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    UK Restructuring Plans: Relief for Landlords and a Word of Warning for Guarantors
    2022-10-06

    The UK High Court has ruled that the obligations of third-party guarantors are not affected by a part 26A restructuring plan being sanctioned in respect of the underlying obligations. This approach mirrors the way guarantees are dealt with in a part 26 scheme of arrangement.

    The case of Oceanfill Ltd. v Nuffield Health Wellbeing Ltd & Cannons Group Limited examined whether a restructuring plan under part 26A of the Companies Act 2006 (the “Act”) had the effect of releasing liability arising under a third-party guarantee.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Helena Clarke
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Trigger happy when directors’ duties are the target?
    2022-10-06

    BTI 2014 LLC v Sequana SA and Others [2022] UKSC 25

    In a judgment handed down yesterday the Supreme Court has affirmed that a so called “creditor duty” exists for directors such that in some circumstances company directors are required to act in accordance with, or to consider the interests of creditors. Those circumstances potentially arise hen a company is insolvent or where there is a “probability” of an insolvency. We explore below the “trigger” for such a test to apply and its implications.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Browne Jacobson LLP, Insolvency, UK Supreme Court
    Authors:
    Marlene Henderson
    Location:
    United Kingdom
    Firm:
    Browne Jacobson LLP
    Do directors owe any duty to creditors (and when does the duty arise)? Key takeaways from recent UK Supreme Court decision in BTI 2014 LLC v Sequana SA and others [2022] UKSC 2
    2022-10-06

    In this Article, José-Antonio Maurellet SC (a member of DVC and an Associate Member of 3 Verulam Buildings) and Michael Lok discuss the landmark decision just handed down by the Supreme Court of the United Kingdom in BTI 2014 LLC v Sequana SA and others 

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Board of directors, Insolvency, UK Supreme Court
    Authors:
    José-Antonio Maurellet SC , Michael Lok
    Location:
    Hong Kong, United Kingdom
    Firm:
    Des Voeux Chambers
    Home Thoughts, From Abroad - Restructuring Recognition (and Recognition of Restructuring)
    2022-10-06

    Where a company's liquidation is necessary, deciding who or where is best placed to administer an orderly wind down for the benefit of creditors can be difficult: the shortfall of assets in an insolvency will highlight jurisdictional differences in approach as to questions of priority, frequently territorial rather than universalist.

    Filed under:
    Hong Kong, USA, Insolvency & Restructuring, Litigation, Walkers, Cross-border insolvency, UNCITRAL, United States bankruptcy court
    Authors:
    Tom Pugh
    Location:
    Hong Kong, USA
    Firm:
    Walkers
    Supreme Court confirms creditor duty in BTI v Sequana
    2022-10-06

    The Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 (Supreme Court - BTI v Sequana) concerning the fiduciary duty of directors to act in good faith in the interests of the company.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Shoosmiths LLP, Insolvency, UK Supreme Court
    Authors:
    Stuart Nevin
    Location:
    United Kingdom
    Firm:
    Shoosmiths LLP
    BTI v Sequana - what the Supreme Court judgment means for directors' duties
    2022-10-06

    The long awaited Sequana Supreme Court judgment[1] has provided some welcome clarity around the duties of the directors of a company in the "twilight zone" – i.e. where the company is facing financial difficulties.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Travers Smith LLP, Insolvency
    Authors:
    Edward Smith , Kirsty Emery
    Location:
    United Kingdom
    Firm:
    Travers Smith LLP
    Directors must be cautious of the Supreme Court’s decision in BTI v Sequana
    2022-10-06

    A recent Supreme Court decision serves as a reminder for directors to take specialist legal advice at an early stage to avoid potential liability

    Managing a company’s business and making strategic and operational decisions is increasingly the subject of considerable internal and external pressures.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Weightmans LLP, Supply chain, Coronavirus, Insolvency
    Authors:
    Shevy Narendra
    Location:
    United Kingdom
    Firm:
    Weightmans LLP
    Debtors and dumping: lessons for Insolvency Practitioners and environmental litigators
    2022-10-06

    On 5 October 2022 a judgment was handed down by the Supreme Court in the case of BTI 2014 LLC v Sequana SA (Sequana) and others.This judgment relates to an insolvency dispute between BTI, the assignee of AWA’s claims, and Sequana. Principally, it concerns which entity should make the payment for an outstanding liability incurred by AWA, arising out of the National Cash Register Company’s (NCR) pollution of the Fox River in Wisconsin. Through a series of restructurings, AWA became liable to indemnify British American Tobacco (BAT) for these costs.

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Hausfeld LLP, Insolvency, US Environmental Protection Agency, Supreme Court of the United States, UK Supreme Court
    Authors:
    Sarah Moore
    Location:
    USA
    Firm:
    Hausfeld LLP
    Supreme Court holds that a creditor’s interest duty exists, what its content is and when it is engaged
    2022-10-06

    Summary

    The Supreme Court held that when directors know, or ought to know, that the company is insolvent or bordering on insolvency, or that an insolvent liquidation or administration is probable, they must consider the interests of creditors, balancing them against the interests of shareholders where they may conflict. The greater the company’s financial difficulties, the more the directors should prioritise the interests of creditors.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Insolvency
    Authors:
    Ken Baird , Katharina Crinson
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    Advising an Ad Hoc Committee
    2022-10-07

    Howard Morris and Sonya Van de Graaff, Morrison & Foerster LLP and Katten Muchin Rosenman LLP

    This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

    Scope of the chapter

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Global Restructuring Review, Ad hoc committee, Financial Conduct Authority (UK), Bank of England, Companies Act 2006 (UK)
    Location:
    United Kingdom
    Firm:
    Global Restructuring Review

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