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The repercussions of the property crash still continue to fuel the restructuring and insolvency market in Ireland. "The last 12 months has been dominated by the property sector and the clear up after that between the advent of the loans having now actually moved in to Nama (National Asset Management Agency) and Nama actually now starting to deal with those loans," says one insolvency partner.

Having assumed the loan portfolios of Ireland's struggling financial institutions, Nama is currently the largest holder of distressed equity in the world. The state agency is in the process of deciding on how to proceed with the loans; through enforcement or consensual restructurings, having evaluated debtor's portfolios and prospects for the future. "We're seeing quite a lot of restructuring work, but we're seeing more enforcement where restructuring is not possible for one reason or another. Nama of course is a major force in driving both of those aspects and has really swung in to action and work is frankly pouring in from them," remarks one lawyer.

Industries connected with real estate have also been affected by the ripples of the crisis with even those businesses that don't have a primary interest in the real estate market being been brought down because of some level of speculative investment within this area. "The other sectors really suffering are: the hospitality sectors, that's anything under hotel and licensed premises; the retail sector is also feeling the strain," explains one lawyer.

Outside of these sectors, the current economic cycle has seen some marquee names such as the Quinn Group and Eircom undertake significant restructurings and shown that no one is immune from the inherent economic difficulties the country is facing.

Lawyers have seen a reduction in the number of examinerships applied for and several speculated companies have been deterred after a number of cases were unsuccessful: "Examinerships, which were very prevalent 12 months ago, have probably eased a bit because most of them failed under Irish law. There has been very few," says one lawyer.

An Irish construction company, McInerney Homes, failed in its bid to be utilise this process. There are exceptions, Xtravision, the Ireland's largest film rental chain, went in to examinership and domestic airline, AirElan, both came through the process successfully.

In regard to Xtravision case, an important point was clarified by Supreme Court, which ruled that companies in examinership can apply to repudiate leases on existing outlets to cut back costs. Lawyers feel this will increase the chances of retailers coming through the process in future and that it will be availed off frequently: "I think retail chains are going to use that to scale back operations and cut of liabilities maybe when they've closed doors or to close those doors with a view to restructuring themselves," says one.

A further development on the legislative side has seen ongoing discussions concerning the reform of Ireland's archaic bankruptcy code: "There are proposed changes to our bankruptcy regime. Currently there isn't an automatic discharge it lasts for a minimum period of 12 years. There's restrictions on the bankrupt operator applying for credit. There's a lot of talk about that needing to be reformed with a view to making that easier for individuals," explains one lawyer.

Insolvency lawyers foresee another busy 12 months with the level of distressed debt within the Irish market still extremely high. "Until a number of the banks decide to act on the basis of the provisions; either by way of restructuring and there might be a lot of debt for equity deals coming in the next 24 months; or, there may yet be a lot of receivership appointments, but there's a lot of debt that still needs to wash through," says the head of a leading insolvency practise.

A year in the top tier has served A&L Goodbody well and the firm justified its rank securing roles on all sides of the restructuring process in some of Ireland's headline deals.

There is no complicated equation for the firm's success, competitors pin it down to the quality of its two leading lawyers who are widely recognised as heavyweights in the insolvency area. Client's share peer's enthusiasm for the pair and appreciate them for the different qualities they bring to the table. "Mark Traynor's a good nuts and bolts man, you know, creditors meetings, representation. David Baxter is a dizzy heights kind of guy; he knows all the VCs in London and he's more involved in bigger transactions, you wouldn't see David Baxter at a creditors meeting. They're a very good firm," explains one client.

A mandate which illustrates the firm's credentials amply is the highly publicised €1.2 billion restructuring of the Quinn Group, which has interests in everything; from cement to healthcare, to insurance and energy. Practice head David Baxter and his team have been acting for the debtor for more than 18 months on this complex assignment which involves a range of creditors, cross-jurisdictional legal structures within the group and has necessitated placing of the insurance business into administration.

The firm is also experienced acting on the other side of insolvencies and is currently advising PricewaterhouseCoopers as examiners of construction group McInerney. The market recommended Mark Traynor and partner Mark Ward are representing the firm on the deal, which was contested by the creditors as the loans due to Anglo Irish Bank and Bank of Ireland were likely to transfer to Nama (National Asset Management Agency). A long-term receivership model put forward by the banking syndicate is being looked at as an alternative to a scheme of arrangement.

On the creditor's side, the firm acted for Allied Irish Banks in regard to the examinership of it's €5.2 million debtor Aer Arann, the Irish Airline. The proceedings were resolved successfully in December 2010 after existing borrowings were converted in to loan stock and overdraft facilities were refinanced.

