Restructuring and Insolvency 2022/23: The year that was and what's to come

Restructuring and Insolvency 2022/23: The year that was and what's to come

We take a look back at all the major developments in Restructuring and Insolvency law for 2022 and get a taste of what's yet to come in 2023 and beyond.

You can access the summary version of this update HERE (PDF).

Court exercises discretion to grant examination order

18 February 2022

Filed under:
New Zealand, Insolvency & Restructuring, Litigation, Trade & Customs, Russell McVeagh, Due diligence, Cryptocurrency, Anti-money laundering, Insolvency, Reserve Bank of New Zealand, FTX, Corporate Insolvency and Governance Act 2020, Companies Act 1993 (New Zealand), Reserve Bank of New Zealand Act 1989 (New Zealand)
Authors:
Matthew Kersey , Polly Pope , Alex MacDuff
Location:
New Zealand
Firm:
Russell McVeagh
Major UK Supreme Court decision released regarding the duties of directors of companies approaching insolvency

Key takeaways for directors

A significant decision of the Supreme Court of the United Kingdom was released last week, BTI 2014 LLC v Sequana SA and others, confirming the existence of a duty owed to the company by its directors to consider the interests of the company's creditors when the company becomes insolvent or approaches insolvency.

As expressed by the Supreme Court, the so-called "creditor duty" reflects a sliding scale:

Filed under:
New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Russell McVeagh, Insolvency, UK Supreme Court
Authors:
Nathaniel Walker , Matthew Kersey , Alex MacDuff
Location:
New Zealand, United Kingdom
Firm:
Russell McVeagh