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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 premier oil schemes - Scottish sanction judgment

On Wednesday 29 April the Outer House of the Court of Session in Edinburgh issued an opinion sanctioning two schemes of arrangement proposed by Premier Oil Plc and Premier Oil UK Limited (together, Premier Oil) (the Schemes). The Court addressed multiple grounds of challenge and did so without hearing live evidence, despite disputes of fact between the parties.

European Union, United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
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)