Julian C Pallett
Julian Pallett helps clients to find creative solutions to their problems and manage distressed situations.
He joined the firm as a trainee and become a partner in 1990. Over the years Julian has been part of the growth and development of the firm from an old-established Birmingham-based practice to the international law firm it is today.
Originally a corporate lawyer, Julian helped found the firm's banking and insolvency practice in 1987 and has specialised in banking and insolvency work ever since - latterly focusing particularly on restructuring and turnaround.
Julian uses many years of experience and in-depth expertise to help find creative solutions to financial risk-management in corporate and commercial transactions and help navigate successful paths alongside other stakeholders in distressed situations.
The aim is always to preserve or help salvage good businesses and worthwhile economic activity from distressed situations. This often needs careful handling and management of the stresses caused by financial difficulties together with judgement based on long experience to help make difficult decisions in finely-balanced situations.
One of the founding partners of the banking and finance team, Julian has nearly 30 years' experience of banking and insolvency, including working with corporate and developing clients as well as banks, other lenders and stakeholders.
In addition to advising on all aspects of financing, Julian specialises in lending and security arrangements, including project and development finance, asset and acquisition finance, cross-border lending and security, intercreditor arrangements, transaction funding, refinancing and restructuring.
Julian also has considerable experience of using his knowledge and experience to help stakeholders to manage and minimise risk in outsourcing arrangements and supply-chain contracts.
This area of work is endlessly fascinating, providing as it does exposure to and involvement in many different sectors and industries. Because the work frequently centres on problems and financial distress of various types, it is frequently high pressure and involves finding creative solutions. It is always worthwhile and rewarding however to be able to use skills and experience to enable to clients to overcome difficulties and to enable businesses to survive and prosper.
Much of the work involves cross-border issues given increasing globalisation, and it is always a great pleasure to build and develop relationships with professionals overseas to help deliver great results for clients. Equally, the complexities of modern day business create the opportunities to work with specialists in other disciplines such as pensions, real estate and commercial contracts to use the skills and experience gained in finance and insolvency work to provide creative solutions to risk issues for many different types of transactions and deals.
Clients
Lenders, corporates/directors, pensions trustees, government departments/agencies, developers, private equity and creditors.
Outside work
Until recently Julian was Chair of Governors and pro-Chancellor of the University of Worcester. As Chair, Julian helped oversee the development of the institution from a University College to one of the fastest growing universities in the UK, together with over £200m of capital developments, including a new campus and the Hive, an award-winning university / public library on the banks of the Severn in Worcester.
He is a Trustee of Ironbridge Gorge Museum Development Trust and Fellow of the Royal Society of Arts.
Experience
Most of the following examples are confidential. One of the main aims of restructuring and turnaround work is to help solve business problems without their getting into the public domain!
Advising the directors of special purpose vehicle main contractor in relation to the financial and contractual issues arising from significant contractual disputes relating to a major public sector PFI outsourcing contract. The matter involved advising on directors' duties, negotiating with a syndicate of lenders and their advisers and seeking to devise and implement strategies to keep the project alive while contractual disputes and litigation were played out.
Advising the directors and subsequently PWC as administrators of Manganese Bronze Holdings, the makers of the black cab. Initially working on financial restructuring plan, we had to switch to working for the administrators to achieve a successful sale to Geely, when a steering recall forced the company into administration.
Acting for various stakeholders in recent high-profile restructurings of the remaining parts of the UK Coal industry.
Advising the directors of a leading UK carpet manufacturer in relation to a proposed restructuring and eventual sale to a US-based private equity house.
Advising the pensions scheme trustees in relation to a major mitigation scheme relating to a well-known UK-based group. The assignment included negotiating and implementing complex security and intercreditor arrangements relating to UK and overseas assets.
Acting for a food manufacturer as lead finance partner on the cross-firm team advising on the terms and conditions it should agree in the context of a business-critical outsourcing, to ensure continued supply in the event of the failure of the supplier. This transaction was subsequently shortlisted in the Financial Times Innovative Lawyers awards.
A global car manufacturer on its exit strategy from a number of dealerships across the UK.
A European listed plastics manufacturer on the acquisition of a Central American business from UK administrators.
The board of a UK-listed company on proposed restructuring plans and negotiations with its syndicate of bankers; it was eventually merged with another similar business via a pre-pack administration.