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What does today's Sequana decision mean for directors?
2022-10-05

Background

On 5 October 2022, the Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 concerning the trigger point at which directors must have regard to the interests of creditors pursuant to s.172(3) of the Companies Act 2006 (the "creditors' interests duty").

Filed under:
European Union, United Kingdom, Insolvency & Restructuring, Litigation, Public, Dentons, Brexit, Supply chain, Coronavirus, Insolvency, UK Supreme Court
Authors:
Tessa Blank , Neil Griffiths , Luci Mitchell-Fry , Ian Fox , Celia Hayward , Richard Pallot-Cook
Location:
European Union, United Kingdom
Firm:
Dentons
View Original Article
English court considers directors' "creditor duty" in context of failed tax avoidance scheme
2023-09-06

In Hunt v Singh, the Court referred to the Supreme Court's landmark decision in BTI v Sequana (see our alert) in deciding when the directors' duty to creditors arose.

Background

Marylebone Warwick Balfour Management Limited (the Company), entered a tax avoidance scheme between 2002 and 2010 which the directors, on professional advice, believed to be valid.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Tax avoidance, Insolvency
Authors:
Louise Jennings , Isabelle Moisy
Location:
United Kingdom
Firm:
Taylor Wessing
View Original Article
Requirement to substantiate German debtor's illiquidity remains high
2023-09-06

Where a creditor believes that a debtor is insolvent, any “third-party application” that it makes for the insolvency of the debtor must be well substantiated.

Decision

The District Court of Hamburg recently considered an application for insolvency on grounds of illiquidity due to default in social security contributions.

A landmark decision of the German Federal Court (13 June 2006 – IX ZB 238/05) held that the illiquidity of a company could be assumed where it was in default for more than six months of social security contributions.

Filed under:
Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
Authors:
Dr. Rembert T. Graf Kerssenbrock
Location:
Germany
Firm:
Taylor Wessing
View Original Article
What does today's Sequana decision mean for directors?
2022-10-05

Background

On 5 October 2022, the Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 concerning the trigger point at which directors must have regard to the interests of creditors pursuant to s.172(3) of the Companies Act 2006 (the "creditors' interests duty").

Filed under:
European Union, United Kingdom, Insolvency & Restructuring, Litigation, Public, Dentons, Brexit, Supply chain, Coronavirus, Insolvency, UK Supreme Court
Authors:
Tessa Blank , Neil Griffiths , Luci Mitchell-Fry , Ian Fox , Celia Hayward , Richard Pallot-Cook
Location:
European Union, United Kingdom
Firm:
Dentons
View Original Article
English court considers directors' "creditor duty" in context of failed tax avoidance scheme
2023-09-06

In Hunt v Singh, the Court referred to the Supreme Court's landmark decision in BTI v Sequana (see our alert) in deciding when the directors' duty to creditors arose.

Background

Marylebone Warwick Balfour Management Limited (the Company), entered a tax avoidance scheme between 2002 and 2010 which the directors, on professional advice, believed to be valid.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Tax avoidance, Insolvency
Authors:
Louise Jennings , Isabelle Moisy
Location:
United Kingdom
Firm:
Taylor Wessing
View Original Article
Requirement to substantiate German debtor's illiquidity remains high
2023-09-06

Where a creditor believes that a debtor is insolvent, any “third-party application” that it makes for the insolvency of the debtor must be well substantiated.

Decision

The District Court of Hamburg recently considered an application for insolvency on grounds of illiquidity due to default in social security contributions.

A landmark decision of the German Federal Court (13 June 2006 – IX ZB 238/05) held that the illiquidity of a company could be assumed where it was in default for more than six months of social security contributions.

Filed under:
Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
Authors:
Dr. Rembert T. Graf Kerssenbrock
Location:
Germany
Firm:
Taylor Wessing
View Original Article
Parliament signals a comprehensive review of corporate insolvency law in Australia
2023-09-20

Insolvency practitioners and other potentially affected stakeholders, such as company directors and corporate trustees, should watch this space carefully to keep abreast of any changes to their obligations.

Filed under:
Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Insolvency, Australian Securities and Investments Commission
Location:
Australia
Firm:
Clayton Utz
View Original Article
What does today's Sequana decision mean for directors?
2022-10-05

Background

On 5 October 2022, the Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 concerning the trigger point at which directors must have regard to the interests of creditors pursuant to s.172(3) of the Companies Act 2006 (the "creditors' interests duty").

Filed under:
European Union, United Kingdom, Insolvency & Restructuring, Litigation, Public, Dentons, Brexit, Supply chain, Coronavirus, Insolvency, UK Supreme Court
Authors:
Tessa Blank , Neil Griffiths , Luci Mitchell-Fry , Ian Fox , Celia Hayward , Richard Pallot-Cook
Location:
European Union, United Kingdom
Firm:
Dentons
View Original Article
English court considers directors' "creditor duty" in context of failed tax avoidance scheme
2023-09-06

In Hunt v Singh, the Court referred to the Supreme Court's landmark decision in BTI v Sequana (see our alert) in deciding when the directors' duty to creditors arose.

Background

Marylebone Warwick Balfour Management Limited (the Company), entered a tax avoidance scheme between 2002 and 2010 which the directors, on professional advice, believed to be valid.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Tax avoidance, Insolvency
Authors:
Louise Jennings , Isabelle Moisy
Location:
United Kingdom
Firm:
Taylor Wessing
View Original Article
Requirement to substantiate German debtor's illiquidity remains high
2023-09-06

Where a creditor believes that a debtor is insolvent, any “third-party application” that it makes for the insolvency of the debtor must be well substantiated.

Decision

The District Court of Hamburg recently considered an application for insolvency on grounds of illiquidity due to default in social security contributions.

A landmark decision of the German Federal Court (13 June 2006 – IX ZB 238/05) held that the illiquidity of a company could be assumed where it was in default for more than six months of social security contributions.

Filed under:
Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
Authors:
Dr. Rembert T. Graf Kerssenbrock
Location:
Germany
Firm:
Taylor Wessing
View Original Article

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