After an unsuccessful examinership, the Pierse Group, an Irish construction company, went in to insolvency. The firm, represented by Baxter and Barbara Cotter, has been appointed to act for the largest secured lender, the Bank of Ireland, which is owed €20 million.

Arthur Cox has one of the pre-eminent figures in the industry in practice head William Day, who both commentators and clients consider to be one of the best insolvency lawyers in the country. One client who uses all of the ranked firms says: "We would view Cox's as the strongest. We would use Willie Day quite a lot. He's particularly strong, focussed and commercial. He gets things done and takes matters of our desk and gets them resolved or comes up with solutions to get them resolved."

The firm has a strong relationship with the state and Day has been at the helm for Nama (National Asset Management Agency) on several occasions in the last 12 months.

The department head is leading a team advising Nama in the ongoing €1 billion statutory receivership of Michael McNamara & Company and of Bernard McNamara. It is the first occasion the company has exercised its statutory power to appoint a receiver. In another role for the world's largest holder of debt, the firm successfully challenged a petition for the appointment of an examiner to Whelan's Quarries Group, which had its loans assumed by Nama in December 2010.

The firm is involved in several headline deals. The practice has taken a role in the examination of the McInerney Group, the construction company, which has €116 million in bank debt. Day, who one client insists is the "best lawyer in the country for examinerships," and Emily King are advising a syndicate of creditors in the case which involves a challenge to an examiner's scheme of arrangement on legal and valuation grounds. Day and Rachel Farrell are also representing RBS after it put hotel Citywest in receivership in July 2010 as it owes the bank in excess of €100 million.

Eugene F Collins' established niche insolvency practise moves up a tier in recognition of the quality of its lawyers, who are extolled by clients and competitors, and their involvement in some challenging mandates in the last 12 months.

The firm plays a part in the majority of the county's most significant cases, although often not in the most lucrative role; for the banks. One competitor observed that the firm accepts instructions others would decline, explaining that the firm took on one of the challenges against Nama (National Asset Management Agency), which many would shy away from given the abundance of instructions the state agency will engender in the future. "Some of the bigger firms will only act for the banks, what I like about Eugene F Collins is that they will act for all sorts of different parties, they'll advise anybody in a insolvency situation, they're not always looking for the bigger option. They are a very straight firm, they are not cosy; they will go for the jugular for whoever their client is at that time," says one.

Several lawyers draw attention to Barry O'Neil, who is currently head of the Irish Insolvency Practitioners Association, as the firm's most distinguished lawyer: "Barry O'Neil has been around for many years and is very knowledgeable," remarks one partner.

Similarly, O'Neill is a clients favourite, valued for his knowledge, experience, client focussed approach and the weight his opinion carries. "Barry is very experienced; he's been around a while so he's seen a lot of stuff and just accumulated knowledge. He's also well respected so if you bring Barry O'Neil to a meeting regarding insolvency, people will take Barry's view seriously, so there's an advantage there," says one.

Practice head Doug Smith and O'Neill are both strictly insolvency lawyers and this is allignaired with their experience is regarded as another huge selling point. "Some of the bigger law firms might have insolvency departments with good lawyers or good litigators but they are not full time. Of all the litigators who practise insolvency there is a very small amount who only do insolvency. By and large Doug and Barry are two of those lawyers," says one client.

The firm is playing a role in one of the largest insolvencies in the world, Madoff Investment Securities. Barry O'Neill and Donal Dunne are advising, the appointed Trustee of Madoff, Irving H. Picard, who is attempting to recover some of the €20 billion Bernard Madoff accrued using his Ponzi scheme.

On the creditor's side, department head Doug Smith is negotiating for a creditor in respect of pre and post petition claim of Irish airline Aer Arann, which is under examinership. Smith is advising Vector Aerospace in relation to the enforceability of Canadian security rights in an Irish insolvency.

Another headline deal saw the firm acting in the application for the appointment of an Examiner for Pierse, a large Irish contractor. O'Neill and Jamie Ensor continue to advise in the aftermath of the appointment of an official liquidator.

Undisputedly a top tier firm, Matheson Ormsby Prentice has a strong group of well-respected partners led by clients favourite Tony O'Grady. The firm's restructuring and insolvency department has been active on a range of contentious and non-contentious corporate restructuring and insolvency matters.

Of O'Grady, one client says he is unsurpassed in the country in terms of juggling multiple mandates simultaneously: "For the ability to withstand pressure and role with the punches, I'd say Tony O'Grady at MOP is the best. Tony has probably got the best ability to multitask; Tony can handle a large number of different assignments at one time, a huge ability to handle pressure," says the client.

O'Grady and his team had a substantial role in Irish airline Aer Arann's examinership and have already ensured the company's planes were protected in England, Scotland, Northern Ireland and the Isle of Man.

