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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

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.

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

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.

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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

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.