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    Supreme Court Judgment clarifies when director’s duties to creditors will be triggered
    2022-10-10

    In a landmark judgment for company directors, the Supreme Court has clarified the scope of the so-called “Creditor Duty” and when this duty will be triggered, in the case of BTI 2014 LLC -v- Sequana SA and others.

    This is particularly important in the current climate of financial instability and provides a ‘guiding light’ for directors on how to minimise the risk of personal claims against them where their company is, or may be, at risk of insolvency.

    What is the “Creditor Duty”?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Freeths, UK Supreme Court
    Authors:
    Louise Wilson , Josh Middleton
    Location:
    United Kingdom
    Firm:
    Freeths
    Liquidators Welcome Supreme Court Bresco Decision
    2020-08-18

    On 17 June 2020, the much anticipated Judgment in the Supreme Court case of Bresco Electrical Services Ltd v Michael J Lonsdale (Electrical) Ltd [2020] was handed down.

    This article analyses the key outcomes of the decision, however, in order to contextualise the Judgment we first provide an overview of the relevant background.

    The Technology & Construction Court

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Freeths
    Authors:
    Michael Miller
    Location:
    United Kingdom
    Firm:
    Freeths
    Liquidation and Enforcement of an Adjudicator’s Decision
    2019-10-31

    Written by the construction team at Freeths LLP

    Filed under:
    United Kingdom, Arbitration & ADR, Construction, Insolvency & Restructuring, Litigation, Freeths
    Authors:
    Nicola Heslop
    Location:
    United Kingdom
    Firm:
    Freeths
    What Are Excessive Pension Contributions?
    2016-08-31

    Section 342A and the further associated provisions within the Insolvency Act 1986 (“the Act”) provide a Trustee in Bankruptcy with the power to apply to seek to recover pension contributions made whether by the bankrupt himself on his own behalf or by another on his behalf.

    Before the Court can grant relief it has to be sure that the rights under the pension scheme are the fruits of the complained of contributions and further that the contributions have unfairly prejudiced the individual’s creditors (Section 342A (2)(a) and(b).

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Tax, Freeths, HM Revenue and Customs (UK), Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Freeths
    Accessing pension schemes: new case may open door for financial remedy settlements
    2016-10-17

    A recent case in the insolvency courts has seen the court considering the possibility of forcing a bankrupt pension holder to draw down funds to be used by their trustee in bankruptcy.

    Time will tell whether this type of order will filter into financial settlements on divorce. There are already a number of options for dealing with pensions on divorce that I consider with my clients, particularly when creating bespoke and creative solutions for them. The ability to force someone to draw on their pension would have to be seen as a last resort but would be a tool worth having.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Family, Insolvency & Restructuring, Litigation, Freeths
    Authors:
    Gemma Nicholls-Webber
    Location:
    United Kingdom
    Firm:
    Freeths
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