Ian Wallace

Partner, London


“The impressive Ian Wallace provides very clear advice that strikes a good balance between the technical legal aspects of a matter and the practical/commercial considerations”

Ian is ranked as a “leading individual” in the market
Corporate Restructuring & Insolvency, The Legal 500 UK 2022


Ian is a partner in the Firm's Financial Restructuring and Insolvency group in London, with more than 15 years of experience of advising clients in complex international restructuring situations. His practice focuses on businesses in financial difficulty, advising debtor-side corporates and financial sponsors as well as a wide range of sophisticated creditors including banks, funds and noteholders.

In addition, Ian regularly advises company directors, insolvency practitioners and other stakeholders on UK and international aspects of debt restructuring transactions.

"Ian is incredibly smart, very switched on and very pragmatic". Restructuring/Insolvency, Chambers UK 2022

Bars and Courts
England and Wales
University of Nottingham


Representation of Hertz Global Holdings, Inc. and certain affiliates in their chapter 11 cases and restructuring negotiations in Europe, Australia and Asia-Pacific. Hertz completed its successful chapter 11 restructuring and its plan of reorganisation became effective on June 30, 2021.This representation is one of the highest profile restructurings arising from the COVID-19 pandemic and one of the most successful chapter 11 and international reorganisations in recent history.

Representation of the CMBS noteholders to the Trafford Centre in the restructuring of the Intu group.

Fat Face
Representation of Fat Face on its restructuring in which the group was transferred by previous owner Bridgepoint to Fat Face's lenders and with a fully restructured balance sheet.

Representation of the coordinating committee of agent banks and export credit agencies representing holders of US$5.6 billion of senior secured indebtedness across 12 credit facilities in connection with the restructuring of the liabilities and obligations of Seadrill Ltd., an offshore drilling rig operator and its affiliates. This follows the comprehensive restructuring in 2018, where we advised the co-ordinating committee representing a bank group holding US$7.4 billion in secured debt. The result provided a significant structural improvement for senior lenders, the negotiation of settlements that attracted more than US$1 billion of new capital, and the re-profiling of Seadrill's capital structure.

Toys "R" Us
Representation of certain creditors in the restructuring and subsequent insolvency of Toys "R" Us European business.

Karen Millen
Representation of the Karen Millen high street retail business and assisting with its accelerated M&A process and sale by way of pre-packaged administration.

Oi S.A
Representation of the Oi group, one of the world's largest integrated telecoms service providers, on its US$20 billion debt restructuring by way of a Brazilian recuperação judicial process.

Fred. Olsen
Representation of the Facility Agent and Lenders on the capital and corporate restructuring of Fred. Olsen (now Dolphin Drilling), which ultimately resulted in lender ownership of the Group under a revised capital structure.

Thomas Cook
Representation of certain stakeholders following the liquidation of tour operator Thomas Cook.

Representation of the Norwegian and Dutch lenders to the CGG group on its restructuring including advice on establishment of a new VesselCo structure and on the subsequent acquisition of the VesselCo structure by Shearwater.

Representation of EY as administrators to the CEONA group, a SURF and subsea construction contractor in the deepwater market. CEONA's cash flows came under significant strain due to falling demand for its services as a result of the depressed market conditions and ongoing liabilities in connection with its fleet. Despite efforts to restructure CEONA's indebtedness, it was unable to achieve a turnaround on a solvent basis and several English companies in the Group were placed into administration by the Directors in September 2015.

Gama Holdings
Representation of the Gama Group on a general restructuring and/or refinancing of its outstanding indebtedness.

Representation of Turkish PE funds and corporate and banking clients on confidential restructuring matters.

Speaking Engagements

Presenter, "Brexit: Fresh Perspectives – Impact of Brexit on English schemes of arrangement", Video, White & Case, November 2020

"Charting a course. Financial restructuring and consolidation in the shipping industry", January 2015: Marine Money conference, London

"The Winds of Change: Restructuring under the UK vs the US Models", May 2015: R3 Annual Conference, Berlin, (panelist)

"Conflicts of Interest in Insolvency Scenarios for IPs and Lawyers", March 2014: Sweet & Maxwell Insolvency Law conference, London, (panelist)

"Restructuring, Recapitalisation and Bank Loan Trading", February 2014: Marine Money conference, Hamburg, (panelist)


Co-author, "Liquid debt markets hit the brakes on restructurings", White & Case, June 2021

Co-author, "Pre-pack rules repackaged", White & Case, May 2021

Co-author, "Schemes and Restructuring Plans: Challenging Times?", White & Case, February 2021

Co-author, "CIGA: Super-scheme to the rescue?", White & Case, September 2020

Co-author of "Restructuring: When is the right time?", White & Case, February 2020

Co-author of "Restructuring the next wave of cov-lite debt", White & Case, July 2019

Co-author of "Arcadia Group CVAs: given the green light", White & Case, July 2019

Co-author of "Restructuring in Turkey: A new paradigm?", White & Case, April 2019

Co-author of "Restructuring across Europe – a new era?", White & Case, January 2019

Author of "House of Fraser pre-pack: still a viable option", White & Case, August 2018

Author of "Transatlantic court-ing behaviour: the US v. the UK", White & Case, August 2018

Author of "The future of CVAs: Not just for leases…", White & Case, July 2018

Author of "CVAs: A 2018 Revival", White & Case, January 2018

Co-author of "Maritime and offshore restructuring in Singapore: A safe harbour?", White & Case, December 2017

Co-author of "Discussing decommissioning: Investment opportunities and regulatory concerns", White & Case, April 2017