In the first judgment obtained by Nama (National Asset Management Agency) against borrowers and guarantors in respect of loans it has assumed, O'Grady issued proceedings against the owners of a mixed use development known as The Property. The amount of combined judgments was approximately €82 million when ruled upon in October 2010. The firm had previously advised a banking syndicate comprising Bank of Ireland and Allied Irish Banks prior to Nama's involvement and continue to advise Nama and the appointed receiver.

In other work on part of the receiver, the practice, led by Rod Ensor, is advising Declan Taite of FGS who was appointed by Irish Nationwide Building Society in regard to certain property assets of two high profile individual borrowers of in excess of €200 million.

The market recommended Julie Murphy, who joins the firm's leading lawyer list, is representing the firm in ongoing case for ACC Bank in proceedings against a solicitor for breaching his contractual obligations.

McCann FitzGerald have extensive experience in restructuring, workouts and insolvency on behalf of both banks and creditors and have continued to secure roles in some of the country's leading cases in the last 12 months.

Head of the practice Jane Marshall is singled out by lawyers and clients as one of the foremost insolvency lawyers in the country. One client sees her talents as more specific: "If there's something international or intellectual Jane Marshall is the best lawyer in Ireland for that," says the client.

In a role for an international client, Marshall and David Byers have taken the lead acting for US private equity firm, Oaktree Capital, which is trying to invest in McInerney Group, one of Ireland's largest house-building companies, which is under examinership. The high court rejected the investment on the grounds it was unfair to the existing creditors and the company went in to receivership in July 2011.

A standout debt-for-equity restructuring has seen Michael Murphy and Philip Andrews acting for Anglo Irish Bank and RBS in the restructuring of the €200 million facilities advanced to Arnotts Holdings that has resulted in the banks taking joint control of this Irish retailer. This was the first Irish debt restructuring to trigger an EU merger control filing and was cleared by the European Commission in August 2010.

Murphy is acting for Anglo Irish Bank, an Isle of Man subsidiary of the Irish Bank, in challenging the jurisdiction of the Irish High Court to hear a petition by Pauline Doyle, a former director who owes the bank approximately €2 million. In a first for the Irish High Court it will rule on whether a scheme of arrangement is a recognised insolvency proceeding within the meaning of the European insolvency regulation.

In ongoing role Marshall and Paul Heffernan are acting for the joint administrators of the of insurance company the Quinn Group advising on all regulatory and corporate issues relevant to the licensing, running and potential sale of the multi-billion euro insurance business.

Unquestionably among the leaders in the field in the eyes of competitors, William Fry continued to advise on complex high-value insolvency cases in Ireland for state entities, banks and corporations over the last 12 months.

The practice ticks all right boxes for clients who say it offers timely, accurate and innovative advice. "We worked with them for quite some time on a fairly complex translation and we found them to be very good, responsive and turned things around quickly and very good technically," says one.

The firm has three strong insolvency partners in practice head, Michael Quinn and Fergus Doorly and Barry Cahir. Quinn is the clear clients favourite, who is considered astute and worldly, and respected by peers. But Barry Cahir is regarded as the partner to have on a deal if it is remotely contentious. "Michael Quinn is very experienced and a very intelligent guy so if you have anything complicated or international he's very good. He's highly regarded in Europe so he knows a lot of overseas lawyers. A lot of insolvency in town now is down and dirty stuff and I think Michael's a bit above that but Barry Cahir gets stuck in he'll get in to a good fight for you. If you've got a bit of a row then Barry's your man," observes one client.

The pair are currently active for Nama (National Asset Management Agency) on an enforcement against properties linked to Paddy Kelly, a high-profile property developer whose loans were transferred to the agency. Kelly is believed to have debts of over €2 billion in hotel chains, bars, apartments, a golf complex and a ski resort.

A deal in which most of the top tier have a role is the Quinn Group. Fry's practice head is acting for creditor, Anglo Irish Bank, in its enforcement and Kieran Wallace of KPMG, as the appointed share receiver. A five-year debt-restructuring plan has been agreed in principle by the Group's lenders and the Quinn Group.

The team is also acting for the McInerney Group on the filing of a petition for examinership of five companies in the McInerney Group and their restructuring.

In a major piece of restructuring, Quinn and Doorly are also advising Ernst & Young, the Joint Administrators of the EMEA companies of Nortel Network. The deal involves refinancing more than $2 billion and involves 19 European jurisdictions being restructured through one filing in the High Court in the UK. Ireland is the only European jurisdiction to have a local joint administrator appointed. Restructurings are also taking place in the US and Canada simultaneously.

Mason Hayes & Curran has solidified it's position in the second tier after acting on a string of solid cases.

The team, led by Declan Black, expanded to four partners in 2010 with the promotions of Judith Riordan and Jane Pilkington.

