Mark Craggs is a restructuring and insolvency lawyer based in London.
Mark advises UK and international insolvency office-holders, banks and other creditors, directors, government bodies, regulators and other stakeholders on a wide range of contentious and non-contentious matters. His practice focuses primarily on formal and cross-border insolvency matters and he commonly advises on:
- matters arising in UK and international insolvency proceedings;
- recognition applications and matters relating to cross-border insolvency assistance of foreign courts and insolvency office-holders;
- contingency planning and security enforcement;
- directors’ duties, wrongful trading and the disqualification of directors;
- security and proprietary interests in insolvency;
- close-out netting and set-off issues;
- schemes of arrangement;
- specialist insolvency regimes, including investment bank special administration;
- distressed M&A;
- distressed loan sales;
- exit-routes from insolvency proceedings;
- solvent terminal procedures and restoration applications; and
- issues arising in consensual workouts, including in relation to lender liability.
His work frequently involves EU insolvency law and the laws of other jurisdictions, including the various national enactments of the UNCITRAL Model Law on Cross-Border Insolvency.
Mark has extensive experience in a number of key industry sectors, including financial institutions, transport (including aviation, shipping and rail), energy, mining and infrastructure.
Mark has recently advised the administrators of Maxwell Communication Corporation plc on the closure of various administration proceedings and schemes of arrangement that have been in place since the early-1990s and represented dry-bulk shipping company Daiichi Chuo KK in obtaining recognition of its Japanese civil rehabilitation proceedings in the UK, the US, Canada and Australia under the applicable local enactments of the UNCITRAL Model Law. His reported cases include the Lehman Brothers “Extended Liens” (Re Lehman Brothers International(Europe) (in administration)  EWHC 2997 (Ch)) and “Client Money” cases (Re Lehman Brothers International (Europe) (in administration)  UKSC 6) (acting for the trustee for the liquidation of Lehman Brothers Inc.) and acting for the Australian liquidators of the HIH Insurance Group in their appeal to the House of Lords in relation to section 426 of the Insolvency Act 1986 (McGrath v Riddell  UKHL 21).
Mark is a Fellow of INSOL International, a member of a number of committees of INSOL International (including the Younger Members Committee), and a member of the Insolvency Lawyers' Association and the Association of Business Recovery Professionals (R3). In 2016, he was selected as one of the “40 Under 40” cross-border restructuring and insolvency lawyers worldwide by Global Restructuring Review.
The law on the insolvency of financial services firms is changing. Although these firms can and do become insolvent, their importance to the proper functioning of financial markets means that special rules should apply..
March 07, 2017
The laws governing insolvencies of United Arab Emirates-domiciled companies have recently been overhauled, with the new UAE Bankruptcy Law coming into force on 29 December 2016 (the “Bankruptcy Law”)..
February 15, 2017
Recently promoted partner, Mark Craggs, has been listed in Global Restructuring Review’s 40 under 40 list, which recognises the world’s leading young restructuring lawyers. Mark also featured in an interview on his restructuring practice..
May 09, 2016
Global law firm Norton Rose Fulbright has today announced a total of 37 partner promotions and two promotions to the South African equivalent of director worldwide. .
April 29, 2016