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    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
    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 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
    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
    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

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