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The High Court has rejected an allegation of dishonest assistance against a bank, in circumstances where the claimants argued that the restructuring of the bank’s customer was a scheme to defraud its creditors and avoid the customer paying its liabilities. The court held that the customer’s directors had not breached their duties to the company, … Read more
In a recent case, the High Court has had one of its first opportunities to consider BTI v Sequana [2022] UKSC 25 (see our previous update here), in which the Supreme Court gave important guidance on the existence and scope of the duty of company directors to have regard to the interests of creditors (the so-called “creditor duty”, … Read more
In the closely-watched proceedings brought by climate-change activist ClientEarth against Shell plc, the High Court yesterday confirmed its earlier decision to refuse ClientEarth permission to continue its derivative action: ClientEarth v Shell plc [2023] EWHC 1897 (Ch). ClientEarth, a minority shareholder in Shell, is seeking to bring a derivative claim in Shell’s name, to challenge the … Read more
The Supreme Court has handed down its seminal judgment in Philipp v Barclays Bank UK plc [2023] UKSC 25, considering the application of the so-called Quincecare duty to the victim of an “authorised push payment” (APP) fraud. In an APP fraud, the victim is induced by fraudulent means to deliberately authorise their bank to send … Read more
The High Court has refused permission for a derivative claim to be continued against a bank (as an alleged shadow director), brought by the shareholders of an AIM-listed company which had been transferred to the bank’s loan management unit: Ryan & Anor v HSBC UK Bank Plc & Anor [2023] EWHC 1066 (Ch). This is … Read more
The Board of the Privy Council has handed down its advice in the case of Sagicor Bank Jamaica Ltd v YP Seaton [2022] UKPC 48, providing some helpful analysis of the types of claims and remedies available where a bank has made an unauthorised transfer out of its client’s account. The Board held that, where … Read more
In a significant decision for boards seeking to grapple with how to respond to the impact of climate change on their company’s business, the High Court has refused permission for ClientEarth, a minority shareholder in Shell plc, to continue a derivative action on behalf of the company against its directors (the Directors) under s.261(1) of … Read more
In the recent decision of Celestial Aviation Services Ltd v UniCredit Bank AG (London Branch) [2023] EWHC 663 (Comm), the High Court has considered two Part 8 claims heard together which concerned the impact of UK, EU and US sanctions on payment obligations under several standby letters of credit (LoC). In a first instance decision … Read more
The High Court has discharged an interim proprietary injunction against the cryptocurrency exchange Binance which required it to preserve certain cryptocurrency that the claimant, the alleged victim of a cryptocurrency fraud, claimed to be able to trace to the exchange: Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch). There have been a number of … Read more
