In an important decision for U.S. companies with UK subsidiaries, the UK Supreme Court recently handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A., the first case in which the UK's highest court considered the duties of directors of UK companies to company creditors.
The Ruling
Summary
En raison de la hausse du commerce mondial, la question du recouvrement international des créances ne peut être évitée.
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.
Special Purpose Acquisition Companies (SPACs) and the Outlook in India
In an earlier post we discussed the bankruptcy filing of Compute North Holdings, Inc., a bitcoin miner felled by high electricity costs and falling cryptocurrency prices (see here). It may be followed shortly by another miner, Core Scientific, Inc., which announced on October 26, 2022 that it has similarly been severely impacted by rising electricity costs and the price of bitcoin.
Jersey law ruling will have far reaching ramifications for trust administration in common law jurisdictions
A new decision out of the New York state court has added to the recent trend of courts refusing to dismiss legal challenges to priming transactions.
The “connections” of the chairman (“W”) of the debtor’s investment bank (“S”) to his family’s foundations do “not give rise to an actual, active conflict of any kind,” held a bankruptcy judge in the Southern District of New York on Oct. 17, 2022. In re SAS A.B., 2022 WL 10189110, *3 (Bankr. S.D.N.Y. Oct. 17, 2022). According to the court, it “is only through strained speculation [by the U.S. Trustee] that a potential issue can even be posited.” Accord, In re Harold & Williams Dev. Co., 977 F.2d 906 (4th Cir.
The Reserve Bank of India (“RBI”) has amended the regulatory framework (“Framework”) for asset reconstruction companies (“ARCs”) on October 11, 2022. Since inception, ARCs have grown in number and size, however their potential for resolving stressed assets is yet to be realised. Accordingly, based on the recommendation of a committee, RBI has reviewed the existing regulatory regime applicable to ARCs and put forth the Framework.