Featured Member
Mark Phillips QC
How did you first become involved in the world of restructuring and insolvency?
In 1983 I studied "the law of Insolvency" as part of my LLM. At that time there was an exciting report that heralded a new approach to insolvency law - the Cork Report. When I started in practice at what is now 3-4 South Square, I was already familiar with the Insolvency Bill 1985 and the Insolvency Act 1986. In early 1988 our then Senior Clerk put his head around the door, at a meeting of all 12 members of chambers, and asked if anyone knew anything about something called "administration". I told him, perhaps too confidently, that I was completely on top of it. I think that was Charnley Davies. Over the next six months I was involved in every single significant administration. Monday mornings were very busy making administration application after administration application. This really came to a head when Drexel Burnham Lambert went bust. As a very junior barrister I found myself addressing the entire board and several very senior city solicitors. I also remember that the following morning I was on my feet for 2 hours without paper (and running out of anything sensible to say) when the door burst open and the Cavalry arrived in the form of freshly copied bundles! After that, I was involved in all the really big administrations, Canary Wharf, Maxwell, British & Commonwealth and Paramount.
What is the best part of your job?
The people. I love working with talented, hardworking and decent people. I also really enjoy thinking of a novel solution to a difficult problem.
What is the most challenging aspect of your job?
Making sure that I never lose sight of what really matters.
What character from a novel or film best describes your style of practice?
John McLean - Die Hard
What is your favourite reported insolvency law case (you can only pick one)?
West Mercia Safetywear v Dodd. I was only 6 months into practice and the directors' duty to creditors had not been established in England. I was so nervous the morning of the hearing I thought I'd never make it out of the Gents!
If you had not been a lawyer what other job would you have done, would you have enjoyed that job better and would you have been any good at it?
I almost became an Actor. I spent 6 years in the National Youth Theatre and I was in the film Scum. I still believe that there's a great Lear in me, but I don't think I'd have been more than a jobbing actor. I realised in the early 1980s that acting was fun, but law is more fun. I'd performed Northumberland in Richard II 42 times on the trot and I realised that as a Barrister the script would be different every day, and that I would get to write it.
What is your most memorable career moment?
The moment the liquidators of BCCI threw the towel in against the Bank of England. They read a short statement and left the Court room. We had just won the greatest victory in English litigation history and the only people in the Court room were the Bank's lawyers and the Judge.
What do you think are the greatest challenges / changes in our profession in the next 10 years?
I don't think it's a question of who does what as between the various professionals. The greatest challenge is more fundamental, and it applies to every professional in the insolvency world. We need to remember to think. Instant communication has made it too easy for us to respond immediately to every question or development. Sometimes it pays to sit and reflect before forming a view.
What is your favourite novel, film and piece of music?
Novel: War and Peace because I'm a boy and love the battle scenes.
Film: Sleepless in Seattle because it is so accurate.
Music: my daughter's rendition of Autumn.
If you were able to repeal or change one insolvency rule or principle, which one would it be and why?
DIP financing in administrations. I think that if administrators could afford to trade we could achieve better results for creditors generally.
What do you do in your 'down time'?
I go to football matches with my children. I watch them play sport. I marvel at my 17 year old daughter Sarah writing, recording and performing and I spend time with my team raising money for Debbie Fund. I love the theatre and the cinema. I date my fiancé, Sam, and we're planning our wedding! And, as I will soon have 5 children in all aged from 3 to 20, I think my hands will be full!
Jam or marmite?
Jam
If you were able (and could afford) to retire tomorrow, what would you do?
Go to RADA and see if I really do have that Lear in me.
What prompted you to join the ILA and what benefit of membership would you most recommend to someone who is thinking of joining?
I went to the very first conference at Gleneagles and most conferences since. That first year we'd all been very busy and it was a good opportunity to socialise with colleagues who I'd come across professionally. Over time those colleagues became good friends. I was hugely privileged to be made President and I enjoyed every minute of it. When Debbie was ill and things were difficult for me, those true friends really showed their worth. It culminated last year when the bursary in Debbie's name was announced. I was very touched. What I would most recommend is the chance to get to know colleagues and to become friends.
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