Senior insolvency hire for Burness Paull

Burness Paull has hired accredited insolvency law specialist Allana Sweeney as a director in its Restructuring and Insolvency practice.

Ms Sweeney, who joins from Shepherd & Wedderburn where she was a senior associate, acts for lending institutions, corporates facing financial distress, and in the distressed M&A sector, advising on lending, investment and restructuring options. 

Michael Thomson, head of Burness Paull’s practice, said: "Allana is widely regarded as a star in the Scottish restructuring and insolvency market. Clients are telling us that we have made an excellent signing. By combining her skills and experience with the current team we will be able to offer clients the strongest and most compelling restructuring and insolvency support available."

On the current market he commented: "A significant number of businesses in the UK are balance sheet insolvent and showing signs of liquidity pressures. 

"Government-backed stimulus and support programmes have generally succeeded in assisting businesses which might otherwise have had to consider more significant restructuring and insolvency measures. 

"The challenge for the UK Government will be to adequately wean companies off Government lifelines, without triggering a cliff edge of insolvencies. This may be possible if support and legislative reliefs are withdrawn thoughtfully and incrementally. But nonetheless, there will be need for restructuring services given the eventual withdrawal of Government support measures, as loan and deferred creditor repayments commence and to address balance sheet and cashflow issues."