Chase Cambria
  • University of Technology Sydney
  • [Corporate Access] · Log in
go
  • Contact
  • Webmail
  • Archive
 
  • Home
  • Overview
  • Journal Issues
  • Special Issues
  • Subscriptions
  • Editorial Board
  • Author Guidelines

International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
  • Vol 5 (2008)
  • Vol 6 (2009)
  • Vol 7 (2010)
  • Vol 8 (2011)
  • Vol 9 (2012)
  • Vol 10 (2013)
  • Vol 11 (2014)
  • Vol 12 (2015)
  • Vol 13 (2016)
  • Vol 14 (2017)
  • Vol 15 (2018)
  • Vol 16 (2019)
  • Vol 17 (2020)
  • Vol 18 (2021)
  • Vol 19 (2022)
  • Vol 20 (2023)
  •         Issue 1
  •         Issue 2

Vol 20 (2023) - Issue 1

Article preview

Director’s Duties and Insolvency: Sequana – An Offshore Perspective

Henry Tucker, Partner, Carey Olsen, Bermuda, Richard Brown, Partner, London/BVI, Tim Baildam, Counsel, London/Cayman, David Jones, Partner, Guernsey, Kate Andrews, Partner, Jersey, Marcus Pallot, Partner, Jersey, and Sheba Raza, Counsel, London/BVI

Synopsis
The UK Supreme Court's judgment in the case of BTI 2014 LLC v Sequana SA & Ors [2022] UKSC 25 (Sequana) is a landmark decision of significant importance in the arena of company law and directors' duties.
It provides welcome clarification from the UK's highest court on issues that are of key importance to directors of companies in financial difficulty, addressing:
– the existence, application and scope of the socalled 'creditor duty',
– the circumstances in which the otherwise lawful approval of a distribution might give rise to liability, and
– the scope of the doctrine of shareholder ratification.
This note briefly summarises the decision and provides insight into its likely application by the courts in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey and Jersey, noting the ways in which the respective statutory regimes in place in those jurisdictions differ in important respects from the UK's company legislation, particularly in relation to the approval of distributions.

Buy this article
Get instant access to this article for only EUR 45 / USD 55 / GBP 40
Buy this issue
Get instant access to this issue for only EUR 165 / USD 220 / GBP 145
Buy annual subscription
Subscribe to the journal and recieve a hardcopy for
EUR 730 / USD 890 / GBP 520

International Corporate Rescue

"I see a lot of corporate restructuring publications but International Corporate Rescue has struck the right balance of case studies and new technical issues, all wrapped up in a very reader-friendly style."

Alan Bloom, Head of Restructuring, EY, London

 

 

Copyright 2006 Chase Cambria Company (Publishing) Limited. All rights reserved.