- Challenging lawful dividend payment as a transaction defrauding creditors and for breach of directors’ duties (BTI 2014 LLC v Sequana SA and others; BAT Industries plc v Sequana SA and another)
- What are the practical implications of the decision?
- What was the background?
- What did the Court of Appeal decide?
Restructuring & Insolvency analysis: Ciaran Keller, barrister at Essex Court Chambers, discusses the practical implications of the judgment in BTI 2014 LLC v Sequana SA and others, BAT Industries plc v Sequana SA and another, which clarifies, with respect to a lawful dividend payment, when remedial relief under section 423 of the Insolvency Act 1986 (IA 1986) may be granted and when directors’ duties to have regard to the interests of creditors (the creditors’ interests duty) may apply.
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