UK Supreme Court gives important judgment on directors’ “creditor duty”

The UK Supreme Court in BTI 2014 LLC v Sequana SA and ors [2022] UKSC 25[1] has given an important judgment clarifying the nature of the so-called “creditor duty.”  The “creditor duty” is an aspect of the fiduciary duty of directors to act in the interests of their company which requires the directors to take into account the interests of creditors in an insolvency, or borderline insolvency, context.

Part I: Introduction and Background Cryptoassets & Insolvency 2 Introduction Cryptoassets have emerged from relative obscurity to become an increasingly significant and mainstream presence: in just five years the global market cap for cryptocurrencies rose from around $15bn to over $3tn at its peak in November of last year.

After a postponement of almost two years from the originally scheduled date (August 15, 2020) for its entry into force - mainly caused by the crisis caused by the pandemic emergency - on July 15, 2022, the Code of Corporate Crisis and Insolvency (or "CCII") set forth in Legislative Decree 14/2019, as most recently amended by Legislative Decree No. 83 of June 17, 2022, containing a final set of changes and important innovations, finally entered into force.

Dopo uno slittamento di quasi due anni dalla data originariamente prevista (15 agosto 2020) per la sua entrata in vigore - principalmente causato dalla crisi provocata dall’emergenza pandemica - il 15 luglio 2022 è definitivamente entrato in vigore il Codice della Crisi di Impresa e dell’Insolvenza (o “CCII”) di cui al DLgs. 14/2019, così come da ultimo modificato dal DLgs. 17 giugno 2022 n. 83 contenente una ultima serie di modifiche ed importanti novità.

Introduction

On August 26, Indiana Bankruptcy Court Judge Jeffrey J. Graham issued an order in the bankruptcy cases of Aearo Technologies (“Aearo” and, together with its affiliate debtors, the “Debtors”), denying the Debtors’ motion for a preliminary injunction protecting non-debtor parent 3M Company (“3M”) against a slew of litigation related to hearing-protection devices that were allegedly defective and resulted in hearing loss and related injuries.

The recently published Financial Services and Markets Bill (FSM Bill) is intended to recast the U.K.’s regulatory architecture post-Brexit. It was introduced to Parliament on 20 July 2022. The Bill implements the outcomes of the Future Regulatory Framework Review, which assessed whether the U.K.

The recently published Financial Services and Markets Bill (FSM Bill) is intended to recast the U.K.’s regulatory architecture post-Brexit. It was introduced to Parliament on 20 July 2022. The Bill implements the outcomes of the Future Regulatory Framework Review, which assessed whether the U.K.

Two years on: review of CIGA permanent measures

Cryptoassets & Insolvency: Legal, Regulatory and Practical Considerations Shearman & Sterling 21 July 2022 Part I: Introduction and Background Introduction Cryptoassets have emerged from relative obscurity to become an increasingly significant and mainstream presence: in just five years the global market cap for cryptocurrencies rose from around $15bn to over $3tn at its peak in November of last year. This has fueled a prolific expansion of cryptofocussed businesses (e.g.