Leasing & Asset‑Based Finance
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WFW OUR APPROACH
Our approach
Watson, Farley & Williams is a leading international law firm with offices in major financial centres in Europe, Asia and the USA.
We have the skills to manage a wide range of corporate and finance transactions and disputes and to provide our clients with the high quality advice they require. We have teams which are integrated across legal disciplines and offices so that a consistent level of service can be provided on all matters, in each jurisdiction and in combination across borders. We continually invest in developing our expertise and reputation in the sectors we know best: Finance & Investment, Maritime, Energy, Natural Resources, Transport, Real Estate and ICT. We establish candid, open relationships with our clients and take the time to understand their businesses. We generally work in small, partner led teams where our sector knowledge and experience enable us to provide effective, commercially focused advice.
01 OUR LEASING & ASSET‑BASED FINANCING PRACTICE
Our leasing & asset‑basedfinance practice
Leasing and asset‑based finance has been an integral part of Watson, Farley & Williams since our inception. We have a wealth of experience in this field. We implement, and often lead, best market practice and provide our clients with sound commercially focused advice.
Our practice We have leasing and asset‑based finance specialists in each of our international offices. They regularly work together, often across borders, to close transactions successfully for our clients, regardless of their location. We are members of the legal panels of a number of leading financial institutions and act for over 150 in total; we understand the fundamentals of the industry and have a sophisticated approach to its legal needs. We aim to innovate where appropriate and pay strict attention to risk management and cost efficiencies.
Our team acts for all parties involved in leasing and asset‑based financing transactions, including: lessors, lessees, arrangers, lenders, borrowers, sellers and purchasers. Our depth of experience in leasing and asset‑based finance means we have no learning curve; we assist our clients in bringing matters smoothly to successful conclusion.
Watson, Farley & Williams Leasing and Asset‑Based Finance
02 OUR LEASING & ASSET‑BASED FINANCING PRACTICE
Our work Our integrated cross‑border group covers a broad range of assets and sectors, including: manufacturing equipment commercial vehicles fleet finance information technology (hardware and software) medical equipment data‑centres semi‑conducting devices office equipment modular buildings.
We advise on all aspects of leasing and asset‑based finance including: domestic and cross‑border leasing (including finance leasing, operating leasing and synthetic leasing) secured lending (including related security matters) conditional sale and hire‑purchase sales and purchases of leasing companies sales and purchases of lease portfolios asset sales and purchases Islamic finance security enforcement (pre‑ and post‑delivery) residual value support tax structuring competition issues litigation and dispute resolution.
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03 SELECTED EXPERIENCE
Selected experience
“They are responsive... always there when required. Theyʹre also very committed to cases and give really clear advice.” Chambers UK 2011
“...highly skilled in finance work.” IFLR 1000 2011
“A very reputable and well‑regarded firm...” Chambers Global 2012
Citibank N.A, London Branch
Advising a leading US bank on a global trade finance programme for factoring debts due from OECD importers to non‑OECD exporters as a joint venture with a leading UK factor.
A Leading UK Lessor
Advising a leading UK lessor on debt restructuring and enforcement issues arising out of the insolvency of a dealer with a stocking facility.
De Lage Landen Leasing Limited
Advising a leading UK lessor on problems arising from the unlawful sale of a large mobile crane to a purchaser in Asia.
Acquisition of Forklift Trucks
Advising a leading UK lessor on the acquisition of a £85m portfolio of forklift and similar trucks.
Acquisition of Medical Equipment
Advising a leading UK lessor on the acquisition of a £25m portfolio of medical equipment.
The Sales of Leasing Portfolios
Advising a leading UK lessor on a number of the sales of leasing portfolios to leading bank lessors where the portfolio continues to be managed by the seller.
Financiers and Owners
Advising a variety of financiers and owners in relation to the acquisition, finance, lease, operation and management of business jets.
