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    Approaching insolvency-interests of creditors and duties to shareholders
    2016-08-22

    In a recent case, BTI 2014 LLC v Sequana SA & others, the High Court was asked to consider the circumstances in which the directors of a company are required to consider the interests of creditors and the extent to which the payment of a dividend by a company can be susceptible to challenge under section 423 of the Insolvency Act 1986 (IA 1986).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Cummings Law Ltd, Confidentiality, Shareholder, Private equity, Breach of contract, Dividends, Fiduciary, Audit, Board of directors, Limited liability company, Venture capital, Code of conduct, Solicitors Regulation Authority (UK), Insolvency Act 1986 (UK)
    Authors:
    Claire Cummings
    Location:
    United Kingdom
    Firm:
    Cummings Law Ltd
    English Law Schemes of Arrangement: Class Composition
    2016-08-24

    Focus on the AB InBev and SABMiller merger

    Filed under:
    United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Share (finance), Brexit, Shareholder, Board of directors, Consideration, Voting, Activist shareholder
    Authors:
    Stephen Phillips , Scott Morrison , Jack Mead
    Location:
    United Kingdom
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Dividends liable to challenge as transactions defrauding creditors?
    2016-08-25

    In the recent case of BTI 2014 LLC v Sequana SA & others [2016] EWHC 1686, the High Court has held for the first time that a dividend can be challenged as a transaction entered into at an undervalue within the meaning of section 423(1) of the Insolvency Act 1986 (the “IA”).

    The Facts

    The facts of the case are long and complex but for present purposes the pertinent facts are as follows.

    Arjo Wiggins Appleton Limited (now Windward Prospects Limited) (“AWA”) was a wholly owned subsidiary of Sequana SA (“SSA”).

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Shareholder, Debtor, Fraud, Dividends, Board of directors, Interest, Consideration, Debt, Good faith, Subsidiary, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Cathryn Williams , Jonathan Dunkley
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Education e-briefing - A consultation on Developing an Insolvency Regime for Further Education and Sixth Form Colleges
    2016-07-21

    Introduction

    The government has commenced a consultation exercise on its proposals to introduce procedures for further education and sixth-form colleges which become insolvent.

    The proposed regime would include a Special Administration Regime, aimed at protecting learners from disruption to their courses, helping the rehabilitation of a college where this is possible or providing an orderly wind-up procedure.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Public, Eversheds Sutherland (International) LLP, Board of directors, Education
    Authors:
    Diane Gilhooley , David O'Hara
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    Top tips for financiers: directors in a financial crisis
    2014-07-09

    The Restructuring, Insolvency and Bankruptcy Group considers the English law position.

    Wrongful Trading

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, Board of directors
    Authors:
    Nigel Barnett , Rachel Anthony , Neil Griffiths , Sonia Jordan
    Location:
    United Kingdom
    Firm:
    Dentons
    Corporate power behind the throne held to account as a shadow director
    2013-10-28

    Following insolvency, creditors and the (now insolvent) company can claim back losses from directors who breached their duties prior to the business breaking down. But it is not just formal directors – it is any individuals who actually control the company and have made themselves ‘shadow directors’ by doing so. In this way, creditors can recoup funds to meet the company’s debts from the individual directors who caused the loss of such funds.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Burges Salmon LLP, Fiduciary, Board of directors
    Authors:
    Charles Crowne
    Location:
    United Kingdom
    Firm:
    Burges Salmon LLP
    Corporate sponsors put on notice as Government confirms plans to strengthen the Pensions Regulator's powers
    2019-02-13

    On Monday, in its response to the consultation on protecting DB pension schemes and strengthening the Pensions Regulator, the Government confirmed its plans to:

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Herbert Smith Freehills LLP, Corporate governance, Board of directors, The Pensions Regulator (UK), City Code on Takeovers and Mergers
    Authors:
    Michael Aherne , Tim Smith
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Don’t be taken by surprise by insolvency proceedings - lessons from Patisserie Valerie
    2018-10-15

    It’s been reported that the board of directors of AIM-listed Patisserie Holdings plc, which owns the Patisserie Valerie chain of cafés, was not aware for almost a month that HMRC had filed a petition at the High Court of England and Wales to wind up its main trading subsidiary, Stonebeach Limited.

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Brodies LLP, Board of directors, Dispute resolution, Liquidation, HM Revenue and Customs (UK), Court of Session
    Authors:
    Fiona Chute
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Directors take note: personal risk for directors for breach of duty and regulations
    2018-05-11

    As if business leaders did not have enough to contend with in the current economic and geopolitical climate, the trend towards increased personal accountability for company directors is continuing and can be expected to increase further. How can directors protect themselves? As a start it is important for both executive and non-executive directors to understand the overarching principles involved and how they link together.

    The basic duties set out in the Companies Act 2006

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Penningtons Manches Cooper LLP, Bribery, Board of directors, Directors' duties, GDPR, Companies Act 2006 (UK), Environmental Protection Act 1990 (UK)
    Authors:
    Julie Bond
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Pointers from recent cases on wrongful trading and misfeasance
    2018-02-02

    There are two aspects of wrongful trading and misfeasance that are of interest (i) board directors (and those advising the board) must be aware of the duties that the directors are subject to in performing their role as directors and the liability that attaches to breach of those duties and (ii) companies may be affected by the wrongful trading/misfeasance of customers/suppliers which impacts on trading.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, White Collar Crime, Hill Dickinson, Board of directors, Liquidation, Liquidator (law), Directors' duties, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Richard Palmer
    Location:
    United Kingdom
    Firm:
    Hill Dickinson

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