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    Directors' duties in a formal insolvency context
    2020-02-12

    Introduction

    The decision of ICC Judge Barber in the case of Stephen Hunt & System Building Services Group Limited -v- Brian Michie & System Building Services Group Limited [2020] EWHC 54 (Ch) was recently handed down and it is an interesting decision about directors’ duties post the appointment of an administrator or liquidator.

    Facts

    The facts are quite involved and matter specific, and gave rise to a number of issues, but for present purposes the key issues are as follows.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Cartel litigation: Important ruling that limitation can begin to accrue in advance of a regulator making an infringement decision
    2020-02-03

    On 25 February 2020, the High Court handed down an important ruling: Granville Technology Group Limited (In Liquidation) and Others v Elpida Memory (Europe) Gmbh and Others [2020] EWHC 415 (Comm). This is the first ruling by an English Court on how the Limitation Act 1980 should be applied to secret cartel claims.

    Filed under:
    United Kingdom, USA, Company & Commercial, Competition & Antitrust, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, European Commission, US Department of Justice, HSBC
    Location:
    United Kingdom, USA
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    When do directors’ duties at law switch to being owed to the company’s creditors?
    2019-02-18

    A real, as opposed to remote, risk of insolvency is not necessarily enough for the duties of a board of directors to switch from being owed to its shareholders to being owed to its creditors.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Insolvency Act 1986 (UK)
    Authors:
    Martin Brown
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Company voluntary arrangements: not just a "one trick pony"
    2018-01-10

    On 12 December 2017, creditors in the long running special administration of failed stockbroking firm, MF Global UK Limited (“MF Global”), approved a company voluntary arrangement (“CVA”). This case demonstrates the flexibility of the CVA procedure and the role it can play in complex financial services cases.

    What is a CVA?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Helen Coverdale , Glen Flannery , Rita Lowe
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    "Vulture Funds" are "financial institutions"
    2017-12-05

    To a layperson this may came as a surprise. But, to those familiar with the secondary loan market, it is confirmation of existing law.

    A “vulture fund”– including a newly incorporated company with a share capital of only £1 that has not traded and has been established for the purpose of acquiring a defaulted loan with a view to realising more by enforcing than had been expended on acquiring the debt can be a “financial institution” for the purposes of the transfer provisions of a loan agreement.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Martin Brown , William Sugden
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Hurricane Energy - Court declines to sanction Restructuring Plan
    2021-06-30

    Mr Justice Zacaroli has handed down his judgment in Hurricane Energy plc [2021] EWHC 1759 (Ch).

    Summary

    • The Court declined to approve the cross-class cram down of Hurricane’s shareholders as part of the Part 26A restructuring plan because the available evidence did not demonstrate that the shareholders were “no worse off” as a result of the restructuring plan. On that basis the restructuring plan failed.

    Filed under:
    United Kingdom, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Important amendments to the Bulgarian Commerce Act
    2017-01-06

    We saw important amendments to the Bulgarian Commerce Act (the “Act”) come to life at the very end of 2016, most notably regarding:

    Notary certifications – currently in effect

    Filed under:
    Bulgaria, Company & Commercial, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    Bulgaria
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Virgin activate restructuring plan
    2021-05-14

    Summary

    The much anticipated judgement of Mr Justice Snowden in relation to a restructuring plan proposal (the “Plans”) made by Virgin Active Holdings Limited, Virgin Active Limited and Virgin Active Health Clubs Limited (the “Plan Companies”) was handed down on 12 May 2021.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Emma Pinkerton , Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Claims against directors: illegality defence and attribution of directors' knowledge to company
    2015-04-24

    The Supreme Court has held that, where a company had been the victim of wrong-doing by its directors, the directors’ wrong-doing could not be attributed to the company to prevent it (or its liquidators) from bringing claims against the directors. 

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Shareholder, SCOTUS
    Authors:
    Simon Garrett , Chris Bradshaw , Graeme MacLeod , Maxine Cupitt
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Re China Agrotech Holdings Limited
    2018-02-19

    The Grand Court of the Cayman Islands granted common law recognition and assistance to the foreign Liquidators of a Cayman Islands company post Rubin v Eurofinance and Singularis Holdings Limited v PwC.

    In Re China Agrotech Holdings Limited Ltd (FSD 157 of 2017 (NSJ)), the Grand Court of the Cayman Islands ("Cayman Court") granted Liquidators appointed by the High Court of Hong Kong leave to present and consent to a scheme of arrangement on behalf of China Agrotech Limited (the "Company") based on a common law discretion.

    Filed under:
    Hong Kong, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Ashfords LLP, Hong Kong Stock Exchange
    Authors:
    Kyla Payne , Alan Bennett
    Location:
    Hong Kong, United Kingdom
    Firm:
    Ashfords LLP

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