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Alex Rogan

Department Corporate, Insolvency and Corporate Recovery Qualified England & Wales, 2007 Education (University) University of Western Ontario 2000, University of St Andrews 2001, BPP Law School 2004 Languages English

Alex Rogan

You, Alex Rogan
& Ince, in any case

Alex regularly advises on high profile cross-border and national restructurings and insolvencies. His clients, many of whom are based overseas, operate in a wide range of industry sectors, including shipping, financial services, energy and transport.

Alex has significant experience of advising distressed companies, their boards, management, owners, creditors, lenders, investors and insolvency practitioners to deliver innovative and cost effective solutions to maximise value for all stakeholders in distressed scenarios.

Professional associations & memberships

  • Member of R3;

  • INSOL;

  • TMA.

What you may not know about Alex

Alex is a keen kitesurfer and snowboarder when he is not looking after the kids on the beach or the nursery runs.

My matter highlights

During previous employment Alex’s experience included, amongst others, advising:

  • A Russian railcar leasing company, in relation to the restructuring of its Eurobond and Mezzanine Facility;

  • A Greek shipping company, in relation to the restructuring of its credit facilities;

  • Various debtors, across a variety of industry sectors including shipping and energy, in relation to the non-US aspects of their Chapter 11 case;

  • A Canadian pharmaceuticals company, in relation to the international aspects of its restructuring through a Canadian CBCA process;

  • Liquidators of various offshore companies which had been part of a trust in relation to litigation around certain interests held by those companies;

  • The holding company for a Russian Bank, in relation to the restructuring of two series of loan participation notes implemented through a scheme of arrangement;

  • A Danish shipping company, in its restructuring implemented through a scheme of arrangement;

  • A creditor in relation to the restructuring of their junior notes in a major UK food and beverage group;

  • A private equity fund in relation to the refinancing of a Danish portfolio energy company;

  • A German telecommunication company, in its restructuring by means of a debt transfer and debt-for-equity swap implemented via several schemes of arrangement;

  • A French bank, in relation to the restructuring of a structured investment vehicle to which it was a liquidity provider.

My recent publications

Insights / Corporate Insolvency and Governance Act 2020: extension of temporary measures to further support business

25-09-2020 /

Certain temporary measures introduced in the Corporate Insolvency and Governance Act 2020 (‘CIGA’) were extended on 24 September 2020. 

Corporate Insolvency and Governance Act 2020: extension of temporary measures to further support business

Insights / Protecting businesses will give the economy the greatest chance of recovery

12-08-2020 /

The Covid-19 pandemic has presented governments, financial markets and economies across the globe with challenges never faced before. Whilst Covid-19 is primarily and most terribly a public health crisis, its far-reaching consequences are devastating the global economy.

Protecting businesses will give the economy the greatest chance of recovery

Insights / New UK restructuring tool set to jack up floundering offshore sector

16-07-2020 / Energy & Infrastructure

The Covid-19 pandemic has brought considerable challenges, as well as potential opportunities, to the offshore sector. Offshore drilling continues to face difficulties and is expected to be the worst performing subsector of the oil sector, with rig utilisation at around 60%.

New UK restructuring tool set to jack up floundering offshore sector

Insights / New UK restructuring tool: a potential game changer for the maritime sector

30-06-2020 / Maritime

With some signs of cautious optimism mounting that the shipping industry may have weathered the worst of the challenges posed by the pandemic, companies will need to start considering their restructuring options to ensure that they remain competitive in an uncertain recessionary trading environment.  

New UK restructuring tool: a potential game changer for the maritime sector

Insights / Corporate Insolvency and Governance Act 2020: Breathing Space for Distressed Companies and Game-Changing Restructuring Tools

29-06-2020 /

The Corporate Insolvency and Governance Act 2020 (the ‘Act’) came into force on 26 June 2020, marking a momentous advancement for the UK’s restructuring and insolvency regime.

