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Directors’ duties: new statutory duties to have regard to the interests of creditors

The European Union (Preventive Restructuring) Regulations 2022 have amended the Companies Act 2014 so as to require for the first time in statute that directors of companies unable, or likely to be unable, to pay their debts, must have regard to the interests of creditors.

European Union, Ireland, United Kingdom, Company & Commercial, Insolvency & Restructuring, Arthur Cox LLP, Insolvency
European restructuring watch alert : the Finance Act 2020: provisions for joint and several tax liability for directors, managers, shareholders and lenders

The Finance Act 2020 provides that directors, managers, shareholders, lenders and others can be made jointly and severally liable for the outstanding tax debts of insolvent (or potentially insolvent) companies and limited liability partnerships (LLPs).

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, Corporate governance, HM Revenue and Customs (UK)
New tax developments for insolvency and restructuring deals

The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

Farnborough – appointment of a receiver and tax grouping

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
New tax developments for insolvency and restructuring deals

The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

Farnborough – appointment of a receiver and tax grouping

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
Liquidation of Irish Bank Resolution Corporation and exchange of promissory notes

Irish Bank Resolution Corporation Act and Appointment of Special Liquidators

In the early hours of 7 February 2013, the Irish Bank Resolution Corporation Act 2013 (the “IBRC Act”) was passed. The IBRC Act provides for the Minister for Finance to make a “Special Liquidation Order”  (“SLO”) winding up IBRC. As a result of the SLO:

Ireland, Banking, Insolvency & Restructuring, Arthur Cox LLP, Liability (financial accounting), Liquidation, Central Bank of Ireland, Minister for Finance (Ireland)