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    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
    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: UK Supreme Court Explanation of the “Creditor Duty”
    2022-10-05

    Introduction

    Today, the UK Supreme Court considered for the first time the existence, content and engagement of the so-called “creditor duty”: the alleged duty of a company’s 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.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Insolvency, UK Supreme Court
    Authors:
    Andrew Wilkinson , Neil Devaney , Matt Benson , Jenny Davidson , Lois Deasey , Mark Lawford , Gemma Sage , Lindsay Merritt , Maeve Brady , Natasha Ayres , Mahereen Nawaz
    Location:
    United Kingdom
    Firm:
    Weil Gotshal & Manges LLP
    Supreme Court Confirms That Creditor Duty Engaged When Company is Bordering on Insolvency
    2022-10-05

    Following a long wait of 18 months, the Supreme Court has today confirmed that the appeal of the decision in BTI –v- Sequana is unanimously dismissed.

    The key question that many of us have been waiting for the answer to is: Does the creditor duty set out in s172(3) of the Companies Act 2006 exist and if so, when is it engaged?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Insolvency, Supreme Court of the United States
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Are funds deposited into an attorney’s trust account immune from impeachment under South African insolvency laws?
    2022-10-05

    It is axiomatic – at least as a prima facie proposition – that insolvency is only concerned about assets which belong to the insolvent when the insolvency commences (or, as it is often said when a concursus creditorum is established on the commencement of insolvency). South African insolvency law respects property rights which have accrued under our law prior to the commencement of insolvency proceedings, including security interests such as mortgages, liens and cessions.

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, Fasken, Insolvency
    Authors:
    Lillian Mello , Haroon Y Laher
    Location:
    South Africa
    Firm:
    Fasken
    Creditor Duty - the position after the Supreme Court decision in BTI v Sequana and Others
    2022-10-05

    The Supreme Court’s decision in BTI v Sequana & Others represents the most significant ruling on the duties of directors of distressed companies of the past 30 years.

    This Supreme Court decision considers the balancing exercise which directors are required to carry out between the respective interests of creditors and shareholders when a company is in financial distress.

    This note summarises the key points from the ruling and the practical effect of this decision.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Insolvency, Supreme Court of the United States
    Authors:
    Kevin Lloyd , Richard Lawton , Ardil Salem
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Supreme Court Confirms Creditors Duty For Directors
    2022-10-05

    The Supreme Court's judgment in BTI v Sequana is long-awaited, and welcome. The court has confirmed that directors do have a common law creditors' duty, and that it works on a sliding scale basis.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashurst, Insolvency, UK Supreme Court
    Location:
    United Kingdom
    Firm:
    Ashurst

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