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Trading in the Twilight Zone – When does the Creditor Duty arise for Company Directors? A round-up of the recent cases applying the Supreme Court decision in Sequana.
March 2023Introduction: On 5 October 2022, the Supreme Court delivered a landmark judgement in BTI 2014 LLC v Sequana SA [2022]. The decision is the first from the Supreme Court to address when, and in what circumstances, company directors owe a duty to consider the interests of the company’s creditors (‘’the creditor duty’’). The creditor duty… Read More >
“Reasonable cause to suspect” – what does it mean? Two key judgments on sanctions compliance
October 2024This summer the UK courts issued two important judgments, which provide crucial guidance for parties attempting to navigate UK sanctions regulations, particularly those linked to the *Russia (Sanctions) (EU Exit) Regulations 2019 (“Russia Regulations”). Both cases illustrate the complexities of determining when sanctions come into play, showing that the need to adjudicate such issues is… Read More >
ISG goes into administration
September 2024According to press reports, subsidiaries of main contractor ISG have gone into administration. We understand this affects ISG Construction Limited (CRN: 00450103), ISG Engineering Services Limited (CRN: 10289327), ISG Retail Limited (CRN: 02721627), ISG UK Retail Limited (CRN: 04491779), ISG Jackson Limited (CRN: 00767259) and ISG Central Services Limited (CRN: 02997684). At the time of… Read More >
Whose Liability is it Anyway? The case of the Former BHS Directors
July 2024Recently, there was a momentous judgment in relation to the BHS litigation which has potentially wide-ranging implications for the D&O Insurance market. For those who have followed this protracted saga since the collapse of arguably one of Britain’s best-known department stores back in 2016, the ruling that two former directors of the chain have now… Read More >
ENVIRONMENTAL OBLIGATIONS IN INSOLVENCY PROCEEDINGS: APPEAL SUCCEEDS IN ALBERTA’S TOP COURT
May 2024FOLLOWING OUR PREVIOUS ARTICLES ON THE QUALEX-LANDMARK TOWERS INC V 12-10 CAPITAL CORP CASE BEING HEARD IN THE ALBERTA COURTS, 12-10 CAPITAL CORP HAS NOW BEEN APPEALED SUCCESSFULLY IN THE COURT OF APPEAL OF ALBERTA, WHICH RELEASED IT’S DECISION EARLIER LAST MONTH. BEALE & CO PROVIDES AN UPDATE AND FURTHER COMMENTARY ON THE LATEST DEVELOPMENT… Read More >
Trading beyond the Twilight Zone? What are a director’s duties and responsibilities after liquidators are appointed?
May 2023Introduction In a recent article we considered the nature and extent of directors’ duties to take into account the interests of a company’s creditors when a company is in financial difficulty. A recent High Court decision (Mitchell & Krys v Al Jaber & ors [2023] EWHC 364 (Ch)) considered the issue of directors’ duties in… Read More >
Environmental obligations prioritised in insolvency proceedings
April 2023It is generally accepted that the push towards a greener future requires robust legislation, and in the case of common law jurisdictions ,supportive legal precedent which will assist in framing the landscape for the enforcement of environmental remediation obligations. This article considers the recent Canadian law decision handed down in the Court of King’s Bench… Read More >
Global Vantage: US$126 million arbitration award set aside due to error of law on the face of the award
March 2023The High Court of Trinidad and Tobago has delivered its judgment in National Infrastructure Development Company Limited v Construtora OAS S.A. (Claim No. CV2022-01832), setting aside a US$126 million arbitration award on the basis of an error of law. National Infrastructure Development Company Limited (“NIDCO”) and Construtora OAS S.A. (“OAS”) were parties to a modified… Read More >
Administration of NMCN plc
October 2021According to press reports, utilities contractor NMCN (formerly North Midland Construction) plc and its subsidiary NMCN Sustainable Solutions Limited, have gone into administration. Administration is the procedure by which a company that is, or is likely to become, insolvent can be reorganised or have its assets realised for the benefit of creditors. The primary aim… Read More >
How to interpret questions on insurance proposal forms… and when they go wrong
September 2021As Andrew Jones and Daniela Miklova report, the recent case of Ristorante Limited t/a Bar Massimo v Zurich Insurance plc [2021] EWHC 2538 is a useful insight into how the Court will interpret the questions and answers in insurers’ proposal forms in coverage disputes. It also shows how insurers can lose potential policy defences through… Read More >