Corporate Insolvency and Governance Act 2020: Breathing Space for Distressed Companies and Game-Changing Restructuring Tools

News / Covid-19: Rising to the challenge - The Corporate Insolvency and Governance Bill

28-05-2020 /

The Corporate Insolvency and Governance Bill (the “Bill”) published on 20 May 2020 represents the most significant development for restructuring and insolvency laws in the UK in nearly 20 years. The Bill, if passed in its present form, provides significant additional firepower to the UK restructuring arsenal, introducing a new restructuring regime that is capable of rising to the challenge of rescuing businesses and maximising stakeholder value in the difficult economic environment ahead.

Covid-19: Rising to the challenge - The Corporate Insolvency and Governance Bill

News / Covid-19 Government Support Measures: A Class Act

28-05-2020 /

Over the last week, the lockdown has started to ease. Parks and public spaces are fuller, non-vital amenities are opening, and more people are on the roads than have been in months. From London to Durham, life and the economy seem to be thawing.

Covid-19 Government Support Measures: A Class Act

Insights / Covid-19 Economic Stimulus Measures: Too Much of a Good Thing?

19-05-2020 /

Over the past weeks, the UK has witnessed an unprecedented governmental response to counteract the impact of COVID-19 on the economy, from the furloughing scheme, which has now been extended to October, to the ever-expanding government-backed debt financing options. However, concern is mounting over the viability of debt financing as a solution in light of the scale of the challenge that business is confronted with. Last week saw growing discussion of the need for government intervention to support equity financing or other solutions to ensure the viability of businesses going forward.

Covid-19 Economic Stimulus Measures: Too Much of a Good Thing?

Insights / Covid-19 – Needs Must: Time to Use Administration to Rescue Companies?

15-05-2020 /

The COVID-19 crisis presents UK businesses with serious challenges, and in many cases will test their continuing viability. The government has set out an unprecedented range of supporting measures in order to assist business through this challenging period. Lockdown measures have in many cases reduced revenue significantly if not to zero in some industry sectors. As the lockdown measures are slowly rolled back the shape of the economic recovery will become apparent. Predictions range from a V to a lazy U shaped recovery. What is clear is that a raft of previously viable businesses will need continued assistance in order to ensure that they are able to continue to trade as the recovery develops.   

Covid-19 – Needs Must: Time to Use Administration to Rescue Companies?

Insights / Scottish Court sanctions the Premier Oil Scheme of Arrangement confirming the flexibility of the scheme of arrangement to implement novel restructuring solutions

12-05-2020 / Energy & Infrastructure

Successful creditor challenges to schemes of arrangement are incredibly rare, and ARCM’s challenge to Premier Oil’s scheme [1] has not bucked this trend. This scheme raised a broad range of issues which, subject to the outcome of the appeal, have been addressed to confirm the broad, flexible scope of the scheme of arrangement to implement creative restructuring solutions in the face of opposition from minority creditor groups. We provided an overview of the scheme of arrangement process and some of the issues raised by the Premier Oil scheme in our previous bulletins [2] .

Scottish Court sanctions the Premier Oil Scheme of Arrangement confirming the flexibility of the scheme of arrangement to implement novel restructuring solutions

News / COVID-19 Economic Stimulus Measures: The Morning after the Night Before

11-05-2020 /

The nation spends this morning assessing yesterday evening’s ‘roadmap to reopening society’ announcement by the PM. While the government has revealed its proposal for the country’s first steps back to a new normal, it is clear that the process will be an incremental one. What is unclear is how normal this new normal will be.

COVID-19 Economic Stimulus Measures: The Morning after the Night Before

News / Covid-19 update on measures to support business: 43 Days Later…

04-05-2020 /

With the Prime Minister set to reveal the UK’s roadmap out of lockdown this week, there is a note of optimism in the air. However, the economic recovery will take some time yet, with Deloitte finding that CFOs of large UK companies expect their revenues to be 22% lower, on average, this year than estimated in their pre-COVID plans. This level of decline in CFO confidence is daunting as it represents the lowest ebb on record and is well below the level seen at the height of the 2008 financial crisis.

