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    High Court gives guidance on the so-called creditor duty where a company faces solvency-threatening claim
    2023-09-04

    In a recent case, the High Court has had one of its first opportunities to consider BTI v Sequana [2022] UKSC 25 (see our previous update here), in which the Supreme Court gave important guidance on the existence and scope of the duty of company directors to have regard to the interests of creditors (the so-called “creditor duty”, which arises in an insolvency scenario).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Herbert Smith Freehills LLP, Employee Retirement Income Security Act 1974 (USA), HM Revenue and Customs (UK), Supreme Court of the United States, International Criminal Court
    Authors:
    Andrew Cooke , Richard Mendoza
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Trustee Quarterly Update - September 2023
    2023-09-01

    In this Update we take a look at key legal developments for trustees of occupational pension schemes over the past quarter. These include some important cases such as the decision in Virgin Media Limited v NTL Pension Trustees II Limited regarding the consequences of failing to obtain a section 37 certificate, and the decision in British Broadcasting Corporation v BBC Pension Trust Limited regarding whether a reference to members' "interests" in a scheme amendment power included the right to continue to accrue future service benefits.

    Filed under:
    United Kingdom, Compliance Management, Employee Benefits & Pensions, Environment & Climate Change, Insolvency & Restructuring, Litigation, Tax, Addleshaw Goddard LLP, Climate change, HM Revenue and Customs (UK), The Pensions Regulator (UK), BBC, Pensions Ombudsman
    Authors:
    Rachel Uttley , Jade Murray , Catherine McAllister
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    Bounce Back Loan Schemes, Time to Pay arrangements, and redundancy payment claims: the impact on SMEs
    2023-08-22

    The increasing rates of insolvencies in Small and Medium Enterprises (SMEs) following the COVID-19 pandemic is continuing at a high rate, and England and Wales have seen the highest rates of insolvencies since 2009. Compared with the second quarter of 2022, the total of registered company insolvencies has increased by 13%. Compared with the first quarter of 2023, the rate of insolvencies has increased by 9%.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Keystone Law, Coronavirus, Insolvency, HM Revenue and Customs (UK), Insolvency Service (UK)
    Authors:
    Aman Sehgal
    Location:
    United Kingdom
    Firm:
    Keystone Law
    HMRC ordered to bear the costs of an ill-founded bankruptcy (Re Adjei)
    2023-08-18

    Dispute Resolution analysis: In a case where a bankruptcy was annulled on the basis that the alleged tax liability was ill-founded and misconceived, HMRC has been ordered to bear the OR’s and the trustees’ costs of the bankruptcy.

    Re Adjei [2023] EWHC 1553 (Ch)

    What are the practical implications of this case?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Gatehouse Chambers, HM Revenue and Customs (UK), Insolvency Act 1986 (UK)
    Authors:
    Phillip Patterson
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers
    Directors' duties post Sequana - a differentiating factor?
    2023-08-11

    As expected, the scope of directors' duties whilst a company is in financial difficulties has been the source of further consideration by the Court. The recent case of Hunt v Singh [2023] EWHC 1784 raised the question as to whether, following the Supreme Court decision in BTI 2014 LLC v Sequana SA, a director's duty to take into account the interests of creditors arises where the company is at the relevant time insolvent if a disputed liability comes to fruition.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Reynolds Porter Chamberlain, HM Revenue and Customs (UK), Supreme Court of the United States
    Authors:
    Matthew Watson
    Location:
    United Kingdom
    Firm:
    Reynolds Porter Chamberlain
    English court crams down UK tax authority and sanctions Prezzo's restructuring plan
    2023-08-01

    On 5 July 2023 the Court sanctioned Prezzo Investco Ltd's (Prezzo) restructuring plan despite strong opposition by UK tax authority, HMRC.

    HMRC has taken a more active approach to opposing restructuring plans and was successful in blocking the plans recently proposed by GAS and Nasmyth (see our alert).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, HM Revenue and Customs (UK)
    Authors:
    Louise Jennings , Isabelle Moisy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Directors were obliged to consider creditors once tax mitigation scheme was challenged
    2023-07-26

    The High Court has considered the point at which the directors’ duty to consider the interests of creditors arose in the context of a tax mitigation scheme that ultimately failed

    The judge found that the duty to consider creditors’ interests had arisen once the directors had become aware that there was a real risk that the scheme would fail and that the company would therefore be unable to pay its debts.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Macfarlanes LLP, HM Revenue and Customs (UK), Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Dominic Sedghi , Jatinder Bains , Paul Keddie
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    HMRC proves clear willingness to fight for preferential ranking
    2023-07-26

    Matthew Czyzyk, Natalie Blanc and Toby Morris, Ropes & Gray

    This is an extract from the 2023 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

    This is an Insight article, written by a selected partner as part of GRR's co-published content. Read more on Insight

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Global Restructuring Review, Insolvency, HM Revenue and Customs (UK), Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Location:
    United Kingdom
    Firm:
    Global Restructuring Review
    What do recent company crises tell us about the state of the economy?
    2023-07-27

    A combination of continued high prices and rising interest rates has heaped pressure on already struggling businesses through the summer of 2023. The challenging circumstances have lead to an overall rise in creditors’ voluntary liquidations (CVLs) compared to both earlier months and the previous year, though the picture borne out by the statistics is more complicated than might be expected.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stewarts, Insolvency, HM Revenue and Customs (UK), Bank of England, Insolvency Service (UK)
    Authors:
    Alex Jay , Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts
    High Court uses its cross-class cram down power to sanction Fitness First Restructuring Plan
    2023-07-24

    On 29 June 2023, Mr Justice Michael Green in the High Court sanctioned a Part 26A restructuring plan proposed by First Clubs Limited (Fitness First), a wholly owned subsidiary of Maddox Holdings Limited, notwithstanding challenges from certain opposing creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Trade & Customs, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)
    Authors:
    Katharina Crinson , Ken Baird
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer

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