Topic: Directors' duties

A biopharmaceutical group whose founder Martin Shkreli infamously hiked the price of one of its best-selling drugs by 4,000% has entered Chapter 11, citing “reputation harm” and expensive litigation caused by Shkreli’s leadership.

16 May 2023

A sanction hearing testing the power of Part 26A restructuring plans to cramdown the UK tax authority has ended with a reserved judgment.

25 April 2023

FTX’s Delaware Chapter 11 docket, which has sat largely empty for six days, has finally seen some action, with the group’s new CEO taking aim at concerning financial reporting and human resources practices at the group, and lambasting FTX’s Bahamian provisional liquidators for filing an un-announced Chapter 15 in New York as part of allegedly government-backed efforts to relocate the debtors’ assets to the Bahamas.

17 November 2022

The former owner of insolvent Russian bank Vneshprombank, who has been fighting recognition of a Russian bankruptcy order against him in the UK, has failed to convince an English court that documents material to the order were forged.

28 October 2022

Lawyers have welcomed a much-anticipated ruling from the UK’s highest court, which has provided guidance for the first time on the duties owed by directors to creditors prior to a company entering insolvency.

05 October 2022

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

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

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

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

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