norway, Ireland and the UK.

-Kaupthing Singer & Friedlander (Isle of Man) Limited – advising a Manx bank and its liquidators (PwC) on a range of cross-border issues, leading to a 100 pence in the pound recovery for its creditors.

-Stanford International Bank - advising the US Securities & Exchange Commission on the cross-border insolvency aspects of a global fraud.

-UK Coal - leading the group restructuring of the UK's largest coal producer, involving a unique compromise with the Pension Protection Fund which saved the business and 2,000 skilled jobs.

-Mint Equities Limited - advising the administrators (PwC) on a pre-packaged administration sale of Mint's stock-broking business in the UK, Dubai and Switzerland.

-Teathers Limited - advising the administrators (KMPG) on a pre-packaged administration sale of the stockbroking and private client arms of Landsbanki.

-Lyondell Bassell Group - advising a UK pension scheme trustee through a US Chapter 11 restructuring.

-Fountains Group – advising OCS on its pre-packaged administration acquisition of a facilities management business which had over 2,000 employees.

-Forsyth Partners - advising Crosby Capital on its acquisition of the business of this failed fund management group, with more than US$1.2 billion of assets under management.

-Eurodis Group - advising the administrators (Deloitte) of a pan-European distribution group subject to simultaneous main and secondary proceedings in England and Holland, on multi-jurisdictional asset sales and cross-border claims handling, distributions and exits.

-Crisscross/Dynegy Group - advising the administrators (Haines Watts) on a pan-European group COMI filing for UK administration. This broke new ground as the first major pan-European group COMI filing. The model was subsequently followed in Collins & Aikman, MG Rover and Nortel.

Practice Areas

Glen is a Partner in our Restructuring & Insolvency team. He co-heads CMS’s restructuring & insolvency group. He qualified in 2003 and became a partner in the business in 2007.

Glen advises boards of directors, debtors, creditors, insolvency practitioners, investors in distressed assets, and a variety of other stakeholders, at all stages of the decline and recovery curves.

This includes advising on directors' duties, restructuring plans, contingency planning, security package enhancements and enforcement, distressed asset sales and acquisitions, loan-to-own strategies, solvent reconstructions, counterparty insolvency issues, mitigation of insolvency risk in transactions, insolvency investigations and insolvency related claims.

During his career, Glen has guided many boards and helped multiple clients to structure and implement successful business rescues. Among a wide spectrum of cases, he has led complex debtor-side restructuring projects for British Steel, Harland & Wolff, Costcutter, Hoover and UK Coal.

Glen has also led many major international and cross-border mandates, involving use of the European Insolvency Regulation, the UNCITRAL model law on insolvency and other cross-border tools. He often helps overseas clients to resolve UK and cross-border conflict of law issues. Past cases include Gazprom, Hydrodec, Lowcosttravelgroup, Stanford International Bank, Kaupthing Singer & Friedlander, Lehman Brothers, the Niton Fund, Eurodis and Crisscross/Dynegy.

Education