With a marked increase in large-scale cross-border insolvency and restructuring proceedings in the Cayman Islands and elsewhere, there is a greater focus on principles of comity and co-operation between courts and collaboration between officeholders.
引言
英国终审法院最近就 BTI 2014 LLC 诉 Sequana SA 及其他 [2022 UKSC 25] 一案（“Sequana 案”）颁布一份万众期待的判决。Sequana 案的法理将于开曼群岛以至其他普通法司法管辖权区成为极具说服力的法律根据。
Sequana 案是一项有用的判决，原因如下：
- 该案不但确认董事对股东负有受信责任而须真诚以公司最佳利益行事的传统观点，同时指出董事于公司无力偿债或濒临无力偿债或可能进行无力偿债清盘或管理时，须考虑债权人利益或以其行事（“债权人利益责任”）。
- Sequana 为英国终审法院审理的首宗案件裁定董事于哪些情况下必须考虑公司债权人利益，不论债权人利益责任可否于公司无力偿债前触发，以及股东可否认可对债权人利益责任的潜在违反。
背景
The United Kingdom Supreme Court (the “UKSC”) recently delivered its eagerly anticipated judgment in BTI 2014 LLC v Sequana SA and others[2022 UKSC 25] (“Sequana”). The reasoning in Sequanawill be highly persuasive in the Cayman Islands, as well as other common law jurisdictions.
Sequana is a helpful decision for at least the following reasons:
On 5 October 2022 the UK Supreme Court (UKSC) handed down its “momentous” decision in BTI 2014 LLC v Sequana SA and others1. The case addresses issues of ‘‘considerable practical importance to the management of companies’’, in particular directors’ duties during insolvency or the onset of insolvency.
Cayman Islands companies have dominated the restructuring news cycle of late for a variety of reasons, including recent judicial commentary as to the effect of obtaining recognition under Chapter 15 of the U.S. Bankruptcy Code.
Go-To Guide:
Conyers partner Jonathon Milne and associate Rowana-Kay Campbell in the Cayman Islands, and partner Anna Lin in Hong Kong, explain why the new Cayman restructuring regime is likely to be a welcome addition to the legislative landscape for prudent directors – particularly in light of current macro-economic conditions and the difficulties many companies are facing.
A much-anticipated corporate restructuring regime will be enacted in the Cayman Islands later this year through amendments to Part V of the Cayman Islands Companies Act.
On July 15, 2022, Italy’s Code of Business Crisis and Insolvency (CCII or Crisis Code) took effect, following three previous measures: (i) Legislative Decree 14/2019, (ii) the “corrective” Legislative Decree 147/2020, and (iii) Legislative Decree 83/2022 implementing European Directive 2019/1023 (although some minimal parts of the Crisis Code are already in effect).
开曼群岛法例中的新设重组制度，大有可能受到一众审慎董事垂青 – 尤其鉴于许多公司正面对种种宏观经济状况及困难。且看康德明开曼群岛合伙人 Jonathon Milne、律师 Rowana-Kay Campbell 及香港合伙人林宛萱如何剖析其原因。
开曼群岛《公司法》第 V 部将于今年修订，当中所订立的公司重组制度，可谓万众期待。
新制度将赋予董事一项新增法定权力，董事可藉此在相关公司陷入财政困难并有意向债权人提出还款方案时，向开曼群岛法院提出呈请以委任具适合资格的重组主任。
对于在责任上须要考虑债权人利益的董事而言，上述新增权力意义重大。
本文将参照最新典据，探讨董事有何责任须考虑债权人利益，以及该等责任会因何种情况而触发。
关于新制度下的其他生效变更，请见《新设重组主任制度概览》一文。