Transfer included the sale of £13 billion of assets to Cerberus – £3.3 billion of which were subsequently sold on to TSB
Law firm TLT, which has offices in Edinburgh as well as throughout the UK, has acted on behalf of UK Asset Resolution Ltd (UKAR) in the firm’s largest transaction to date – the transfer of title of around 90,000 mortgage securities UK-wide.
The transfer of title was part of a wider transaction, which was the largest of its kind for UKAR and included the sale of £13 billion of assets to Cerberus – £3.3 billion of which were subsequently sold on to TSB.
The transfer of title was one aspect of a wider appointment, with TLT’s cross-jurisdictional team also advising on the impact of the transfer on existing litigation and asset sales and project managing UKAR’s panel firms across the UK through the transfer process.
The TLT team was led by Scotland-based partner Tom McEntegart and involved banking and financial services partners, James Chadwick and Katharine Kimber, as well as real estate partners Brian Armour, Philip Collis and Kathryn Forde.
McEntegart said: “To extremely short timescales, we worked closely with UKAR’s project team to plan and swiftly execute the transfer, minimising the operational impact.
“We are delighted to have advised on this cross-jurisdictional project and look forward to working with our client in the near future.”
UKAR was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley and NRAM.