There is an old adage among restructuring lawyers that there is no point frittering away money on creditors when it can be better spent on commercial advisers. The joke is only used among those experienced enough to make light of such a sensitive topic.
But even some of the City’s most seasoned restructuring partners have expressed surprise – and envy – at the level of fees Allen & Overy (A&O) has earned from the liquidation of furniture outlet Courts. The firm is taking a significant share of the £18.5m paid in professional services fees
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