We are pleased to share our latest instalment of ML Covered, our monthly round-up of key events relevant to those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Insolvency Service publishes its 2024/25 enforcement actions against directors
The Insolvency Service has published its enforcement outcomes for 2024-25, detailing the enforcement actions taken against directors. The information is not for the entire year but covers the period between April 2024 to December 2024.
Key developments in 2024
2024 has seen one of the most significant insolvency cases in recent years. In June, Justice Leech handed down his judgment on the claim brought by the liquidators of BHS against certain of its former directors for wrongful trading and misfeasance. This judgment is likely to have important consequences for the D&O market.
It was particularly noteworthy as it was the first time that the directors of a company had been found guilty of the novel claim of 'misfeasant trading'.
Manolete Partners Plc, an insolvency litigation finance company, has successfully claimed against the former director of Just Recruit Group Ltd (Just Recruit) and awarded £918,590. The Insolvency and Companies Court of the High Court found that the director of Just Recruit, Norman Freed, had breached his directorial duties to the company during the business's financial collapse.
Background
Welcome to the second edition of ML Covered, our new monthly round-up of key events that are relevant for those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Latest insolvencies figures & quantifying "trading misfeasance" claims
On 19 August 2024, the High Court handed down its quantum decision in Wright v Chappell [2024] EWHC 2166 (Ch), which for the first time sets out the method for quantifying loss relating to "trading misfeasance" claims.
Introduction
From July 21, the reform of rules on prospectuses, intended to establish a common rulebook across the EU to encourage financing through capital markets, will directly apply in Spain.
The perspective of a ahot summer arriving is an excellent opportunity to take a look at the most relevant events that occured on the second quarter of 2019.
On an international level, and in contrast with the previous quarters, few events are worth mentioning.
This website uses its own cookies and those of third parties to analyze the use of this site to improve its contents and your user experience. If you continue to browse, we understand you accept their use. You can change your configuration or obtain further information here.
This website uses its own cookies and those of third parties to analyze the use of this site to improve its contents and your user experience. If you continue to browse, we understand you accept their use. You can change your configuration or obtain further information here.
CHANGES TO THE INSOLVENCY AND RESTRUCTURING COMPANIES CODE
The changes to the Insolvency and Restructuring Companies Code, as established in Decree-Law No. 79/2017 of June 30, entered into force on July 1 2017.
Noteworthy changes
A. Special revitalization proceeding (Processo Especial de Revitalizao "PER")
1. This proceeding is now only available to companies.
2. Requirements for this proceeding were revised.
a. For every company: