Duncan Lockhart

Full Profile

Duncan's practice covers the full spectrum of insolvency work and corporate restructuring. He acts for insolvency practitioners, financiers, debtors, creditors and other stakeholders in respect of all aspects of the distressed cycle. He specialises in formal insolvency processes including distressed sales, administrations, liquidations, bankruptcies and voluntary arrangements.

Duncan has substantial experience in bringing complex claims against former office holders in respect of antecedent transactions. Many of Duncan’s cases have multi-jurisdictional aspects to them.

Duncan is an expert in his field and regularly lectures to experienced insolvency professionals on complex and cutting edge issues. He is a member of The Recovery and Insolvency Specialists Association (RISA). RISA’s mandate is to investigate and share best practices amongst industry practitioners in the fields of insolvency, restructuring and litigation in the Cayman Islands.

Experience

British Virgin Islands

Value Discovery Partners - Acting for the dissolution trustees of a BVI limited partnership on certain issues in the solvent liquidation of the same. Actions include dealing with and defending the estate, as appropriate, in relation to claims made by former professional advisors; and also acting for certain warrantors in Serbia on the sale of a portfolio of significant assets of the partnership

BVI liquidator claims and investigations – including recognition under the CBIR and acting for the liquidators of a BVI company and successfully obtaining costs orders against four respondents to an application under section 236 Insolvency Act on the basis that the respondents would not have co-operated with the liquidator’s enquiries without a court order for private examination.

Bermuda

Sturgeon Central Asia Balanced Fund - acting for the joint provisional liquidators of a Bermudian investment fund which had been wound up (in Bermuda) on a just and equitable basis due to a dispute between its participating shareholders and the board. Including recognition of their foreign proceeding pursuant to the Cross Border Insolvency Regulations 2006, their investigations following the same, and a subsequent termination application in respect of the recognition.

Covpress

Acting for the Liberty House Group in its acquisition of the business and certain assets of an automotive supplier, Covpress Limited, from administrators. The successful acquisition secured 740 jobs and ensured a crucial part of the manufacturing line of automobiles worldwide would continue. The acquisition saw Clydes advising on a wide spectrum of issues, including real estate and pensions.

Karen Millen - acting for the trustee in bankruptcy of Karen Millen in investigating her assets and assisting in realising the same, as well as advising on the pursuit and resolution of various claims arising in the estate, including in the Court of Appeal.

Ponzi scheme – acting for the liquidator and trustee in bankruptcy arising from a c£100m Ponzi scheme in recovering assets and seeing significant distributions to the insolvency estates.

Cartel activity claims - reviewing claims arising from European Commission decisions on cartel activity and advising the liquidators of two companies in relation to the same

Administrations of credit unions - acting for the administrators of a number of credit unions. In particular acting for the administrators of Derby United Credit Union, which was one of the first administrations of a credit union following changes to the relevant legislation in 2014

Burnden Holdings (UK) Limited - successfully reducing the costs liability of Griffins in response to an application for a non-party costs order under section 51 of the Senior Courts Act 1981 by limiting such costs exposure to a cap equivalent to the amount it provided in funding, namely the Arkin cap. In doing so, Zacaroli J distinguished the above case from the decision of Snowden J in Davey v Money, where the Arkin cap was dis-applied.

Retail - acting for the administrators of the UK subsidiary of a European retailer in relation to the conduct of the administration generally (dealing with property, employment, and contractual matters), and assisting with the sale of a lease back to the landlord for a premium. Advising a large national retailer in relation to the insolvency of one of its suppliers. This included negotiating the terms of the assignment of intellectual property from the insolvent supplier to a new supplier. Advising on RoT issues and credit insurance. Retail supply chain insolvency

Administration of holiday and mobile home parks - acting for administrators in relation to the administration of several mobile home parks. This included assisting in relation to the appointment of the administrators (including a court application in respect of one entity) and thereafter advising as to the sale of the businesses and certain assets. It also included dealing with all of the attendant property issues, as well as some safeguarding issues in relation to vulnerable residents.

Aviation – acting for a major airline in advising on all insolvency related issues following the collapse of a number of competitors, including in respect of take-off and landing slots. Acting for an international airline in relation to the administration of one of its essential suppliers. This included advising on an agreement for the insolvent company to continue to supply to our client during the period of the administration and later novating the relevant supply agreements to the purchaser of the business and assets of the supplier.