Topic: Directors' duties

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

ADGM: A commercially fair and efficient Middle Eastern regime

Alexander Wood, a partner at Shearman & Sterling in London whose firm advised on the establishment of the Abu Dhabi Global Market’s legal and regulatory framework, discusses why parties to regional restructurings and insolvencies should now consider the ADGM regime.

23 October 2020

Community roundup: new recruits at Gordon Brothers, EY and Kirkland & Ellis

Gordon Brothers and EY have hired in Australia, Kirkland & Ellis and Thornton Grout Finnigan have recruited in Hong Kong and Toronto, and Quantuma and Freeths continue to expand in the UK.

20 July 2020

Pensions Protection Fund appoints FRP to investigate Laura Ashley administration

Updated: The UK’s Pension Protection Fund has appointed additional administrators from FRP Advisory to investigate the actions of British fashion chain Laura Ashley in the run up to its insolvency filing.

13 July 2020

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