NewClifford Chance lawyer gets the most out of insolvency cases by spreading the pain

Making people happy is not part of the brief for Mark Hyde, a lawyer who aims to spread the pain among stakeholders when seeking the best outcomes in corporate insolvency and debt restructuring cases.

Hyde's career in the sector has spanned 30 years and includes high-profile cases such as Peregrine Investments Holdings, Hong Kong's biggest brokerage collapse, and the debt restructuring of state-owned conglomerate Dubai World.

"I always say a good restructuring is one in which no one is completely happy because for the company to survive, everyone has to share the pain - lenders, suppliers and shareholders," the insolvency legal expert says.

Hyde, the global head of Clifford Chance's insolvency and restructuring practice, is cheerful with a ready laugh during an interview with the South China Morning Post on the gamut of experiences he has encountered in the liquidations of scandal-hit companies, corporate collapses and debt restructurings.

However, he admits his job requires him to deliver sobering news at times to those who have suffered in a liquidation. "The most challenging part of the job is handling the onset of a big insolvency as very often you have to deliver bad news to the people involved, be they employees who have to lose their jobs or creditors who lose their money," he says.

Still, Hyde has found the job rewarding, especially when a restructuring rescues a company from the brink or when the collection of assets during a liquidation enables him to recoup at least some funds for creditors.