Covid-19 update on measures to support business: 43 Days Later…

News / Covid -19: further government support under the Coronavirus Business Interruption Loan schemes

29-04-2020 /

In our update on 25 March 2020, we outlined the government’s newest stream of financial measures introduced in the wake of the novel Coronavirus; the Coronavirus Business Interruption Loan Scheme (“CBILS”).

Covid -19: further government support under the Coronavirus Business Interruption Loan schemes

News / Locked Down, But Not Out (of the woods, yet)

27-04-2020 /

Another lockdown week is behind us. One during which much talk centred on how many more might lie ahead. While an exit strategy has stolen the recent corona limelight, the topic of economic assistance has remained a stalwart.

Locked Down, But Not Out (of the woods, yet)

News / Covid-19 Economic Stimulus Measures: Stronger Medicine Prescribed

21-04-2020 /

As the UK spent another weekend on lockdown, a state of affairs extended by a minimum of three weeks on Thursday, the UK government continued to bulk up its already vast economic stimulus package.

Covid-19 Economic Stimulus Measures: Stronger Medicine Prescribed

News / Covid-19 Economic Stimulus Measures: A Repeat Prescription

06-04-2020 /

In a week in which we have seen Nightingale Hospital materialise in London at breakneck speed and the policy response to the public health threat step up in the USA, the UK government, amongst others, has continued to unveil unprecedented stimulus measures to help mitigate the economic effects of the pandemic on businesses.

Covid-19 Economic Stimulus Measures: A Repeat Prescription

Insights / COVID-19: Changes to UK insolvency laws

03-04-2020 /

Over the past couple of months, the world has seen an unprecedented negative economic shock as a result of measures being implemented across the globe to save lives in the face of Covid-19. Governments across the globe are rushing to make arrangements, including temporary amendments to insolvency laws, to protect livelihoods and help businesses survive Covid-19 (see our update in relation to changes that have been implemented in Germany).

COVID-19: Changes to UK insolvency laws

News / An Extra Dose of Covid-19 Economic Stimulus Measures

30-03-2020 /

The spectre of an ongoing, profound economic shock from the coronavirus continues to loom large over the global economy. The good news is that governments seem to have learnt the lessons of the 2008 financial crisis and are responding proactively with unprecedented support measures for the economy to ensure that the extreme measures being taken to defeat coronavirus are not at the expense of peoples’ livelihoods and businesses.

An Extra Dose of Covid-19 Economic Stimulus Measures

News / Solvent but with Something to Solve? Premier Oil Proposes Scheme of Arrangement

25-03-2020 /

The scheme of arrangement is a very flexible statutory tool for facilitating all manner of commercial decisions for companies where minority members and/or creditors might otherwise have consent rights. The procedure for a company to implement a compromise or arrangement with its creditors and/or members through a scheme of arrangement involves three key stages:

Solvent but with Something to Solve? Premier Oil Proposes Scheme of Arrangement

News / COVID-19: government backed debt finance options

25-03-2020 /

This Q&A considers the government’s newest stream of measures introduced to provide financial support to business struggling with the impact of Covid-19. Our focus in this article is on two new government backed funding schemes: the Covid Corporate Financing Facility (CCFF) and the Coronavirus Business Interruption Loan Scheme (CBILS). These schemes were made available to businesses as of 23 March 2020.

COVID-19: government backed debt finance options

News / Covid-19 Economic Stimulus Measures: Just what the Doctor Ordered?

23-03-2020 /

The coronavirus epidemic is threatening to cause a global economic shock, the like of which has not been seen in modern times. The response from governments across the world has been unprecedented to meet this challenge. With Germany planning to take equity stakes in businesses and France looking to nationalise businesses, what is the UK government planning by way of support for businesses and economic stimulus?