Irish airline Aer Arann was rescued from examinership with the assistance of investors. Black, who is described as "a good capable lawyer" by one peer, and Riordan advised one who input €5 million into the company in late 2010.

On the side of the banks, Black has advised Bank of Ireland on restructuring the €1.5 million facilities extended to Wood Printcraft which was under examinership.

The firm represent all parties in insolvency cases and partner Maurice Phelan advised the receiver appointed to Ravenshaw on a successful application to court for an order confirming the validity of the receiver's appointment and the bank's underlying security following a challenge by the company's directors.

On behalf of a liquidator, Phelan and Riordan have been advising in the €11 million case of Budget Travel, the largest tour operator and travel agent in Ireland.

The market regards Eversheds as accurately ranked. "They get their share of the work and they've got some good lawyers so I think tier three is fair," says one competitor.

The firm has been appointed on four panels by Nama since it started looking into enforcing loans and won an instruction to carry out a review of the loan and security documents of one borrower with loans in excess of €1 billion and its assets in the Republic of Ireland, UK, US, Caribbean and Eastern Europe. Partner Norman Fitzgerald worked in conjunction with Eversheds offices around Europe.

The firm is also playing a role in the Quinn Group's restructuring and in the early stages was busy advising the Group's companies in relation to a potential multi-billion restructuring in a number of jurisdictions. Neil O'Mahony was subsequently mandated by the Quinn Family after a share charge receiver was appointed to the Quinn Group as of April 2011.

O'Mahony and Robert Nolan was also busy acting for receiver Michael McAteer, who was appointed to manage the Lynch Hotel Group.

Commentators Maples and Calder note that the firm has been absent from the market since Mark Traynor moved to A&L Goodbody several years ago.

The firm is, however, in the process of rebuilding, illustrated by the hire of Paul Dobbyn from the Irish bar who came in as head of department. Competitors are not moved by the appointment and claim that the firm is yet to secure any substantial roles since his arrival.

"I think Maples was there because they had Mark Traynor but he joined A&L Goodbody. They didn't replace him for a while and now they have recruited a guy from the bar, Paul Dobbyn, but we've yet to see him in practice," says one peer. As well as Dobbyn's addition, the firm also poached a number of associates from top tier firms including Robin McDonnell from Eugene F Collins, who is singled out as a good prospect for the future by one partner.

Although the firm has not been overly active in the last 12 months, in March 2010 it acted as counsel to EMPG and its subsidiaries on their $7.6 billion restructuring. A multi-disciplinary team led by Edward Miller and spanning offices in Dublin, London and the Cayman Islands acted for the client.

There is a lot of gossip among insolvency lawyers in Ireland concerning Byrne Wallace's former practice head Gavin Simons. The market attributes the bulk of the firm's insolvency work to Simons and as yet it has not found a replacement. Simons left in December 2010 along with four lawyers to establish his own niche insolvency firm Daniel Murphy Solicitors.

"Byrne Wallace would have been in tier three in insolvency but they've lost their partner Gavin Simons... You'd have to say that must affect their insolvency ability going forward [and] they haven't got an insolvency practice as such [any more]," says a competitor. Gavin Smith, a partner who handles commercial litigation has stepped in to the role as the principal contact for insolvency work.

LK Shields' restructuring and insolvency department is headed by Ed Butler. All the firm's notable recent work has had a property slant and is often handled by insolvency partner Jill Callanan in partnership with commercial property department partner Paul McCutcheon.

The pair advised Four Star Pizza and a number of related companies after it was placed into receivership in November 2010. The firm advised on successful High Court applications concerning the repudiation of leases and non contentious property matters and intellectual property matters until the deal closed in February 2011.

Acting on the behalf of a liquidator, the firm was advising Mr Simon Coyle of Mazars who is overseeing the sale of the assets of Tikonito Limited, a company which owns the La Touche Hotel in Greystones, County Dublin.

Elsewhere, the duo is acting for the Joint Receivers, Michael Cotter and David Hughes at Ernst & Young, of properties owned by the Seafield Partnership in Cork.

Daniel Murphy Solicitors was established by Gavin Simons, the former head of restructuring and insolvency at Byrne Wallace, at the beginning of 2011.

Competitors feel the boutique insolvency practice will prosper with Simons' name but may not be able to handle the larger mandates. "He should be a success, he certainly has the track record. The challenge will be that he is now in a two or three partner practice. The cases that make an impact on the market are of a scale and will need resources that would be difficult for them to manage," says one lawyer.

Several clients who instructed Simons at his former firm said they would continue to use him on deals. "We would see Gavin a very solid solicitor and very commercial. We wouldn't use him on the larger cases because he has a smaller practice and wouldn't have the depth and breadth but we would certainly use him on the mid-sized deals," says one.