Legal Updates

The Supreme Court's judgment in BTI v Sequana is long-awaited, and welcome. The court has confirmed that directors do have a common law creditors' duty, and that it works on a sliding scale basis.

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This long-awaited judgment will be greeted with a sense of relief by both practitioners and directors because it does not materially change the point in time when the duty is triggered.  Coming at a time when we are starting to see an increase in distress as a consequence of a storm of geo-political and economic pressures, this is reassuring.  We now have confirmation that there is a common law creditors' duty and that it works on a sliding scale basis. Olga Galazoula

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