Baker Tilly assisting Charles Russell on Awal Bank collapse

Baker Tilly will be helping law firm Charles Russell unwind a Middle Eastern bank which had a book value of $5bn (£3.1bn) when it collapsed.

The administration appointment was made by the Central Bank of Bahrain in its statutory capacity as the banking regulator of the Kingdom of Bahrain.

The appointment of a law firm as administrator of Awal Bank was seen by the Central Bank as the best way forward given the number of legal cases Awal is involved in or likely to become involved in.

Charles Russell partners Clive Hopewell and James Hyne are leading the administration process while 'being closely assisted by Baker Tilly Restructuring and Recovery LLP,' the firm said in a statement.

James Hyne, Head of Insolvency & Corporate Recovery at Charles Russell said: 'We are not yet able to determine how long the administration process will last, though we will establish this as quickly as possible.

'Awal had assets with a book value in excess of US$5bn at the time of entering administration and we are seeking to verify the asset and creditor positions as a matter of urgency, along with a wide variety of ancillary issues that arise from this complex assignment.'