International Corporate Rescue
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Vol 18 (2021) - Issue 5
Article preview
A Useful Reminder of the Duties of Administrators: Re One Blackfriars Limited (in liquidation) [2021] EWHC 684 (Ch)
Kelley Macpherson, Trainee Solicitor, and Nicholas Cooper, Associate, Freshfields Bruckhaus Deringer LLP, London, UKSynopsis
In Re One Blackfriars Limited (in liquidation), the High Court provided a lengthy and thorough restatement of the key duties of administrators, including in relation to obtaining the best price, the modified duty of loyalty to unsecured creditors, the necessary standard of review for an administrator’s decision-making, and whether a duty exists to consult with directors or shareholders. In dismissing all claims against the former administrators of One Blackfriars Limited, the High Court confirmed that existing cases on the duties of administrators remain good law, confirming the principles in Davey v Money.
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