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In BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 (Sequana) the UK’s highest court, the Supreme Court (the Court), has considered for the first time the circumstances in which directors are required to consider the interests of creditors in carrying out their fiduciary duty to act in good faith in the interests of the company.

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Tags: bankruptcy, corporate law, creditor duty, fiduciary duty, GT Insight, insolvency, Supreme Court
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Photo of Hannah Blom-Cooper Hannah Blom-Cooper

Hannah is a highly experienced commercial litigator representing individuals and corporations in relation to high-value and complex disputes which frequently involve multiple jurisdictions.

Hannah focuses in the area of disputes arising from business failure and formal insolvency process whether domestic or foreign. Hannah…

Hannah is a highly experienced commercial litigator representing individuals and corporations in relation to high-value and complex disputes which frequently involve multiple jurisdictions.

Hannah focuses in the area of disputes arising from business failure and formal insolvency process whether domestic or foreign. Hannah also provides clear and practical advice on asset recovery and asset protection both for creditors and debtors.

Hannah frequently acts for directors in the context of delinquent businesses where serious allegations of fraud and misconduct are made by the company, shareholders, creditors or an office holder –these will include claims for wrongful or fraudulent trading or disqualification proceedings. Hannah also acts for insolvency practitioners, both pre- and post-appointment, bankrupts, and companies subject to debt recovery.

Hannah is a highly experienced commercial litigator representing individuals and corporations in relation to high-value and complex disputes which frequently involve multiple jurisdictions.

Hannah focuses in the area of disputes arising from business failure and formal insolvency process whether domestic or foreign. Hannah also provides clear and practical advice on asset recovery and asset protection both for creditors and debtors.

Hannah frequently acts for directors in the context of delinquent businesses where serious allegations of fraud and misconduct are made by the company, shareholders, creditors or an office holder –these will include claims for wrongful or fraudulent trading or disqualification proceedings. Hannah also acts for insolvency practitioners, both pre- and post-appointment, bankrupts, and companies subject to debt recovery.

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Photo of John Houghton John Houghton

John Houghton, Co-Vice Chair of the firm’s Global Restructuring & Bankruptcy Practice and Chair of the London Restructuring & Bankruptcy Practice, advises creditors, sponsors, insolvent companies, directors and insolvency practitioners on virtually all areas of international restructurings, insolvency, and corporate rescues. He has…

John Houghton, Co-Vice Chair of the firm’s Global Restructuring & Bankruptcy Practice and Chair of the London Restructuring & Bankruptcy Practice, advises creditors, sponsors, insolvent companies, directors and insolvency practitioners on virtually all areas of international restructurings, insolvency, and corporate rescues. He has a substantial experience of restructuring via schemes of arrangement and the new restructuring process.

John is ranked in the Chambers UK 2024 guide for Restructuring & Insolvency. According to sources, “John is a fantastic commercial lawyer, he is thoughtful and creative,” and “he leads the team with top-class knowledge and experience.” Other commentators note that “he is excellent at explaining complex topics in simple English, and giving a clear and concise recommendation.” John is also recognised in the Restructuring & Insolvency Hall of Fame by The Legal 500 UK 2024, where he is described as “a calm lateral thinker with very good experience of complex restructuring and insolvency assignments.” Other sources note that “John is experienced, has great contacts and is a great problem solver.” In the 2023 edition, John was described as “highly commercial and proactive in getting transactions completed. He has a brilliant can-do attitude and has demonstrated great innovation in getting deals across the line.”

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Photo of Ian Jack Ian Jack

Ian Jack advises on a broad range of banking and finance transactions, including project finance, acquisitions finance and property financings, and restructurings. Ian has been recognized by Chambers UK and Legal 500 for his restructuring, project finance, and acquisition finance experience. Prior to

…

Ian Jack advises on a broad range of banking and finance transactions, including project finance, acquisitions finance and property financings, and restructurings. Ian has been recognized by Chambers UK and Legal 500 for his restructuring, project finance, and acquisition finance experience. Prior to joining Greenberg Traurig, Ian served as Co-Head of Global Restructuring & Insolvency at Baker & McKenzie and leader of its London practice.

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Photo of Rupert Cheetham Rupert Cheetham

Rupert Cheetham has a broad practice involving restructuring, insolvency and general finance transactions. Rupert advises on fully consensual work-out refinancing transactions, restructuring procedures such as UK schemes of arrangement, restructuring plans and company voluntary arrangements (CVAs), and formal insolvency proceedings. Rupert acts for…

Rupert Cheetham has a broad practice involving restructuring, insolvency and general finance transactions. Rupert advises on fully consensual work-out refinancing transactions, restructuring procedures such as UK schemes of arrangement, restructuring plans and company voluntary arrangements (CVAs), and formal insolvency proceedings. Rupert acts for banks, funds and other financial institutions, as well as sponsors, corporates, directors and insolvency practitioners.

Rupert is recognised for Restructuring & Insolvency in the 2024 edition of The Legal 500 UK, where he is described as “very experienced and solutions-oriented” and lauded for being “a good leader to the team.”

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Kevin Mulligan ‡

Kevin Mulligan is a member of the Restructuring & Bankruptcy Practice based in London and focuses on advising lenders, insolvency practitioners, real estate and opportunity funds, corporates, directors, creditors, and other stakeholders on a wide range of UK and cross-border restructuring and insolvency…

Kevin Mulligan is a member of the Restructuring & Bankruptcy Practice based in London and focuses on advising lenders, insolvency practitioners, real estate and opportunity funds, corporates, directors, creditors, and other stakeholders on a wide range of UK and cross-border restructuring and insolvency matters.

Kevin’s experience includes advising on distressed acquisitions, advising insolvency practitioners and other stakeholders in the course of formal insolvency processes, and advising lenders on security validity, enhancement, and enforcement, as well as debt and security restructuring.

Prior to joining Greenberg Traurig, Kevin was an associate in the restructuring team of a leading UK and international law firm.

‡ Admitted in Scotland. Not qualified in England and Wales.

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