Featured Member
Nick Herrod
How did you first become involved in the world of restructuring and insolvency?
As a trainee in 1998 I sat in the restructuring practice and was pleasantly surprised by the range of issues that a restructuring lawyer in the city has to deal with (unlike litigation I wasn't glued to a photocopy machine). I was hooked when one morning my trainer noticed that I was perhaps not in agreement with the views of a QC; I was given the afternoon to come up with my own alternate legal view. I did, I relished the intellectual challenge and battle. I leave it to the reader to decide whose view was "right".
What is the best part of your job?
Undoubtedly the varied intellectual challenges faced in order to come up with solutions in an ever-changing commercial landscape against the backdrop of an ever more complex and detailed legal world.
What is the most challenging aspect of your job?
Managing the various demands on your time (trying to keep everyone happy all the time). I am slowly learning it is not always possible.
What character from a novel or film best describes your style of practice?
Ben Kingsley in Sexy Beast - I like to deal with problems head on!
What is your favourite reported insolvency law case (you can only pick one)?
Unable to pick one case and altering the question, the decision I am most anticipating is Perpetual Trustee in the Supreme Court. It is time the rule in British Eagle was considered at the highest level in the context of modern financial structures and clear guidance from their Lordships would be welcomed.
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?
Professional squash player. I wouldn't have been particularly good but the ride might have been worth it.
I had a bent to be a fighter pilot in my late teens, but I am not sure I would have enjoyed that - I doubt Top Gun is the right image to have in mind when considering such a career. Is James Bond a realistic option?
What is your most memorable career moment?
Getting back into the saddle after a particularly debilitating illness. It was great to feel part of the world again and re-engaging my brain with restructuring questions and law certainly helped me recover and function again.
What do you think are the greatest challenges / changes in our profession in the next 10 years?
Adapting aspects of the law which were designed for a commercial landscape that bears little relation to today's globalised cross-border economy.
What is your favourite novel, film and piece of music?
Novel: Wuthering Heights, Film: Sexy Beast, Music: Pink Floyd, Wish You Were Here and Dark Side of the Moon
If you were able to repeal or change one insolvency rule or principle, which one would it be and why?
It would be an aspect of cross-border insolvency law under the EC Insolvency Regulation. It is perhaps counter-intuitive that secondary proceedings are restricted to those of a liquidation nature. This restriction certainly does not help with the coordination of pan-EU restructurings.
What do you do in your 'down time'?
Read, watch movies, cook, drink wine, eat cheese, potter around my garden and annoy my beautiful wife.
Jam or marmite?
Both (but not together). Depends on the mood.
If you were able (and could afford) to retire tomorrow, what would you do?
Write novels for children/young teenagers (although I am not sure how good I would be) - if I won the lottery jackpot I would do so from a villa on the west coast of Barbados.
What prompted you to join the ILA and what benefit of membership would you most recommend to someone who is thinking of joining?
A partner at Allen & Overy recommended it to me and then recommended me to the technical committee. For me the benefits are the collegiate nature of the ILA and the quality of our technical bulletins.
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