Watson, Farley & Williams Leasing and Asset‑Based Finance
04 SELECTED EXPERIENCE
“Asset finance is a central part of this firmʹ practice, which continues to impress.” Chambers Global 2010
“There is a consistency of service which makes us feel secure.” Chambers UK 2011
“Superbly commercial and pragmatic.” Legal 500 UK 2011
A Scandinavian Manufacturer
Advising a Scandinavian manufacturer on an English law manufacturer/finance house agreement in respect of a stocking facility to be provided for agricultural equipment dealers in Scandinavia.
A Leading Bank Lessor
Advising a leading bank lessor on the sale of a 50% interest in HP receivables to another lessor under arrangements where the receivables continue to be managed by the seller.
A Leading UK Lessor
Advising a leading UK lessor in connection with lease finance to be provided in connection with a ʺturnkeyʺ arrangement relating to a sophisticated item of medical equipment to be sited at a London teaching hospital.
Siemens Financial Services Ltd
Advising a leading finance house on all aspects of its online leasing operations including the regulatory, data protection and IT issues including the effect of the Privacy and Electronic Communications Act.
A Leading UK Lessor
Advising a leading UK lessor on its stocking agreements with dealers, including the VAT analysis of the purchase prices and charges made thereunder.
A UK Subsidiary of a South African Leasing Company
Advising a newly established UK subsidiary of a South African leasing company in establishing lease and receivables funding documentation.
A Leading Finance Company
Advising a leading finance company in relation to the establishment of a receivables purchase product connected to energy‑saving contracts between major energy companies and their customers.
05 TEAM PROFILE
Team profile London
Charles Viggers Partner Paris
+33 1 56 88 44 40 [email protected]
Charles Viggers is a partner in the asset finance group, based in the Paris office. Charles focuses on asset finance, with a particular emphasis on the aviation sector. He advises on a wide range of asset‑based cross‑border and domestic finance and leasing transactions, acting principally for banks, lessors, export credit agencies and manufacturers.
Paris
Simon Kavanagh Partner London
+44 20 7814 8114 [email protected]
Simon Kavanagh is a partner in the asset finance group based in London. He qualified in 1987 and joined Watson, Farley & Williams as a partner in 1997. Simonʹs practice concentrates on project finance, leasing, asset finance and structured finance with particular emphasis on the renewables sector and the logistics sector. He has been involved in financings of windfarms, landfill gas plants, biofuels, solar modules, containers, container vessels, cruise vessels and satellites. Simon also has broad experience of advising on balance sheet lending, securitisations, debt offerings and derivatives.
Richard Goodman Partner London
+44 20 7814 8164 [email protected]
Richard joined Watson, Farley & Williams as a partner in 2003 and works primarily in transactions involving the provision of finance for the acquisition of assets and the development of infrastructure and buildings. Richard has practised in the City for over 30 years, advising in projects involving debt, lease (both tax based and non tax based) and PFI/PPP financing structures in a wide range of sectors, including retail, distribution, industrial, offices, schools, hospitals and public buildings, hotels, sports facilities, renewable energy, rail and water infrastructure, aerospace, telecommunications and road transport.
Andrew Baird Partner London
+44 20 7814 8008 [email protected]
Andrew Baird is a partner in the Asset Finance Group. Andrew has a wealth of experience in cross‑border asset and project finance, with particular emphasis on the marine, transportation and offshore sectors. He has acted on numerous loan transactions and leasing transactions, including UK tax‑based leasing and structured and project finance‑based transactions.
Watson, Farley & Williams Leasing and Asset‑Based Finance
06 TEAM PROFILE
Hamburg
Mehraab Nazir Partner Singapore
+65 6551 9130 [email protected]
Mehraab Nazir joined Watson, Farley & Williams as a partner in May 2008 and is an asset and project finance lawyer based in Singapore. Mehraab advises on all aspects of project and asset finance related matters, particularly with regards to aviation, shipping and offshore oil & gas. Mehraab is recommended in Asia Pacific Legal 500 2012, which comments that he displays ʺexcellent legal knowledgeʺ and ʺgood industry knowledgeʺ.
