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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
    Russian legislation update - February – March 2014
    2014-03-05

    Banking

    On 25 October 2013 the Bank of Russia approved Regulation No. 408-P “On the Procedure for Assessing Compliance with the Requirements to Qualification and Business Reputation…”

    The Regulation was registered by the Ministry of Justice on 26 December 2013.

    Filed under:
    Russia, Banking, Capital Markets, Employment & Labor, Immigration, Insolvency & Restructuring, Litigation, Projects & Procurement, White Collar Crime, White & Case LLP, Shareholder, Board of directors
    Location:
    Russia
    Firm:
    White & Case LLP
    What is next for high yield bonds?
    2008-01-31

    This article was published in slightly different format in the January 2008 issue of Credit Magazine.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, White & Case LLP, Bond (finance), Shareholder, Interest, Market liquidity, Debt, Refinancing, Default (finance), Credit rating, Distressed securities, Write-off, Title 11 of the US Code, Bank of England
    Location:
    European Union, United Kingdom
    Firm:
    White & Case LLP
    Mitigating the Vitro effect: Mexican lawmakers approved the most ambitious bankruptcy law reform since its enactment back in 2000, aiming to ensure creditors' rights
    2014-01-31

    On January 10, 2014, the Federal Executive Branch of México published in the Official Gazette the legal amendments to México’s Commercial Bankruptcy Law (Ley de Concursos Mercantiles, or LCM), effecting the most comprehensive set of changes to the LCM since its enactment over 13 years ago, and establishing new rules for bankruptcy proceedings in México with the intent to improve the position of creditors dealing with the insolvency of local companies.

    Filed under:
    Mexico, Insolvency & Restructuring, White & Case LLP, Bankruptcy, Shareholder, Debtor, Debt, Holding company
    Location:
    Mexico
    Firm:
    White & Case LLP
    When may a bankruptcy court enjoin proceedings against a non-debtor?
    2007-11-14

    A company attempting to reorganize its affairs in bankruptcy may seek to enjoin its creditors or other third parties from suing members of the company's senior management team during the course of the reorganization proceedings, so that the senior management members can devote their time and resources to the reorganization effort without distraction. Courts throughout the country have applied differing standards in determining when the granting of an injunction of proceedings against a non-debtor is appropriate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Shareholder, Debtor, Injunction, Breach of contract, Arbitration clause, Preliminary injunction, Remand (court procedure), Ninth Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    Commission launches long-awaited consultation on revised guidelines on State aid for rescuing and restructuring firms in difficulty
    2013-11-20

    On 5 November 2013, the European Commission launched a consultation on its proposed new guidelines on State aid for rescuing and restructuring firms in difficulty (“the draft R&R guidelines”) which will replace the current R&R guidelines adopted in 2004. The revision of the 2004 guidelines was postponed a number of times as a result of the financial crisis, during which the Commission applied a special R&R regime for the financial sector. At the time, the Commission was still considering adopting new R&R rules applicable to both the financial sector and the real economy.

    Filed under:
    European Union, Insolvency & Restructuring, Trade & Customs, White & Case LLP, Shareholder, State aid, European Commission
    Authors:
    Christoph Arhold
    Location:
    European Union
    Firm:
    White & Case LLP

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