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    Debtors & dumping: lessons for Insolvency Practitioners
    2022-10-10

    On 5 October 2022, judgment was handed down by the Supreme Court in the case of BTI 2014 LLC v Sequana SA (Sequana) and others. The judgment is significant to company directors, insolvency practitioners and litigators as it clarifies how directors should comply with their duties to creditors in the context of insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hausfeld LLP, Insolvency, UK Supreme Court
    Location:
    United Kingdom
    Firm:
    Hausfeld & Co LLP
    Directors' duties prior to insolvency
    2022-10-07

    The Supreme Court has handed down its long-awaited judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25.

    Basic facts

    Filed under:
    European Union, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP, Insolvency, UK Supreme Court
    Authors:
    Nick Axup , Ian Benjamin , Julian Cahn , Tim Crocker , Tal Goldsmith
    Location:
    European Union, United Kingdom
    Firm:
    Stephenson Harwood LLP
    BVI Directors’ Duties And Insolvency: The Impact of the Sequana Case
    2022-10-07

    On 5 October 2022 the UK Supreme Court (UKSC) handed down its “momentous” decision in BTI 2014 LLC v Sequana SA and others1. The case addresses issues of ‘‘considerable practical importance to the management of companies’’, in particular directors’ duties during insolvency or the onset of insolvency.

    Filed under:
    British Virgin Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Conyers, Insolvency, UK Supreme Court
    Authors:
    Matthew Brown , Marie Stewart , Anton Goldstein , Nicholas Kuria
    Location:
    British Virgin Islands
    Firm:
    Conyers
    Supreme Court Confirms Existence and Content of "Creditor Duty"
    2022-10-07

    On 4 and 5 May 2021, the Supreme Court heard an appeal in BTI 2104 LLC v Sequana SA and others [2022] UKSC 25 and this week it gave its judgment. The length of the time taken to issue the judgment reflects both the complexity of the issues involved and the importance of the questions raised for company law in the UK.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts, Insolvency, UK Supreme Court
    Authors:
    Richard McMeeken
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    A Comparison of an Ad Hoc Committee and an Official Committee Under Insolvency and Other Laws in England and the United States
    2022-10-07

    Kate Colman, Sarah Levin and Ryan Al-Hakim, Milbank LLP

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

    Introduction

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Global Restructuring Review, Insolvency, US Department of Justice, Bank of England
    Location:
    United Kingdom, USA
    Firm:
    Global Restructuring Review
    NCLAT: Claims arising from the grant of an exclusive right and license to use intellectual property rights constitute an ‘operational debt’ under the IBC
    2022-10-07

    In the recent decision of Somesh Choudhary v. Knight Riders Sports Private Limited & Ors., the National Company Law Appellate Tribunal (“NCLAT”), New Delhi has held that claims arising from the grant of an exclusive right and license to use intellectual property rights falls within the definition of “operational debt” under Section 5(21) of Insolvency and Bankruptcy Code, 2016 (“IBC”).

    Background Facts

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, JSA, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Dheeraj Nair , Vishrutyi Sahni
    Location:
    India
    Firm:
    JSA
    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

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