事業再生・債権管理Newsletter 2022年10月号 6 本ニュースレターの発行元は弁護士法人大江橋法律事務所です。弁護士法人大江橋法律事務所は、1981年に設立された日本の総合法律事務所です。東京、大阪、名古屋、海外は上海にオフィスを構えており、主に企業法務 を中心とした法的サービスを提供しております。本ニュースレターの内容は、一般的な情報提供に止まるものであり、個別具体的なケースに関する法的アドバイスを想定したものではありません。本ニュースレターの内容につきま しては、一切の責任を負わないものとさせて頂きます。法律・裁判例に関する情報及びその対応等については本ニュースレターのみに依拠されるべきでなく、必要に応じて別途弁護士のアドバイスをお受け頂ければと存じます。 他の連帯債務者との関係で債務が消滅した場合における、 既になされた弁済の「法律上の原因」の有無 ～大阪地裁令和３年９月１６日判決にみる弁済後の不当利得返還請求の可否～ 第１ はじめに 「法律上の原因」がない経済的利益の移転が生じた場合、 当該経済的利益の移転によって損失を被った者から、利益を 受けた者に対して、不当利得返還請求がなされることがありま す（民法７０３条）。
The recent decision of the UK Supreme Court in BTI 2014 LLC v Sequana SAV & Ors [2022] UKSC 25 has considered the nature of the so-called “creditor duty” and whether directors are required to take into account the interests of creditors when the company is “insolvent, bordering on insolvency, or that an insolvent liquidation or administration is probable.”
The Sequana decision also provides guidance about when the so-called “creditor duty” is engaged.
Background
Company insolvencies in England and Wales are at their highest quarterly level since 2009, according to a report released by the Office for National Statistics (ONS) last week.
The recent High Court decision in Re Nostrum Oil & Gas plc [2022] EWHC 2249 (Ch) considers a scheme of arrangement where creditors are the target of Russian sanctions.
Background
On 5 October 2022, the Supreme Court delivered its long awaited judgment in BTI 2014 LLC V Sequana SA [2022] UKSC 25 dismissing an appeal by BTI. Lord Reed and Lady Arden each gave their own judgments which concurred, largely applying the same reasoning, with the judgment of Lord Briggs with whom Lord Kitchen and Lord Hodge agreed.
Chapter 11 Subchapter V cases are a relatively new animal in the bankruptcy world. Subchapter V was added to Chapter 11 of the Bankruptcy Code in February 2020 to provide an efficient and cost-effective alternative process for small businesses wishing to organize under Chapter 11.
Unlike regular Chapter 11 business reorganizations, Subchapter V provides for the appointment of a trustee. However, Subchapter V provides little detail about the role of these trustees. This article discusses how one court dealt with this ambiguity.
Background
In brief
In Japan, any out-of-court workout requires the unanimous consent of all creditors to a restructuring plan. On 4 October 2022, the Japanese government announced that it is considering introducing new out-of-court workout rules. Under the proposed new rules, a restructuring plan will be binding if a majority vote of creditors and confirmation of the court is obtained. Such a majority rule is a common feature amongst schemes of arrangement in many other countries.
In more detail
Since 2021, soaring wholesale energy costs have caused concern for businesses already battling a difficult economic climate with wider inflationary pressures, such as higher interest rates.
The government's mini-budget on 23 September 2022 cancelled the planned increase in the corporate tax rate (the proposed increase from 19% to 25%). This will assist those companies which are profit-making, but without support to reduce the cost base, this provides limited relief to others.
The Supreme Court has unanimously dismissed the appeal of the decision in BTI –v- Sequana.
At a time when many companies are facing financial difficulties and directors are considering their legal duties, this long-awaited judgment has confirmed that directors have a 'creditor interest duty' when a company is insolvent or bordering on insolvency or an insolvent liquidation or administration is probable.
Background
The Supreme Court’s decision in BTI v Sequana & Others represents the most significant ruling on the duties of directors of distressed companies of the past 30 years. It is the first occasion on which the Supreme Court has addressed whether company directors owe a duty to consider or act in accordance with the interests of the company’s creditors when the company becomes insolvent, or when it approaches, insolvency (the creditor duty). The judgment is lengthy, but can be boiled down to the following key points.