"Steady as we go?” Supreme Court clarifies, for the first time, when and how company directors owe a duty to a company’s creditors.

On 5 October 2022, the Supreme Court delivered its long awaited judgment in BTI 2014 LLC V Sequana SA [2022] UKSC 25 dismissing an appeal by BTI. Lord Reed and Lady Arden each gave their own judgments which concurred, largely applying the same reasoning, with the judgment of Lord Briggs with whom Lord Kitchen and Lord Hodge agreed.

Filed under:
United Kingdom, Insolvency & Restructuring, Insurance, Litigation, DAC Beachcroft, Insolvency, UK Supreme Court
Authors:
Giles Hindle , Pippa Ellis , Joe Bannister , Jonathan Brogden
Location:
United Kingdom
Firm:
DAC Beachcroft
Noteholders entitled to declaration that restructuring of a separate debt amounts to an event of default under the notes

Fomento De Construcciones Y Contratas SA v Black Diamond Offshore Ltd (Court of Appeal hearing)

The Court of Appeal has rejected an appeal brought by a leading Spanish company ("FCC") against a first instance decision that an event of default had occurred in respect of a debt instrument.

Background

Filed under:
United Kingdom, Capital Markets, Insolvency & Restructuring, Litigation, DAC Beachcroft, Debt, Federal Communications Commission (USA), Court of Appeal of England & Wales
Authors:
Jonathan Brogden , James Entwisle
Location:
United Kingdom
Firm:
DAC Beachcroft