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    UK: Supreme Court confirms existence of directors' "creditor duty"
    2022-10-07

    In brief

    The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company's creditors.

    Contents

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Baker McKenzie, Insolvency, UK Supreme Court
    Authors:
    Priyanka Usmani , Matthieu Hucker
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    Directors’ Duties under the Supreme Court’s Spotlight
    2022-10-07

    The Supreme Court has been given its first opportunity to “address the existence, scope and engagement of an alleged duty of company directors to consider, or to act in accordance with, the interests of the company’s creditors when the company becomes insolvent, or when it approaches, or is at real risk of, insolvency”. The corporate restructuring and insolvency community has been waiting for this “momentous” judgment with anticipation for the last 17 months.

    The facts of the case:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Burges Salmon LLP, Insolvency
    Authors:
    Emily Scaife
    Location:
    United Kingdom
    Firm:
    Burges Salmon LLP
    IBBI prescribes fee structure for insolvency professionals
    2022-10-09

    Under the Insolvency and Bankruptcy Code, 2016 (Code), the resolution professional or the interim resolution professional (collectively referred as RP) is vested with the responsibility of running the business of the corporate debtor as a going concern and conducting the corporate insolvency resolution process (CIRP). The RP must also ensure that CIRP is conducted in a time-bound manner and the value of the assets of the corporate debtor is maximised during the process.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, Insolvency and Bankruptcy Code (India)
    Authors:
    Souvik Ganguly , Altamash Qureshi , Akhil K Ramesh , Shrishti Mishra
    Location:
    India
    Firm:
    Acuity Law
    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
    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
    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
    BTI 2014 LLC v Sequana SA and others - Supreme Court decision
    2022-10-06

    The Judgment of the Supreme Court in BTI 2014 LLC v Sequana SA was handed down on 5 October 2022.

    The Supreme Court considered the circumstances in which company directors must exercise their duties under s.172 Companies Act 2006 (CA06) with regard to the interests of the creditors and affirmed the position reached by the Court of Appeal.

    Comment

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Reynolds Porter Chamberlain, Insolvency
    Authors:
    Tim Moynihan , Harriet Ainsworth
    Location:
    United Kingdom
    Firm:
    Reynolds Porter Chamberlain

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