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Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
2022-10-11

The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency
Authors:
Scott Barker , Luke Sizer
Location:
United Kingdom
Firm:
Buddle Findlay
View Original Article
Sequana: Directors' Duties in a Distressed Landscape
2023-02-02

In Short

The Situation: Directors in England and Wales owe duties to the companies to which they are appointed (and may face personal liability for breaching such duties). Although the Companies Act 2006 obliges directors to maximise value for a company's shareholders, case law has suggested that directors should act in the interests of a company's creditors if a company becomes distressed.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, Insolvency
Authors:
David Harding , Ben Larkin
Location:
United Kingdom
Firm:
Jones Day
View Original Article
HSBC's acquisition of Silicon Valley Bank UK
2023-03-15

After a turbulent weekend, the news on Monday morning that HSBC had acquired Silicon Valley Bank UK (SVB UK) caused the UK tech community to breathe a huge sigh of relief.

It was also a very different outcome to the one that seemed destined on Friday when the Bank of England announced it intended to put SVB UK into a bank insolvency procedure.

Filed under:
United Kingdom, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, HSBC, Bank of England, Silicon Valley Bank
Authors:
Gabriel Estevez , Angus Miln
Location:
United Kingdom
Firm:
Taylor Wessing
View Original Article
Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
2022-10-11

The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

Filed under:
New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency, UK Supreme Court
Authors:
Scott Barker , Luke Sizer
Location:
New Zealand, United Kingdom
Firm:
Buddle Findlay
View Original Article
Directors' Duties Under English Law — How to Lead in Difficult Times
2022-07-01

Elon Musk recently said he has a "super bad feeling" about the economy, pithily declaring what most financial commentators have been predicting in more technical terms.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Coronavirus, UK Supreme Court
Authors:
Sonya Van de Graaff , Prav Reddy
Location:
United Kingdom
Firm:
Katten Muchin Rosenman LLP
View Original Article
Horton v Henry [2014] – pensions and bankruptcy – appeal allowed
2015-02-19

Of general interest is the appeal in the case of Horton v Henry, on which we reported in our January 2015 update. In Horton, the High Court declined to follow a previous ruling, and decided that a bankrupt could not be compelled to access his pension savings to pay off creditors.

Filed under:
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Norton Rose Fulbright
Authors:
Peter Ford , Lesley Browning , Lesley Harrold
Location:
United Kingdom
Firm:
Norton Rose Fulbright
View Original Article
Horton v Henry [2014] - High Court contradicts earlier case by ruling bankrupt cannot be required to draw pension to pay creditors
2015-01-26

Declining to follow a 2012 decision, the High Court has ruled that a bankrupt’s unexercised rights to draw his pension did not represent income to which he was entitled within the meaning of the Insolvency Act 1986, and so did not form part of the bankruptcy estate.

Background

Filed under:
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Bankruptcy, Initial public offerings, Insolvency Act 1986 (UK)
Authors:
Peter Ford , Lesley Browning , Lesley Harrold
Location:
United Kingdom
Firm:
Norton Rose Fulbright
View Original Article
Competing subordinated debts - the lessons learnt from Lehmans' insolvency
2022-07-08

Some 13 years ago, Lehman Brothers' sudden and unexpected insolvency sent ripples across the banking and financial services market, some of which are still felt today.

The Court of Appeal's decision in the consolidated cases of Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings plc (in administration) and others1 [2021] EWCA Civ 1523 was the latest in a long line of cases seeking to unwind the issues arising from Lehman Brothers' unexpected collapse.

The background

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, RPC
Authors:
Suzan Kurdi , Jake Hardy
Location:
United Kingdom
Firm:
RPC
View Original Article
Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
2022-06-01

In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

Background

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
Authors:
Rebekka Sandwell
Location:
United Kingdom
Firm:
RPC
View Original Article
The UK's new restructuring plan
2021-04-21

Background to the Restructuring Plan

The UK has introduced the Restructuring Plan; a new, flexible court supervised restructuring tool. The Restructuring Plan draws upon features of the existing Companies Act 2006 scheme of arrangement procedure (which remains available) but includes features which are new to the UK but similar to those under U.S. Chapter 11 bankruptcy proceedings.

Filed under:
European Union, United Kingdom, Insolvency & Restructuring, Litigation, Public, RPC, Brexit, Coronavirus
Authors:
Paul Bagon , Tim Moynihan , Kate Watson
Location:
European Union, United Kingdom
Firm:
RPC
View Original Article

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