Covid-19 Economic Stimulus Measures: Just what the Doctor Ordered?

News / Advice for company directors navigating the zone of insolvency

20-03-2020 /

It is important for directors to understand the full scope of their duties if their company is in financial distress and continuing to trade in the zone of insolvency. This is in order to ensure that they avoid facing personal liabilities for the losses suffered by creditors in these difficult times. This is a complex area for directors and it is important that they have appropriate legal and financial advice to ensure that they address the relevant considerations when reaching their decisions around continuing to trade whilst in the zone of insolvency. Please see our updates on specific consideration for directors in light of trading difficulties arising out of the impact of COVID-19 at 'Directors' Duties in light of COVID-19' and 'COVID-19: Governance'.

Advice for company directors navigating the zone of insolvency

News / Directors' Duties in light of COVID-19

20-03-2020 /

COVID-19 represents an unprecedented challenge to people and their businesses, the like of which has not been seen before in modern times. There is no doubt that almost all sectors will face significant challenges as both the supply and demand side of the economy grind to a halt. Certain sectors will benefit as the world moves on-line due to travel restrictions but for the large part this will be a very difficult trading environment which will be challenging for businesses to navigate.

Directors' Duties in light of COVID-19

News / Restructuring update: Recognition not available for solvent winding-up proceedings under the Cross-Border Insolvency Regulations 2006

12-03-2020 /

Overview In the case of Sturgeon Central Asia Balanced Fund Ltd the High Court terminated an order, previously granted at an ex parte hearing, recognising the liquidation of a solvent Bermudan company as a foreign proceeding for the purposes of the Cross-Border Insolvency Regulations 2006 (the “CBIR”) which implement the UNCITRAL Model Law for Cross-Border Insolvency (the “Model Law”) in the UK.

Restructuring update: Recognition not available for solvent winding-up proceedings under the Cross-Border Insolvency Regulations 2006

News / Considering solvency issues in light of the Coronavirus

05-03-2020 /

Both the supply and demand side of the economy are likely to undergo significant pressures as a result of the Coronavirus outbreak. Certain industry sectors are already being significantly disrupted, including aviation, shipping, tourism, retail and manufacturing; however, this list is likely to expand if the Coronavirus outbreak continues to worsen around the world. It will be important that businesses plan for this period of uncertainty and take the necessary steps to minimise the potential impact of a difficult trading environment.

Considering solvency issues in light of the Coronavirus

News / Guidance for directors navigating the twilight zone of insolvency

23-10-2019 /

BTI 2014 LLC v Sequana and Ors. [2019] EWCA Civ 112 The Court of Appeal has provided important guidance for directors navigating the zone of insolvency and trying to balance their duties to shareholders and creditors alike. The Court upheld the decision of Rose J in the High Court that the creditors' interest duty is triggered when the directors know or should know that the company is or is likely to become insolvent, and in interpreting this, 'likely' means probable.

Guidance for directors navigating the twilight zone of insolvency

News / Another milestone in the development of the English scheme as the international restructuring tool of choice

08-10-2019 / Energy & Infrastructure

The English scheme of arrangement sits alongside the US Chapter 11 as the ‘go to’ international restructuring tool of choice. Like Chapter 11, it is used to implement financial restructurings for overly-leveraged companies (where local restructuring processes are not able to deliver the restructuring). The English scheme, like its US cousin, has extremely permissive jurisdictional requirements. This has allowed a plethora of non-English companies to benefit from it. US-centric international groups, however, have tended to rely upon Chapter 11 as their restructuring tool of choice. This potentially changed on 10 September 2019, when the English court sanctioned a scheme for Syncreon, a US-headquartered group. This restructuring brings into sharp relief some of the perceived advantages of the English scheme - particularly regarding the relative costs of the two processes – and is a reminder to the energy sector to consider the benefits of implementing financial restructurings by means of the English scheme.

Another milestone in the development of the English scheme as the international restructuring tool of choice