Madeline Leong Partner Hong Kong
+852 2163 6710 [email protected]
Madeline Leong has over 20 years’ experience practising law on an international basis – in South East Asia, North Asia and Europe. Her practice focuses on asset, project and structured financings – including those of a cross‑border nature. She has acted for most of the leading banks and financial institutions and major transportation, logistics and shipping companies, and has particular experience in the transportation, natural resources and energy sectors as well as debt restructuring, work‑out and enforcement work.
Hong Kong Singapore
Clemens Hillmer Partner Hamburg
+49 40 80 80 3440 [email protected]
Clemens Hillmer joined Watson, Farley & Williams in 2008 as a partner in the asset finance group based in Hamburg. Clemensʹ practice includes advising domestic and international banks with regard to asset finance and leasing transactions including ships, aircraft and container boxes. Clemens has been involved in a number of restructurings, mortgage enforcements and project finance matters.
08 OUR OFFICES
Our offices
UK
London
15 Appold Street London EC2A 2HB
Tel: +44 20 7814 8000 Fax: +44 20 7814 8141
USA
New York
1133 Avenue of the Americas New York, NY 10036
Tel: +1 212 922 2200 Fax: +1 212 922 1512
Germany
Hamburg
Jungfernstieg 51 20354 Hamburg
Tel: +49 40 800 084 0 Fax: +49 40 800 084 410
Munich
Gewürzmühlstraße 11 80538 Munich
Tel: +49 89 237086 0 Fax: +49 89 237086 222
Frankfurt
Ulmenstraße 37‐39 60325 Frankfurt am Main
Tel: +49 69 297 291 0 Fax: +49 69 770 75800
France
Paris
26, avenue des Champs‑Elysées 75008 Paris
Tel: +33 156 88 21 21 Fax: +33 156 88 21 20
Italy
Rome
Piazza Navona, 49 2nd Floor int 2/3 00186 Rome
Tel: +39 06 68 40 581 Fax: +39 06 68 89 2717
Milan
Piazza del Carmine 4 20121 Milan
Tel: +39 02 721 70 71 Fax: +39 02 721 70 720
09 OUR OFFICES
Spain
Madrid
Maria de Molina, 4 28006 Madrid
Tel: +34 91 515 6300 Fax: +34 91 563 1630
Greece
Athens
6th Floor, Building B, 348 Syngrou Avenue, Kallithea 176‐74, Athens
Tel: +30 21 0455 7300 Fax: +30 21 0459 4004
Singapore
Singapore
6 Battery Road #28‑00 Singapore 049909
Tel: +65 6532 5335 Fax: +65 6532 5454
Thailand
Bangkok
Unit 902, 9th Floor, GPF Witthayu Tower B 93/1, Wireless Road Patumwan, Bangkok 10330
Tel: +66 2 665 7800 Fax: +66 2 665 7888
China
Hong Kong
Units 1703‑1707 One Pacific Place 88 Queensway Hong Kong
Tel: +852 2168 6700 Fax: +852 2918 9777
100‑000‑1492 LON KW KW 04/08/2014
All references to ‘Watson, Farley & Williams’ and ‘the firm’ in this brochure mean Watson, Farley & Williams LLP and/or its affiliated undertakings. Any reference to a ‘partner’ means a member of Watson, Farley & Williams LLP, or a member or partner in an affiliated undertaking, or an employee or consultant with equivalent standing and qualification. The transactions and matters referred to in this publication represent the experience of our lawyers. This brochure is produced by Watson, Farley & Williams. It provides a summary of the legal issues, but is not intended to give specific legal advice. The situation described may not apply to your circumstances. If you require advice or have question or comments on its subject, please speak to your usual contact at Watson, Farley & Williams. This publication constitutes attorney advertising.
© Watson, Farley & Williams 2014
Watson, Farley & Williams Leasing and Asset‑Based Finance