United States:
The Supreme Court Of The United Kingdom Recognises "Creditor Duty" In Momentous Decision—but Many Questions Remain
31 October 2022
Debevoise & Plimpton
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Key takeaways:
- In what it called a "momentous" decision, the Supreme
Court of the United Kingdom has confirmed that directors
must take into account the interests of creditors
when the company is insolvent.
- Although the Court provided some guidance on when prior to
actual insolvency directors are required to consider creditors'
interests, there remains some uncertainty over when the duty
arises, and its content and scope.
- This uncertainty leaves directors of UK companies (and
potentially those in other jurisdictions where the law tends to
follow or adopt UK common law) in a potentially tricky
position.
- Our article analyses what is now clear, identifies what issues
still need consideration and suggests some practical guidance for
directors to consider.
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The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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