Breach of trust, directors and corporate trustees: multiple derivative claims following McGaughey v USS – Wilberforce Chambers

‘It is commonplace now for the trustee of almost any sort of trust to be a company, and for the individuals who may colloquially be referred to as “the trustees” to in fact not be trustees at all, but to be the directors of the trustee company. Occupational pension schemes have been particularly keen adopters of this structure. In some respects it makes little difference to the beneficiaries: the trustee is the trustee, whether an individual or a company. But when the individuals involved are alleged to have acted in breach of their duties, the corporate structure allows for more complex claims than the ordinary breach of trust claim that would be brought against individual trustees.’

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Wilberforce Chambers, 20th December 2022

Source: www.wilberforce.co.uk

Covid loans secrecy is in the public interest, tribunal rules – Law Society’s Gazette

‘The public interest in preventing prejudice to commercial interests trumps the public interest in publishing details of recipients of emergency Covid loans, the First Tier Tribunal has ruled. In Spotlight on Corrupton & Anor v The Information Commissioner & The British Business Bank, tribunal judge Sophie Buckley rejected two appeals against the information commissioner’s decision not to require the British Business Bank to identify all the businesses that had taken out loans under four government schemes during the pandemic.’

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Law Society’s Gazette, 6th January 2023

Source: www.lawgazette.co.uk

Names of UK Covid business loan borrowers to stay secret, tribunal rules – The Guardian

Posted January 6th, 2023 in anonymity, company law, coronavirus, fraud, government departments, loans, news by tracey

‘The British government has been given the go-ahead to keep concealing the names of companies that received in total more than £47bn in state-backed Covid loans, after a tribunal ruled in its favour.’

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The Guardian, 5th January 2023

Source: www.theguardian.com

‘Smash ‘n’ grab’ claims the most common for UK adjudicators – OUT-LAW.com

Posted December 2nd, 2022 in company law, dispute resolution, news by tracey

‘”Smash ‘n’ grab” claims are the most common currently being dealt with by adjudicators in the UK. They are usually straightforward to deal with but some recent cases provide valuable lessons for companies caught up in them.’

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OUT-LAW.com, 2nd December 2022

Source: www.pinsentmasons.com

UK high court approves Bulb takeover by Octopus Energy – The Guardian

Posted December 2nd, 2022 in administrators, company law, energy, insolvency, judicial review, news by tracey

‘The takeover of the collapsed energy supplier Bulb in a deal which would create the UK’s third largest gas and electricity provider has been approved in a London court.’

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The Guardian, 30th November 2022

Source: www.theguardian.com

Meta seeks government protection from Rees-Mogg’s EU law bonfire – The Guardian

Posted November 25th, 2022 in bills, brexit, company law, EC law, internet, news by tracey

‘Facebook and Instagram have asked for government protection from Jacob Rees-Mogg’s bonfire of up to 4,000 EU laws on post-Brexit statute books. In a letter to a parliamentary committee to be published on Friday, the parent group, Meta, asks that laws underpinning social media firms are either “explicitly maintained elsewhere” or “removed from the scope” of the retained EU law (revocation and reform) bill.’

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The Guardian, 25th November 2022

Source: www.theguardian.com

Chancellor of the High Court – Combar Lecture 2022 – Courts & Tribunal Judiciary

‘On 16 November 2022 the Chancellor of the High Court, Sir Julian Flaux, delivered the 2022 Combar Lecture entitled “Is commercial litigation going green? Environmental and greenwashing claims and how they will shape the law.”’

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Courts & Tribunal Judiciary, 18th November 2022

Source: www.judiciary.uk

Law Commission seeks views on decentralised autonomous organisations (DAOs) – Law Commission

‘The Law Commission has launched a call for evidence asking users and other experts for information about how decentralised autonomous organisations – DAOs – can be characterised, and how the law of England and Wales might accommodate them now and in the future.’

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Law Commission, 16th November 2022

Source: www.lawcom.gov.uk

SFO secures record penalty in Glencore bribery case – Law Society’s Gazette

Posted November 4th, 2022 in bribery, company law, confiscation, costs, fines, news, sentencing, Serious Fraud Office by tracey

‘The UK subsidiary of commodities trader Glencore was today ordered to pay £281 million in a fine, confiscation order and costs in the largest ever such penalty in a corporate criminal conviction. Glencore is the first business to be convicted under the Bribery Act 2010 for the active authorisation of bribery rather than a failure to prevent it.’

