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    Family Office Insights Beware: Fraud Prevention in the Family Office
    2019-07-30

    The transition from a family business to a family office can be treacherous. In a family business, the family is still involved in the day-to-day operations of the business and is literally “watching the store.” In a family office, the day-to-day operation of the family business and other financial investments and endeavors of the family may be delegated to experts outside of the family. This should create an enhanced level of professionalism and provide institutional safeguards and protections for the family, but can backfire.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, White Collar Crime, Squire Patton Boggs, Private equity, Fraud, Board of directors
    Authors:
    Geoffrey G. Davis
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    English Court Provides Guidance on Director Liability for Dividends
    2019-08-05

    The High Court decision in Burnden Holdings clarifies the law on retrospective attacks on the declaration of dividends.

    SUMMARY

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Companies Act 2006 (UK)
    Authors:
    Sonya L. Van de Graaff , Edward Downer
    Location:
    United Kingdom
    Firm:
    Morrison & Foerster LLP
    Will director/shareholders always be liable to repay unlawful dividends?
    2019-08-09

    When can an insolvency practitioner pursue directors for declaring unlawful dividends?

    Does an insolvency practitioner need to demonstrate that the directors knew, or ought to have known, that the dividend was paid unlawfully, or is it a strict liability issue?

    Can director/shareholders rely on professionally prepared accounts to avoid liability?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Jon Chesman
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Corporate Law Update 16 August 2019
    2019-08-16

    In this week's update: directors implementing a management buy-out did not owe fiduciary duties to the other shareholders and a distribution was valid despite the relevant accounts not being in the usual format.

    Directors did not owe fiduciary duty to shareholders

    The High Court has held that the directors of a company did not owe a fiduciary duty to the company’s shareholders when implementing a management buy-out (MBO).

    What happened?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Macfarlanes LLP, Private equity, Public limited company, HM Revenue and Customs (UK)
    Authors:
    Robert Boyle , Dominic Sedghi
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    Corporate Law Update 23 August 2019
    2019-08-23

    In this week's update: a distribution was valid despite discrepancies in the accounts justifying the dividend and an examination of vexatious resolutions.

    Court considers whether demerger by dividend was valid (part 2)

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Macfarlanes LLP, Easement, Companies Act 2006 (UK)
    Authors:
    Robert Boyle , Dominic Sedghi
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    British Steel Liquidation: What does this mean for our clients?
    2019-07-17

    The press reported recently that British Steel Limited had been placed into compulsory liquidation putting 5,000 jobs at risk. The Official Receiver took control of the company as part of the liquidation process. We understand that British Steel Limited continues to trade normally, but the limited company was transferred to the Official Receiver because the company did not have sufficient funds to pay for an administration.

    A statement from the Official Receiver reported

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Boyes Turner LLP, Non-disclosure agreement
    Authors:
    Laura Magson
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    Who is to pay petition costs following settlement of petition debt?
    2019-06-25

    Reliance Wholesale Ltd v AM2PM Feltham Ltd [2019]

    In the recent case of Reliance Wholesale Ltd v AM2PM Feltham Ltd, the High Court provided some much needed guidance and clarification as to how the Court should approach the issues of costs

    when a petition debt is dismissed following a payment in full being made by the debtor company, even when such a payment is made ‘under protest’ with no admission of liability as to the petition debt.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Irwin Mitchell LLP
    Authors:
    Byron Massarella
    Location:
    United Kingdom
    Firm:
    Irwin Mitchell LLP
    Insolvency in the construction industry: hope for the best, prepare for the worst
    2019-06-25

    Insolvency is a common issue in the construction industry. While newspaper headlines frequently focus on the top ten to 15 large contractor insolvencies, this is not reflective of how insolvency impacts the industry as a whole.

    In all construction projects, there is a long tail of smaller contractors that are adversely impacted by an insolvency event that occurs further up the chain. As a result, when parts of the supply chain fall apart, the tremors can be felt by large sections of the industry.

    Filed under:
    United Kingdom, Company & Commercial, Construction, Insolvency & Restructuring, Osborne Clarke, Drones, General contractor
    Authors:
    Rob Horne , Will Gunston , Robert Adjetey
    Location:
    United Kingdom
    Firm:
    Osborne Clarke
    Can directors file an out of hours administration appointment?
    2019-05-10

    With the introduction of electronic filing which allows parties to file documents at court 24/7 we consider the recent case of Wright v HMV Ecommerce Limited (2019) in which the court was asked to confirm whether administrators were validly appointed following the directors filing a notice of appointment after the court office was closed.

    The Electronic Working Pilot Scheme (“EWP“) Practice Direction came into effect in 2015, initially in the London region. It now applies in all Business and Property Courts in England and Wales from 30 April 2019.

    Filed under:
    United Kingdom, England & Wales, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Susan Kelly
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Appointing Administrators - Don’t forget the basics
    2019-05-17

    As the insolvency profession in Scotland continues to get to grips with the new corporate insolvency rules, Re Sprout Land Holdings Ltd (in Administration) serves as a timely reminder not to forget the basics when dealing with the appointment of administrators by the directors of a company.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Brodies LLP, Companies Act 2006 (UK), Enterprise Act 2002 (UK)
    Authors:
    Louise Laing
    Location:
    United Kingdom
    Firm:
    Brodies LLP

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