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    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    (UK) Avanti: The Evolution of a Spectrum - from Fixed to Floating Charge, who Needs Control?
    2023-05-11

    In a decision likely to be welcomed by both debtors and lenders, the High Court has held that a charge granted by Avanti Communications Limited (“Avanti”) was properly characterised as a fixed charge (rather than a floating charge) notwithstanding that the chargor retained an element of control over the charged assets. A key plank of the decision was that the relevant assets were not ‘fluctuating assets’ or ‘stock in trade’ that the chargor might be expected to dispose of in the ordinary course of its business.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, HM Revenue and Customs (UK), House of Lords, Office of Communications (UK)
    Authors:
    Helena Clarke
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    Fixed or floating? The English High Court considers the nature of security granted by Avanti
    2023-05-10

    The administrators of Avanti Communications Limited (the “Company”) sought directions from the High Court as to whether purported fixed charges in favour of the secured lenders to the satellite operating business should be recharacterised as floating charges (In the matter of Avanti Communications Limited (In administration) [2023] EWHC 940 (Ch)).

    Summary of decision

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Hogan Lovells, HM Revenue and Customs (UK)
    Authors:
    Charlotte Lamb , Margaret Kemp , Susan Whitehead
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Pre-Pack Regulation: Two Years On
    2023-05-10

    It is now two years since the 30 April 2021 introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the "Regulations") and a good time to look back at whether the Regulations have achieved their purpose, what issues remain and what the next two years might look like.

    Summary

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Katten Muchin Rosenman LLP, HM Revenue and Customs (UK)
    Authors:
    Sonya Van de Graaff , Prav Reddy , Mark Johnson , Dominique Hodgson , Dodie James
    Location:
    United Kingdom
    Firm:
    Katten Muchin Rosenman LLP
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    If a Business Is Facing Distress, What Options Are There?
    2023-05-04

    There are a number of options and avenues that a company can explore when faced with business stress or distress. Depending on the circumstances, a combination of these could be appropriate to help mitigate or avoid a business failing.

    This guide provides an overview of potential options and should be considered alongside specific advice from the company's advisors.

    Informal Options

    Even when informal options are being considered, directors should engage with their advisors and stakeholders to ensure that their decisions take into account their directors' duties.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Private equity, Supply chain, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC

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