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    Sanctioned creditors: High Court guidance for Trustees in Bankruptcy
    2025-01-27

    Trustees in Bankruptcy seeking to make distributions to a creditor who may be subject to UK sanctions should follow the guidance in the recent case of Thomas, Carter, Nilsson (as the joint trustees in bankruptcy of Nikolay Fetisov and Ilya Yurov) and PJSC National Bank Trust [2025] EWHC 75 (Ch).

    Background

    TLT were instructed to act on behalf of the joint Trustees in Bankruptcy of two Russian individuals, Nikolay Fetisov and Ilya Yurov.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, TLT LLP, Sanctions, Office of Financial Sanctions Implementation (UK)
    Location:
    European Union, United Kingdom
    Firm:
    TLT LLP
    High Court clarifies how sanctions interact with administration orders in England and Wales
    2025-01-21

    Sanctions regulations won't prevent administration orders but may affect timings and require undertakings

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Osborne Clarke, Office of Foreign Assets Control (USA), Office of Financial Sanctions Implementation (UK)
    Authors:
    Sam Furse , Will Gunston , Nigel Boobier , Claire Bundy , Douglas Hawthorn , Nick Axup , Aisling Connaughton , Anna Perry , Katherine Jensen , Vaidehi Naik
    Location:
    United Kingdom
    Firm:
    Osborne Clarke
    Insolvency practitioners to become subject to reporting obligations under financial sanctions regime
    <br>
    2024-12-06

    The Office of Financial Sanctions Implementation (OFSI) has published guidance (the Guidance) following the publication of the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 (the Regulations) on 14 November 2024. OFSI is the body with regulatory oversight of the financial sanctions regime and is responsible for its implementation and enforcement within the UK.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Trade & Customs, Stevens & Bolton LLP, Insolvency, Office of Financial Sanctions Implementation (UK)
    Authors:
    Louise Corcoran
    Location:
    European Union, United Kingdom
    Firm:
    Stevens & Bolton LLP
    Trading in the twilight - a recent UK case may pose risks for Hong Kong company directors who “postpone the inevitable"
    2024-09-24

    When a company is in financial distress, directors face difficult choices. Should they trade on to try to “trade out” of the company’s financial difficulties or should they file for insolvency? If they act too soon, will creditors complain that they should have done more to save the business? A recent English High Court case raises the prospect of directors potentially being held to account for decisions that “merely postpone the inevitable.”

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Hogan Lovells, Companies Act 2006 (UK)
    Authors:
    Jonathan Leitch , Nigel Sharman
    Location:
    Hong Kong, United Kingdom
    Firm:
    Hogan Lovells
    RHTLaw Cambodia Monthly Legal Update: August 2024
    2024-09-13

    https://www.rhtlawcambodia.com/ 01/06 MONTHLY LEGAL UPDATE AUGUST 2024 I. OVERVIEW In August 2024, the Royal Government of Cambodia (“RGC”) continued to develop the country’s business regulatory environment. Below are some key regulations to be highlighted in this Monthly Legal Update: Sub-decree No. 194 on the Organization and Functioning of the National Committee on Trade Remedies; Prakas No. 044 on Rules and Guidelines for Reinsurance; Prakas No. 525 on the Abrogation of Prakas No.

    Filed under:
    Cambodia, Insolvency & Restructuring, Insurance, Public, Trade & Customs, RHTLaw Asia LLP, Reinsurance
    Location:
    Cambodia
    Firm:
    RHTLaw Asia LLP
    How Sanctions Against Russia Affect the Insolvency Process in the UK.
    2024-09-12

    Introduction:

    In an insolvency case involving both UK trustees and Russian Bank Creditors, the High Court issued guidance in regards to the potential breach of the 2019 Regulations surrounding sanctioned entities. The significant criminal and civil penalties potentially arising from this case make it a consequential and relevant case for UK arbitration and litigation lawyers to consider and understand. The final ruling deals with three key questions, as outlined in the court proceedings and expanded upon below.

    Case Summary:

    Filed under:
    Russia, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Eldwick Law, Sanctions, Anti-money laundering, Insolvency, Office of Financial Sanctions Implementation (UK)
    Authors:
    Jenna Kruger , Waleed Tahirkheli
    Location:
    Russia, United Kingdom
    Firm:
    Eldwick Law
    Russia sanctions: the meaning of control and applicability to trustees in bankruptcy and directors' duties
    2024-08-29

    It is essential that any UK individual or entity doing business, managing funds/other economic resources, or providing financing or professional services, keeps abreast of the current UK Russian sanctions regime, which is chiefly set out in the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Regulations"). The question of how the Regulations might apply to those with fiduciary duties – either as trustees or as directors – has been considered in two recent High Court cases.

    Filed under:
    Russia, United Kingdom, Compliance Management, Insolvency & Restructuring, Litigation, Tax, Trade & Customs, Mishcon de Reya LLP, Corporate governance, Due diligence, HM Revenue and Customs (UK), Office of Financial Sanctions Implementation (UK)
    Authors:
    Maggie Christiansen , Lily Munro , Shaistah Akhtar
    Location:
    Russia, United Kingdom
    Firm:
    Mishcon de Reya LLP
    To trade or not to trade? Record fines for BHS directors shed new light on decisions in the twilight zone
    2024-08-23

    When a company is in financial distress, its directors will face difficult choices. Should they trade on to trade out of the company's financial difficulties or should they file for insolvency? If they delay filing and the company goes into administration or liquidation, will the directors be at risk from a wrongful trading claim by the subsequently appointed liquidator? Once in liquidation, will they be held to have separately breached their duties as directors and face a misfeasance claim? If they file precipitously, will creditors complain they did not do enough to save the business?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Trade & Customs, Hogan Lovells, Companies Act 2006 (UK)
    Authors:
    Camilla Eliott Lockhart , Margaret Kemp
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Guidance from the High Court on the Test of ‘Ownership and Control’ in Relation to UK Sanctions
    2024-08-12

    A recent judgment in Kevin Hellard & Ors v OJSC Rossiysky Kredit Bank (in liquidation) & Ors [2024] EWHC 1783 (Ch) the High Court considers the ‘ownership and control’ test in Bankruptcy, involving trustee powers and Russian Bank creditors.

    Filed under:
    Russia, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Rahman Ravelli, Secured creditor, Sanctions, Office of Financial Sanctions Implementation (UK), Trustee, Banks
    Authors:
    Syedur Rahman
    Location:
    Russia, United Kingdom
    Firm:
    Rahman Ravelli
    Latvia - criminal investigation into helicopter sale discontinued
    2024-04-02

    It is being reported that the Latvian State Security Service (the VDD) has discontinued a criminal investigation started in November 2023 into the sale of a helicopter by a company indirectly co-owned by the designated person Petr Aven .

    Filed under:
    Latvia, Insolvency & Restructuring, Litigation, Trade & Customs, Duane Morris LLP, Insolvency
    Authors:
    Mark Handley
    Location:
    Latvia
    Firm:
    Duane Morris LLP

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