Lexis®PSL Restructuring and Insolvency monthly highlights—July 2016

Lexis®PSL Restructuring and Insolvency monthly highlights—July 2016

This month’s highlights include: analysis of the decision in the Marme Inversiones 2007 SL case and whether the decision clarifies the relationship between the Insolvency Regulation and Brussels I, a timing announcement in relation to the Insolvency Rules 2016 and consideration of directors’ duties as a company approaches insolvency, plus a round up of other interesting cases and developments.

Headlines (News updates & analysis)

Carving out irreconcilable judgments under the Insolvency Regulation

Marme Inversiones 2007 SL v The Royal Bank of Scotland plc and others The Royal Bank of Scotland plc v Marme Inversiones 2007 SL [2016] EWHC 1570 (Comm), [2016] All ER (D) 182 (Jun)

Richard Bunce, partner and James Matthews, associate, at Simmons & Simmons LLP, examine in detail the judgment in the Marme Inversiones 2007 SL case and assess whether the decision clarifies the relationship between the Insolvency Regulation and Brussels I.

For further details, see News Analysis: Carving out irreconcilable judgments under the Insolvency Regulation.

Timing announcement for the Insolvency Rules 2016

At the event on 26 July 2016, Insolvency Live!, the Insolvency Service advised that there will be a six-month lead in to the commencement of the new Insolvency Rules 2016 in April 2017, subject to Ministerial approval.

For further details, see News Analysis: Timing announcement for the Insolvency Rules 2016.

When must directors start to consider the interests of creditors as a company approaches insolvency?

BTI 2014 LLC v Sequana SA & others, BAT Industries plc v Sequana SA and another [2016] EWHC 1686 (Ch), [2016] All ER (D) 96 (Jul)

The recent case of BTI 2014 LLC v Sequana SA & Ors considers the circumstances in which the directors of a company are required to consider the interests of creditors and the extent to which the payment of a dividend by a company can be susceptible to challenge under section 423 of the Insolvency Act 1986.

For further details, see News Analysis:

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