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Trigger happy when directors’ duties are the target?

In a judgment handed down yesterday the Supreme Court has affirmed that a so called “creditor duty” exists for directors such that in some circumstances company directors are required to act in accordance with, or to consider the interests of creditors. Those circumstances potentially arise when a company is insolvent or where there is a “probability” of an insolvency. We explore below the “trigger” for such a test to apply and its implications.

Opinion

Lying on your CV – what can possibly go wrong?

The majority of people do not feel the need to embellish their CV to get that coveted position and move on up the career ladder. Their worthiness and benefit to the hiring organisation are easily demonstrated through the recruitment process – application, psychometric testing, selection day or interview.

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Facing the threat of cyber security breaches

Universities and colleges are not immune from deception by unscrupulous bad actors. The extent to which educational institutions can manage and control risk not only depends on financial management and internal controls, but also the robustness of security and processes which can be exploited from outside the organisation.

Opinion

Sequana: Supreme clarification on the duty owed to creditors

The Supreme Court has unanimously dismissed the BTI v Sequana appeal and reviewed the existence, content and engagement of the so-called ‘creditor duty’; being the point at which the interest of creditors is said to intrude upon the decision-making of directors of companies in financial distress.

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Integrated Care Boards and preventing NHS fraud – what you need to know and how to achieve it

On 7 July this year, NHS England published its statutory guidance for Integrated Care Boards (ICBs) and with it set out the ICBs’ role and responsibilities and how they should collaborate, interact and carry out their anti-fraud, bribery and corruption functions in concert with NHS England.

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The Civil Justice Council’s (CJC) proposed reforms to the Pre-Action Protocols (PAPs) and the possible mandatory ADR gateway. What could this mean for your case?

In November 2021, The Civil Justice Council’s published its interim report on proposed changes to the current Pre-Action Protocols, which included a mandatory Alternative Dispute Resolution (ADR) gateway. In this article, we look at proposed reforms and consider what this could mean for your case.

Opinion

Is it hot in here, or is it just me?

Whilst the weather conditions are predicted to be cooling down this week, the Health and Safety Executive (HSE) is asking employers and businesses to consider adapting to recurrent warmer weather conditions for the safety and benefit of their staff. It asks employers to ensure that extreme heat becomes a firm part of longer term risk management. Climate change in any event is something all businesses will need to consider as the warmer weather becomes more frequent - extreme heat is something that will impact employers on a day to day basis.

Opinion

Revisions to the Highway Code and potential impact on civil liability

The Highway Code has had its first major revision since 2007. Amongst several changes, a new hierarchy has been created, with road users who are most likely to cause harm having the greatest responsibility to reduce the threat they may pose to other road users (rule 204 of the Code).

Opinion

Civil remedies trump POCA recovery in landmark decision

The decision in Crown Prosecution Service v Aquila Advisory Limited provides welcome clarification on the interplay between POCA and common law recovery. It seems companies may still be subject to the POCA regime and stripped of a potential windfall which the CPS did not avail themselves of in this case.

Opinion

Payment Fraud landscape shaped by technology in 2021

Payment systems across Europe are under increased pressure to mitigate fraud risks and defend against persistent attacks from enablers using ever more sophisticated and malicious viruses and malware.

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Civil claims in schools

Civil claims are an ongoing area of concern for schools, with the potential for financial and reputational implications. Here at �������ϲ����� we assist both maintained schools and academies in dealing with the full range of civil claims that schools face.

Opinion

Digitisation of Civil Claims and the Online Court - Is Covid-19 set to accelerate the reforms?

In 2016, Lord Justice Briggs set out his proposals for restructuring the civil courts and tribunals in England and Wales. The vision for modernising court services and creating the “Online Court” has seen the introduction of online platforms for civil claims in recent years but progress has been described as slow.

On-Demand - Shared Insights

Shared Insights: Dealing with protesters on NHS premises

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The impact of Covid-19 on professionals

With the Government predicting that up to 20% of the workforce could be off at the same time during the pandemic and a period of economic uncertainty expected to follow, we are likely to see a significant rise in claims against professionals stemming indirectly from the Covid-19 outbreak.

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Director duties and Covid-19

Boards across the country are working tirelessly to respond to an ever-evolving situation as quickly as they can - with one eye on trying to protect the business, employees and wider stakeholders and the other on ensuring that they are always acting in the best interests of their shareholders.

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New insolvency laws during the COVID-19 crisis

On Saturday, 28 March 2020, Business Secretary, Alok Sharma MP, announced changes to the insolvency regime as part of the governments overriding objective.

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Companies to receive a three month extension period to file accounts during COVID-19

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IR35: Budget confirms changes coming 6 April 2020

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Contingent loss in negligence claims

Contingent loss is relevant to limitation; specifically, the date at which a claimant’s cause of action accrues for the purposes of a claim in the tort of negligence (as many claims against professional advisers are framed).

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Government publishes response to Joint Committee report on the draft Registration of Overseas Entities Bill

Last month we reported that the House of Lords and House of Commons Joint Committee report on the draft Registration of Overseas Entities Bill had been published.

Opinion

SFO fail to secure individual criminal convictions following Deferred Prosecution Agreement

On 16 July 2019 the Serious Fraud Office released details of the Deferred Prosecution Agreement reached with Sarclad Ltd in July 2016.

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The disappearance of LIBOR

Companies should undertake a comprehensive review and audit to identify those products and legacy contracts that are LIBOR-linked and carry out an in-depth risk assessment of discontinuation. Where possible, companies should look at appointing an individual to oversee the programme.

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Manchester Building Society v Grant Thornton UK LLP

The Court of Appeal has set out six steps to be considered when applying the ‘SAAMCo’ scope of duty principle in auditors’ negligence cases.