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Law Society's Gazette, 3rd November 2022

Source: www.lawgazette.co.uk

No cause of action at common law for wrongful eviction – Nearly Legal

Posted October 17th, 2022 in company law, housing, insolvency, landlord & tenant, liquidators, news, repossession by sally

“The Brake v Axnoller litigation reaches the Court of Appeal again, this time on the unlawful eviction claim concerning the cottage, which the Brakes had lost at first instance. In what is the stamp of this sprawling array of litigation, there are some deeply recherché issues of law. In a development that is less common, the Brakes partly won – though what the significance of this is remains deeply unclear.”

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Nearly Legal, 16th October 2022

Source: nearlylegal.co.uk

Supreme Court rules on creditor duty – Law Society’s Gazette

“The Supreme Court has handed down a significant judgment in BTI 2014 LLC v Sequana SA. It addresses the existence, substance and circumstances of the ‘creditor duty’ – the duty of company directors to consider or act in accordance with the interests of companies’ creditors in the context of prospective insolvency.”

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Law Society's Gazette, 14th October 2022

Source: www.lawgazette.co.uk

New Judgment: BTI 2014 LLC v Sequana SA and others [2022] UKSC 25 – UKSC Blog

‘This appeal raised questions of considerable importance for company law. It provides the first opportunity for the Supreme Court to consider the existence, content and engagement of the so-called “creditor duty”: the alleged duty of company directors to consider, or to act in accordance with, the interests of the company’s creditors when the company becomes insolvent, or when it approaches, or is at real risk of, insolvency.’

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UKSC Blog, 5th October 2022

Source: ukscblog.com

Kwarteng blocks takeover of Pulsic by Hong Kong rival over security concerns – The Guardian

Posted August 19th, 2022 in China, company law, government departments, Hong Kong, news by tracey

‘The UK has blocked the takeover of an electronic design company by a Hong Kong rival over national security concerns, in the latest sign of growing British anxiety about Chinese investment.’

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The Guardian, 18th August 2022

Source: www.theguardian.com

English courts increasingly grappling with complex crypto disputes – OUT-LAW.com

Posted August 5th, 2022 in company directors, company law, cryptocurrencies, dispute resolution, news by tracey

‘The English courts have adapted quickly to increasingly complex disputes involving crypto assets, a legal expert has said, following a recent ruling in a dispute over the ownership of an account worth roughly £30 million.’

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OUT-LAW.com, 5th August 2022

Source: www.pinsentmasons.com

Banned Russian oligarchs exploited UK secrecy loophole – BBC News

Posted August 4th, 2022 in anonymity, company law, money laundering, news, partnerships, Russia by tracey

‘Sanctioned Russian oligarchs from Vladimir Putin’s inner circle exploited a UK secrecy loophole left open by the government. Arkady and Boris Rotenberg – judo partners of the Russian president – used a type of company that was not required to identify its real owners.’

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BBC News, 3rd August 2022

Source: www.bbc.co.uk

Setting up a branch or subsidiary of an overseas business in the UK – EIN Blog

Posted July 4th, 2022 in company law, employment, immigration, news, visas by tracey

‘There is no specific visa requirement for anyone who wants to register a business in the UK. However, this is not the same as working for or on behalf of the business.’

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EIN Blog, 30th June 2022

Source: www.ein.org.uk

FTH v Varis Developments – adjudication and insolvency meet head on again – Practical Law: Construction Blog

‘In its decision in Bresco v Lonsdale, the Supreme Court confirmed that insolvent companies have the statutory and contractual right to adjudicate construction disputes, even if that claim is affected by insolvency set-off.’

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Practical Law: Construction Blog , 29th June 2022

Source: constructionblog.practicallaw.com

Goodbye greenwash! How the law is being used to force corporates to act on climate change – Mills & Reeve

‘Organisations and their leaders will increasingly face the financial and reputational consequences of climate change inaction, believes Alice Garton, director of global legal strategy at the Foundation for International Law for the Environment (FILE).’

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Mills & Reeve, 10th June 2022

Source: www.mills-reeve.com

Law Commission sets out options to Government for reforming how companies are convicted of criminal offences – Law Commission

Posted June 13th, 2022 in company directors, company law, criminal justice, Law Commission, news by tracey

‘The Law Commission has today published its options for the Government for how it can improve the law to ensure that corporations are effectively held to account for committing serious crimes.’

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Law Commission, 10th June 2022

Source: www.lawcom.gov.uk

Anti-money laundering proposals ‘uninspired and insipid’, say MPs – The Guardian

Posted June 10th, 2022 in company directors, company law, fraud, Law Commission, money laundering, news by sally

‘Law Commission proposals to make directors more accountable for economic crimes at the companies they oversee have been condemned as a “thundering disappointment”.’

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The Guardian, 10th June 2022

Source: www.theguardian.com