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    Lenders face more allegations about their actions on restructuring
    2020-02-14

    Representatives of a lender on a board will not automatically impose directors' duties on the lender, but they may apply where a director's specific instructions have led directly to a breach of fiduciary duty. The High Court recently explored this issue in an appeal in the case of Standish v Royal Bank of Scotland plc.(1)

    Facts

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, RPC, Companies Act
    Authors:
    Parham Kouchikali , Joe Cresswell
    Location:
    United Kingdom
    Firm:
    RPC
    Duties as a director never end until you resign… and even after that you cannot use information obtained as a director
    2020-02-19

    In the Matter of System Building Services Group Limited (In Liquidation) [2020] EWHC 54 (Ch), the court confirmed that a director’s fiduciary duties continued after the appointment of an administrator or liquidator and that the subsequent purchase from the administrator/liquidator of a property at an undervalue was in breach of those duties. As a result, the property was declared to be held by the director on a constructive trust for the company.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Keystone Law, HSBC
    Authors:
    Iain Roxborough
    Location:
    United Kingdom
    Firm:
    Keystone Law
    Unlocking value in an insolvent estate: an update on cryptocurrencies
    2020-02-04

    We previously considered the potential implications for insolvency professionals of the rise of cryptocurrencies (available here). One of the principal issues identified was the uncertainty surrounding the legal status of cryptocurrencies; what class of asset were they and, subsequently, how would they be treated under English law?

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Real Estate, Squire Patton Boggs, Blockchain, Bitcoin, Cryptocurrency
    Authors:
    Charles Draper
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Winding up petitions: What are the 9 things you need to consider?
    2020-01-24

    A winding up petition is a legal document that can be served by a company’s creditors when they are owed money by the company. If the debt amounts to £750 or more, then a creditor has the right to go to court and ask for a winding up petition to be issued, although courts view this remedy as something that should be reserved for when a company is genuinely believed to be insolvent, and not simply used as a means of debt collection.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Lincoln & Rowe, Liquidation, Insolvency
    Authors:
    Dipesh Dosani
    Location:
    United Kingdom
    Firm:
    Lincoln & Rowe
    Paragraph 81 challenge—improper motive ends administration (Re C A & T Developments Ltd)
    2020-01-27

    Restructuring & Insolvency analysis: In Re C A & T Developments Ltd, the court found that the appointment of administrators had been motivated by an improper purpose and the purpose of the administration could not be achieved. In an application under Paragraph 81 of Schedule B1 to the Insolvency Act 1986 (IA 1986), the court therefore ordered the administration to end and the company to be wound up compulsorily.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Planning, 9 Stone Buildings, Due diligence, Insolvency Act 1986 (UK)
    Authors:
    Andrew Mace
    Location:
    United Kingdom
    Firm:
    9 Stone Buildings
    In the matter of Comet Group Limited (in Liquidation) [2018] EWHC 1378 (Ch) - reporting restrictions lifted on 28 January 2020
    2020-01-28

    This judgment is an important one. It concerned an application by the joint liquidators of Comet (formerly joint administrators) for directions permitting them not to carry out any further investigation into the validity of the fixed and floating charge held by a single purpose vehicle (“HAL”) that had been granted by Comet under a year before it collapsed into administration. The joint liquidators also sought a direction that they be permitted to transfer a further tranche of funds to HAL that had been realised in the administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wilberforce Chambers
    Location:
    United Kingdom
    Firm:
    Wilberforce Chambers
    Can an insolvent company enforce an adjudicator’s decision? Yes - in exceptional circumstances
    2020-01-28

    Are the regimes of construction adjudication and insolvency incompatible? Recent Court of Appeal authority suggested that they are, but in Meadowside Building Developments Ltd (In Liquidation) v 12-18 Hill Street Management Company Ltd [2019] EWHC (TCC), Adam Constable QC sitting as a district judge in the high court has clarified the exceptional circumstances in which a company in liquidation can enforce an adjudicator’s decision in its favour.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, BCLP
    Location:
    United Kingdom
    Firm:
    BCLP
    High Court confirms that directors continue to owe fiduciary duties post insolvency
    2020-01-28

    The case of Hunt (as Liquidator of System Building Services Group Ltd) v Michie & Ors [2020] EWHC 54 (Ch) examines whether directors’ duties continue after the company has become insolvent and confirms that they do, bringing welcome clarity to the point. As such, Insurers will need to review their policies to make clear if they wish to cover this risk.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Liquidator (law), Directors' duties, Companies Act 2006 (UK)
    Authors:
    Mark Sutton
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Management Purchase of Assets out of Insolvency Processes: Directors Retain Duties to the Creditor Body to Act in their Best Interests
    2020-01-29

    Systems Building Services Group Ltd, Re [2020] EWHC 54 (Ch)

    Liquidation is not a panacea for the relevance and application of directors' duties. A practical example of which involves a director of a company in insolvency procuring and agreeing to an off-market sale of a property to himself by a rogue IP at a price which he knew to be a significant undervalue.

    Filed under:
    United Kingdom, Company & Commercial, Construction, Insolvency & Restructuring, Litigation, Real Estate, Addleshaw Goddard LLP
    Authors:
    Fraser Ritson , Seán McGuinness
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    Can a preference be inferred from an omission? (Re Paul Flatman Ltd)
    2020-01-30

    Section 239(5) of the Insolvency Act 1986 (the “1986 Act”) limits the jurisdiction to reverse a preference to situations where “the company which gave the preference was influenced in deciding to give it by a desire to produce” the prohibited result. This involves a subjective enquiry which turns on the relevant actor’s state of mind.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gatehouse Chambers
    Authors:
    Usman Roohani
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers

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