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    HSBC's acquisition of Silicon Valley Bank UK
    2023-03-15

    After a turbulent weekend, the news on Monday morning that HSBC had acquired Silicon Valley Bank UK (SVB UK) caused the UK tech community to breathe a huge sigh of relief.

    It was also a very different outcome to the one that seemed destined on Friday when the Bank of England announced it intended to put SVB UK into a bank insolvency procedure.

    Filed under:
    United Kingdom, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, HSBC, Bank of England, Silicon Valley Bank
    Authors:
    Gabriel Estevez , Angus Miln
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
    2022-10-11

    The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

    Filed under:
    New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency, UK Supreme Court
    Authors:
    Scott Barker , Luke Sizer
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
    2022-10-11

    The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency
    Authors:
    Scott Barker , Luke Sizer
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    Unique Issues Faced by Non-Profits in Bankruptcy
    2023-04-25

    Non-profits are just like for-profit companies in that they can be faced with significant financial challenges for which bankruptcy provides an opportunity for restructuring or liquidation for the benefit of their creditors and other stakeholders. Many times, particularly in the areas of healthcare and religious institutions, non-profit bankruptcies raise complex and novel insolvency issues. This blog post discusses four of the unique aspects of non-profit bankruptcies.

    1. Non-profits are not subject to involuntary bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Insolvency
    Authors:
    Jody A. Bedenbaugh
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    King & Wood Mallesons' submission on corporate insolvency in Australia
    2022-12-01

    Overview of this submission

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Mediation, Coronavirus, Insolvency, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    The UK's latest company insolvency statistics: macro-economic headwinds continue to bite
    2022-10-28

    As expected, the UK's latest quarterly company insolvency statistics, published on 28 October, follow the pattern of previous quarterly updates this year with the number of insolvencies continuing to rise in comparison with both the equivalent quarter in 2021, and pre-pandemic.

    With the temporary insolvency measures implemented under the Corporate Insolvency and Governance Act no longer in force, the Q3 2022 data shows a significant increase in insolvencies from Q3 2021, with the overall number of registered company insolvencies 40 per cent higher.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Supply chain, Insolvency
    Authors:
    Ken Baird , Kevin Connolly
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    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
    Sequana: Directors' Duties in a Distressed Landscape
    2023-02-02

    In Short

    The Situation: Directors in England and Wales owe duties to the companies to which they are appointed (and may face personal liability for breaching such duties). Although the Companies Act 2006 obliges directors to maximise value for a company's shareholders, case law has suggested that directors should act in the interests of a company's creditors if a company becomes distressed.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, Insolvency
    Authors:
    David Harding , Ben Larkin
    Location:
    United Kingdom
    Firm:
    Jones Day
    German Federal Court clarifies an administrator's right of realisation in an insolvency
    2023-04-05

    The German Federal Court (BGH) has confirmed that section 166 of the German Insolvency Code (InsO) does not provide the administrator with a right to use or realise secured assets for the benefit of the insolvency estate other than movable assets or claims assigned by way of security.

    Background

    Under section 166 InsO an insolvency administrator may realise a movable asset in which a right to separate satisfaction exists if it is in the administrator's possession. The same applies to claims assigned by way of security.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Dr. Josepha Biebl
    Location:
    Germany
    Firm:
    Taylor Wessing
    German D&O insurers avoid coverage of directors' liabilities in insolvencies
    2023-03-16

    Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

    Filed under:
    Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
    Authors:
    Leopold Bauer
    Location:
    Germany
    Firm:
    Taylor Wessing

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