Q&A with Sarah Paterson, Senior Consultant in Restructuring & Insolvency at Slaughter and May

Q&A with Sarah Paterson, Senior Consultant in Restructuring & Insolvency at Slaughter and May

Sarah is a Senior Consultant in the Restructuring & Insolvency team at Slaughter and May. She is also one of the authors for the Encyclopaedia of Banking Law.

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Who in the profession do you admire and why?

The hugely experienced guardians of modern insolvency law in the UK who were so generous to me when I took my first, faltering steps in the profession – notably, Mark Hyde from Clifford Chance, Nick Segal, now at Freshfields and Jonathan Rushworth and George Seligman from Slaughters.

What is the biggest change you have witnessed in restructuring and insolvency law during your career so far?

Without a doubt, the change from restructurings agreed in the market in the shadow of insolvency law, but without a real role for the law unless a debt restructuring could not be agreed, to the need for law to play a real role in solving the deadlock problem between creditors so that a debt restructuring can be implemented – in short the arrival of what we might call “restructuring law” as well as “insolvency law” in England.

What trends are you currently seeing in how restructurings and/or insolvencies are being conducted?

The arrival of the distressed debt traders in England has had a profound effect on the way in which restructurings and insolvencies are conducted.  Gone are what the distressed debt traders might call the “clubby” days of the English restructuring market in which lenders negotiated not just by reference to their own position but also with an eye on the dynamics of the creditors as a whole.  Instead, restructurings are negotiated in a “hyper rational” way, with a far more individualistic approach.  Critics argue that this new negotiating paradigm produces its own inefficiencies and fans argue that it is alto

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.