Further to our previous article, which can be found here, we consider the key issues with which the Court faced, the technical legal analysis underpinning this judgment and our view on what this may mean for energy suppliers, and the sector as a whole, looking forward.
Background - what was the application and why was it needed?
Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection.
Once hailed as having the potential to add £5.7 billion to the UK economy in 2016, Northern business leaders operating in the tech space met to discuss how best to unlock the sector's growth potential. As part of CyberFest, Womble Bond Dickinson, alongside a host of tech experts and business leaders, aimed to tackle the issue head-on in an insightful roundtable.
The Supreme Court of the United Kingdom (“SC”) has recently handed down a decision in the case of BTI v Sequana, dealing with the powers and duties of company directors. The appeal was expected to be of considerable importance.
This alert is especially relevant to companies, and directors of companies, in financial distress, as well as creditors and insolvency practitioners.
Key Takeaways
The long, long awaited Supreme Court Judgment in the Sequana case is finally here. Firstly, for those who may have forgotten what the Supreme Court was grappling with, the issue was 'whether the trigger for the directors’ duty to consider creditors is merely a real risk of, as opposed to a probability of or close proximity to, insolvency'.
In New York, it is a standard practice to name all tenants residing in a building when foreclosing upon the property.
On July 7, 2022, the UK Insolvency Service, an executive agency of government responsible for a variety of roles in administering the UK insolvency regime, published a consultation on the UK’s proposed adoption of two UNCITRAL Model Laws on insolvency, inviting responses (the “Consultation”).
On August 29, 2022, in the PG&E bankruptcy matter, the Court of Appeals for the Ninth Circuit became the first circuit-level court to address the question of what is the correct rate of interest to be applied to unimpaired unsecured claims against a fully solvent debtor.[2] In its decision, the Ninth Circuit reversed the bankruptcy court’s and district court’s rulings and held that such creditors are entitled to receive postpe
On 1 August 2022, the English High Court granted the administrators of Petropavlovsk PLC (the “Company”) permission to enter into a sale of its Russian assets to Russian entity UMMC-Invest (the “Proposed Sale”) amidst sanctions concerns.
The Insolvency Service has reported the first disqualifications under new legislation introduced to tackle the practice of directors dissolving companies in order to evade debts.