Directors' duties

Hong Kong court threatens property developer’s directors with costs of winding up petition

Directors of a Chinese property developer who opposed its winding up in Hong Kong on the basis of a vague restructuring proposal that never moved forward, may now face paying the costs of the petition after a highly critical court decision.

06 September 2022

Cayman Islands restructuring: recent common law insights for directors when entering the zone of insolvency

Conyers Dill & Pearman partner Jonathon Milne and associate Rowana-Kay Campbell in the Cayman Islands, and partner Anna Lin in Hong Kong, explain why the new Cayman restructuring regime is likely to be a welcome addition to the legislative landscape for prudent directors – particularly in light of current macro-economic conditions and the difficulties many companies are facing.

26 July 2022

BVI court confirms directors liable in Dutch-Chinese joint venture’s liquidation

A British Virgin Islands court has confirmed that company directors who fail to ensure their duties are being carried out for a “proper purpose” may be liable for restitution, in a case brought by the local liquidators of a Dutch-Chinese joint venture vehicle.

09 February 2022

Gibraltar court clarifies powers of protected cell company administrators

The PwC administrator of parts of a Gibraltarian protected cell company may apply to hold a private examination of one of its directors under the local regime for such entities, Gibraltar’s Supreme Court has confirmed.

06 January 2022

Former BHS director fails to strike out wrongful trading claims

A former director of the defunct UK department store chain BHS has failed to strike out aspects of a major wrongful trading and misfeasance claim that the retailer’s liquidators are set to pursue against him and three ex-colleagues in 2023.

09 December 2021

Carillion directors claim disqualification proceeding is “oppressive”

Non-executive directors of collapsed construction company Carillion have told an English court that disqualification claims brought against them are “oppressive” and evidence submitted by the UK government is “ill-founded”.

30 November 2021

What we know (so far) from GCC restructuring reforms

King & Spalding partner Mike Rainey in Dubai examines how recent reforms to the bankruptcy regimes in Saudi Arabia and the UAE are changing local markets – and identifies debt-for-equity swaps, non-performing loan transactions and the sale of healthy parts of a business in the context of restructuring as areas ripe for further development.

05 November 2021

Director’s inaction is a breach of duty, Privy Council rules

In a “rare” case that warranted interference with the factual findings of lower courts, the UK Privy Council has ruled that a China-based director breached her fiduciary duties to a British Virgin Islands company when she failed to prevent the full repayment of a loan before it fell into liquidation.

23 February 2021

Plea change rejected ahead of Arrium directors claims

Three international banks have been stopped from altering their pleas against former directors of the long-collapsed Australian miner Arrium, ahead of a 10-week trial of three different proceedings brought against them by liquidators, lenders and investors.

17 December 2020

UAE construction firm Arabtec to enter insolvent liquidation

Shareholders of the Middle East's largest contractor, Arabtec, have announced it will file for liquidation “at the earliest opportunity”, despite a small group among them making a last-ditch restructuring proposal on Monday.

01 December 2020

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