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Although not directly concerned with directors’ liabilities, the recent Supreme Court judgment in Stanford International Bank Ltd v HSBC Bank PLC [2022] UKSC 34 (previously considered here) provides further clarity on the circumstances in which a distressed or insolvent company may seek to make claims against its directors. The key aspects affecting directors’ liabilities are … Read more
There has been no shortage of high-profile insolvencies in the crypto market in recent months across a range of market participants and geographies. These include the US Chapter 11 and Bahamas provisional liquidation of FTX as well as the US Chapter 11 filings of BlockFi, Singapore-based crypto hedge fund ThreeArrows Capital, US-based lender Celsius Network, … Read more
A much-anticipated Supreme Court judgment has confirmed the position as to when directors owe obligations to consider the interests of creditors, dismissing an appeal against the Court of Appeal decision in this case: BTI v Sequana [2022] UKSC 25. In its decision, a majority of the Supreme Court has: affirmed the existence of the duty … Read more
The UK is one of many countries which have introduced extensive sanctions against Russia, its individuals and entities in light of the military action in Ukraine which began on 24 February 2022. The application of the sanctions is generally limited to the territory of the UK and the conduct of UK persons (as defined) inside … Read more
On 28 July 2022, the Law Commission of England and Wales published a consultation paper on the recognition and protection of digital assets. The consultation paper recommends law reform to recognise a third category of personal property – referred to as ‘data objects’ – in addition to things in possession (such as physical objects) and things in … Read more
The Court of Appeal has confirmed that the High Court was right to restrict the assistance an English court could give to a Russian trustee in bankruptcy at common law, refusing to allow immoveable property situated in England to be administered by the trustee as part of the foreign bankruptcy proceedings: Kireeva v Bedzhamov [2022] … Read more
Following an ongoing dispute between two competing Boards of the Central Bank of Venezuela (BCV), both claiming to be appointed by the recognised President of Venezuela, the Supreme Court determined unanimously that: (a) Mr Guaidó is recognised by Her Majesty’s Government (HMG) as the constitutional interim President of Venezuela; and (b) Mr Maduro is not recognised … Read more
The High Court has published a summary of its findings on liability in the long-running USD$5 billion civil fraud action brought by the Hewlett Packard group in connection with its acquisition of the UK software company Autonomy Corporation Limited (“Autonomy”) in 2012. The claimants have “substantially succeeded” in their claims against two former Autonomy executives: ACL … Read more
The Court of Appeal has clarified how section 9 of the Defamation Act 2013 should be interpreted, finding that the requirement it introduced for the court to be satisfied that England is the most appropriate place to hear a libel dispute is merely a modification of the usual regime which applies where a claimant needs … Read more
