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May 15, 2024 | 
jdsupra.com | Alecia Johns |Jonathon Milne
We have published a series of articles dealing with directors’ duties in the zone of insolvency. In previous briefings, we have written about the high-profile UK Supreme Court ruling in Sequana (link here) and the New Zealand Supreme Court decision in Mainzeal (link here). This latest instalment focuses on the Singapore Court of Appeal judgment in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (“OP3 International”).
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Apr 26, 2024 | 
mondaq.com | Jonathon Milne |Alecia Johns
These cases provide authoritative guidance in relation to what
has been referred to as the "Creditor Duty". It is trite
that directors are required to act in the best interests of the
company they serve. This is an irreducible fiduciary duty and is at
the core of the director role.
However, it is acknowledged in these authorities that it is the
interests of the creditors, as opposed to shareholders, that will
come to the fore when the company is insolvent because "...
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Feb 23, 2024 | 
businesslawtoday.org | Alex Davies |Jonathon Milne |Mauricio Da Rocha |Spencer Vickers
Following the English High Court’s written reasons for sanctioning the Adler Group restructuring plan on April 21, 2023 (you can read our deep dive on this decision here), the English Court of Appeal overturned the High Court’s decision and sent a strong message regarding future Part 26A restructuring plans and, in particular, the cross-class cramdown regime.
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Feb 22, 2024 | 
businesslawtoday.org | Alex Davies |Spencer Vickers |Jordan McErlean |Jonathon Milne
On August 31, 2022, significant amendments to Part V of the Cayman Islands Companies Act (“Act”) took effect to revamp the Cayman Islands restructuring regime. These amendments introduced the new role of a court-appointed “Restructuring Officer” and a dedicated “Restructuring Petition.” The Cayman Islands restructuring officer regime (“RO Regime”) shares certain features with the Chapter 11 bankruptcy procedure in the US and Canada’s Companies’ Creditors Arrangement Act.
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Dec 27, 2023 | 
jdsupra.com | Rowana-Kay Campbell |Jonathon Milne
On 29 November 2023, the English Court of Appeal delivered an important judgment in Churchill v Merthyr Tydfil County Borough Council et al [2023] EWCA Civ 1416 (“Churchill”) which aligns with a wider trend in embracing a variety of forms of alternative dispute resolution (“ADR”), such as arbitration, expert determination and mediation.
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Dec 22, 2023 | 
mondaq.com | Jonathon Milne
英国终审法院最近就 BTI 2014 LLC 诉 Sequana SA 及其他 [2022 UKSC 25] 一案（“Sequana 案”）颁布一份万众期待的判决。Sequana 案的法理将于开曼群岛以至其他普通法司法管辖权区成为极具说服力的法律根据。 Sequana 案是一项有用的判决，原因如下： 该案不但确认董事对股东负有受信责任而须真诚以公司最佳利益行事的传统观点，同时指出董事于公司无力偿债或濒临无力偿债或可能进行无力偿债清盘或管理时，须考虑债权人利益或以其行事（“债权人利益责任”）。 Sequana 为英国终审法院审理的首宗案件裁定董事于哪些情况下必须考虑公司债权人利益，不论债权人利益责任可否于公司无力偿债前触发，以及股东可否认可对债权人利益责任的潜在违反。 Arjo Wiggins Appleton Limited（“AWA”）分别于 2008 年 12 月及 2009 年 5 月以抵销拖欠其母公司 Sequana SA 债务的方式，向 Sequana SA 派付约 5.78 亿欧元股息（“12 月股息”及“5 月股息”）。派付股息时，AWA 有偿债能力。AWA...
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Dec 14, 2023 | 
mondaq.com | Jonathon Milne |Rowana-Kay Campbell
On 29 November 2023, the English Court of Appeal delivered an
important judgment in Churchill v Merthyr Tydfil County Borough
Council et al [2023] EWCA Civ 1416 ("Churchill")
which aligns with a wider trend in embracing a variety of forms of
alternative dispute resolution ("ADR"), such as
arbitration, expert determination and mediation.
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Dec 12, 2023 | 
lexology.com | Jonathon Milne |Rowana-Kay Campbell
On 29 November 2023, the English Court of Appeal delivered an important judgment in Churchill v Merthyr Tydfil County Borough Council et al [2023] EWCA Civ 1416 (“Churchill”) which aligns with a wider trend in embracing a variety of forms of alternative dispute resolution (“ADR”), such as arbitration, expert determination and mediation.
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Oct 26, 2023 | 
businesslawtoday.org | Jonathon Milne |Alex Davies |Mauricio Da Rocha
The Complications Involved with Cross-Border RestructuringCross-border restructurings often present a variety of challenging issues, not only for the entity involved, but also for the practitioners engaged to steer the process. This is often due to circumstances where the jurisdiction of incorporation of the company in financial difficulty does not have an efficient or sophisticated restructuring regime in place.
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Oct 16, 2023 | 
businesslawtoday.org | Jonathon Milne |Alex Davies |Mauricio Da Rocha
On April 21, 2023, the English High Court handed down its written reasons for sanctioning the Adler Group restructuring plan proposed under the new Part 26A regime of the UK’s Companies Act 2006, which raises questions regarding the jurisdiction of the court, cross-class cramdowns, pari passu issues, and competing valuations.
