Featured Member
Peter Graham Horrocks
How did you first become involved in the world of restructuring and insolvency?
During my articles at Cameron Kemm Nordon & Co (now CMS Cameron McKenna) in the early1960s, the firm acted for Lloyds Bank and a good deal of my time involved advising on the granting of security for the bank's lending including appointing receivers. In joining Lovell's in 1970 I was instrumental in setting up their insolvency section which over the next 25 years saw the firm became one of the pre-eminent insolvency firms in the Country.
What is the best part of your job?
I believe the most enjoyment as an insolvency lawyer is not only assisting companies and individuals in difficulty but being a part of a team of professional and dedicated people.
What is the most challenging aspect of your job?
Over the years insolvency law has become much more codified with the introduction of the Insolvency Act, its Rules, the Enterprise Act and all the other subsidiary legislation and the underlying statutory insruments. In the modern climate of restructuring and the rehabilitation of companies advising on innovative solutions to complicated problems is always a challenge, particularly having regard to the interests of the various stakeholders, whether they be shareholders, bankers and financiers, management and, of course, the suffering creditors.
What is your favourite reported insolvency law case (you can only pick one)?
I believe the most interesting reported insolvency case was one in which I was closely involed namely the BCCI judgement by the then Vice-Chancellor, Sir Richard Scott, in 1996 (BCCI (no 10) [1997 Ch 213] ) which dealt with the thorny question of cross-border insolvency and the issue of ancillary liquidations.
Which restructuring deal do you wish you had been a part of?
Having been involved in the majority of major insolvency cases over the last 30 years it is difficult to pick a restructuring deal which I wish I had been part of. I would probably answer that Lehman Brothers would have been a very interesting assignment, albeit that this major insolvency is still ongoing.
What is your most memorable career moment?
When acting for the liquidators of BCCI in 1991 I set up a team of Lovells lawyers in Abu Dhabi, the Abu Dhabi Government being the majority shareholders. The Government decided that they would arrest the whole of the BCCI staff in Abu Dhabi (400 or so) but unfortunately had not been told that the liquidators, their staff and their lawyers were also in the building. As a consequence everybody was arrested by armed guards with submachine guns. It was only after pointing out to the Government representative that we were not staff of BCCI but the liquidators and their lawyers that we were released after a few anxious hours.
What is your favourite place for after work drinks?
I have been a frequenter of El Vinos, a wine bar in Fleet Street, over some 40 years and it still remains one of my favourite haunts. It had a long tradition, which would be and is totally unnacceptable today, of only allowing ladies in to the bar by the rear entrance and only if accompanied by a man. Ladies had to be seated and could not purchase a drink. The Sex Discrimination Act soon put a stop to the practice but only after a Court case. It is a wine bar which can tell a number of very interesting stories.
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