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Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
2022-10-11

The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency
Authors:
Scott Barker , Luke Sizer
Location:
United Kingdom
Firm:
Buddle Findlay
View Original Article
Sequana: Directors' Duties in a Distressed Landscape
2023-02-02

In Short

The Situation: Directors in England and Wales owe duties to the companies to which they are appointed (and may face personal liability for breaching such duties). Although the Companies Act 2006 obliges directors to maximise value for a company's shareholders, case law has suggested that directors should act in the interests of a company's creditors if a company becomes distressed.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, Insolvency
Authors:
David Harding , Ben Larkin
Location:
United Kingdom
Firm:
Jones Day
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
2022-10-11

The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

Filed under:
New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency, UK Supreme Court
Authors:
Scott Barker , Luke Sizer
Location:
New Zealand, United Kingdom
Firm:
Buddle Findlay
View Original Article
Sell-Side Directors May Be Liable for Breach of Fiduciary Duty Claims for Failing to Investigate Company's Post-Closing Solvency
2020-12-28

In In re Nine West LBO Securities Litigation (Case No. 20-2941) (S.D.N.Y. Dec. 4, 2020), a federal district court denied in part a motion to dismiss claims brought by the Nine West liquidating trustee against former directors (the "Defendants") of The Jones Group, Inc. (the "Company"), Nine West's predecessor, for, among other things, (i) breaches of their fiduciary duties of care and loyalty, and (ii) aiding and abetting breaches of fiduciary duties. The litigation arises from the 2014 LBO of the Company by a private equity sponsor ("Buyer").

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Private equity, Due diligence
Authors:
Dominick DeChiara , Bryan C. Goldstein , Carey D. Schreiber , Bradley C. Vaiana
Location:
USA
Firm:
Winston & Strawn LLP
View Original Article
Directors' Duties Under English Law — How to Lead in Difficult Times
2022-07-01

Elon Musk recently said he has a "super bad feeling" about the economy, pithily declaring what most financial commentators have been predicting in more technical terms.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Coronavirus, UK Supreme Court
Authors:
Sonya Van de Graaff , Prav Reddy
Location:
United Kingdom
Firm:
Katten Muchin Rosenman LLP
View Original Article
King & Wood Mallesons' submission on corporate insolvency in Australia
2022-12-01

Overview of this submission

Filed under:
Australia, Company & Commercial, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Mediation, Coronavirus, Insolvency, Corporations Act 2001 (Australia)
Location:
Australia
Firm:
King & Wood Mallesons
View Original Article
Sequana: Directors' Duties in a Distressed Landscape
2023-02-02

In Short

The Situation: Directors in England and Wales owe duties to the companies to which they are appointed (and may face personal liability for breaching such duties). Although the Companies Act 2006 obliges directors to maximise value for a company's shareholders, case law has suggested that directors should act in the interests of a company's creditors if a company becomes distressed.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, Insolvency
Authors:
David Harding , Ben Larkin
Location:
United Kingdom
Firm:
Jones Day
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
2022-10-11

The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

Filed under:
New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency, UK Supreme Court
Authors:
Scott Barker , Luke Sizer
Location:
New Zealand, United Kingdom
Firm:
Buddle Findlay
View Original Article

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