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    Claims against directors: illegality defence and attribution of directors' knowledge to company
    2015-04-24

    The Supreme Court has held that, where a company had been the victim of wrong-doing by its directors, the directors’ wrong-doing could not be attributed to the company to prevent it (or its liquidators) from bringing claims against the directors. 

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Shareholder, SCOTUS
    Authors:
    Simon Garrett , Chris Bradshaw , Graeme MacLeod , Maxine Cupitt
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Potential unlimited liability for passive shareholders of liquidated companies
    2013-04-08

    Shareholders who fail to intervene to stem the losses in a company they control may be held personally liable for the company’s debts if it is subsequently liquidated, according to the Supreme Court.

    Under Hungarian law, a shareholder’s liability (in a limited liability company) is usually limited to their capital contribution. The corporate ‘veil’ can only be pierced (making the shareholder personally liable for the company’s debts) in special circumstances.

    Filed under:
    Hungary, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Shareholder, Liquidation
    Location:
    Hungary
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Buyer protections reduced by members’ voluntary liquidation
    2013-03-21

    Share purchase agreements often include indemnities or covenants to pay designed to protect the buyer for a period after completion where some unquantifiable liability is anticipated that will impact on the value of the company being acquired. This is particularly so in the case of unpaid tax.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, CMS Cameron McKenna Nabarro Olswang LLP, Shareholder, Liability (financial accounting), Liquidation, Liquidator (law)
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    (1) Edgeworth Capital Luxembourg SARL (2) Aabar Blocks SARL v Glenn Maud [2016] EWHC 1016 (Ch)
    2016-05-27

    Further to our updates in December and January, there has been a further development in relation to this case. The High Court heard the second adjourned hearing of the bankruptcy petition in relation to Glenn Maud.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Bankruptcy, Shareholder
    Authors:
    Olivia Bridger
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    Notable business bankruptcy decisions of 2014
    2015-02-03

    NOTABLE BUSINESS BANKRUPTCY DECISIONS OF 2014

    ALLOWANCE/DISALLOWANCE/PRIORITY/DISCHARGE OF CLAIMS

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Shareholder, Debtor, Title 11 of the US Code, US District Court for SDNY
    Location:
    USA
    Firm:
    Jones Day
    Fifth Circuit emphasizes harm to other creditors as requirement for equitable subordination
    2008-07-14

    In a recent case,1 the Fifth Circuit emphasized its rule that a creditor's claim may be equitably subordinated to the claims of other creditors only to the extent necessary to offset the harm that the other creditors have suffered, based on specific findings and conclusions.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Shareholder, Debtor, Unsecured debt, Collateral (finance), Debt, Intangible asset, Default (finance), Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    White & Case LLP
    Deepening insolvency claims in disguise: Delaware Bankruptcy Court revisits Trenwick decision
    2008-05-13

    Directors and officers of troubled companies are already keenly cognizant of their potential liability for any breaches of fiduciary duty, negligence and fraud.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Shareholder, Debtor, Unsecured debt, Breach of contract, Fraud, Fiduciary, Board of directors, Negligence, Good faith, Corporate bond, Conspiracy (civil), Delaware General Corporation Law, Delaware Supreme Court, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    White & Case LLP
    How state aid survived the Italian banking crisis
    2017-09-20

    There is much to admire in the EU's handling of the Italian banking crisis, but in allowing two lenders to escape BRRD rules, it has raised questions on the consistency of the EU state aid and resolution framework.

    Filed under:
    European Union, Italy, Banking, Insolvency & Restructuring, Trade & Customs, White & Case LLP, Shareholder, Liquidation, Treaty on the Functioning of the European Union, European Commission, ECB
    Location:
    European Union, Italy
    Firm:
    White & Case LLP
    EHYA urges HM Treasury to reform current insolvency legislation
    2008-03-20

    The European High Yield Association (EHYA), which represents banks and investors involved in high risk bond and loan markets, has written to the UK Treasury suggesting three key areas to reform insolvency legislation to improve the 'efficiency and fairness' of corporate restructurings.

    The letter suggests changes to help prevent value destruction caused by suppliers and customers terminating contractual relations, speed up resolution of disputes and restrict the influence of creditors and shareholders with no economic interest in the revalued business.

    Filed under:
    United Kingdom, Insolvency & Restructuring, White & Case LLP, Shareholder, Interest, Accounting, Debt, Supply chain, Bond credit rating, Leverage (finance), HM Treasury (UK)
    Location:
    United Kingdom
    Firm:
    White & Case LLP
    Reform of French insolvency law overview of the Executive Order of 12 March 2014
    2014-03-25

    Executive Order n° 2014-326 of 12 March 2014 reforming French insolvency proceedings was published in the Official Journal of the French Republic (Journal officiel de la République Française) on 14 March 2014.

    Considered a priority by the Government, the objectives of this reform include, notably, favoring preventative measures and increasing the powers of creditors.1 Below are the principal provisions which will enter into force on 1 July 2014:

    Amicable proceedings: mandat ad hoc, conciliation proceeding

    Filed under:
    France, Insolvency & Restructuring, White & Case LLP, Shareholder, Debtor, Balance sheet
    Authors:
    Céline Domenget Morin
    Location:
    France
    Firm:
    White & Case LLP

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