News & Events

Directors Duties

Delegation not abdication: directors’
duties under scrutiny in syndicated loans

In syndicated lending it is common for lenders to delegate functions to an Agent and equally common for companies within a group to authorise the parent to act on their behalf. That has ramifications for the directors of the delegating companies – and for the directors of the delegate. This article, written by Helen Pugh, considers the issues which may arise. A common feature of syndicated loans is the role of Agent and the delegation bycompanies of functions in connection with the syndicated loans. In most cases, delegation will be a lawful and commercially pragmatic act. But there are pitfalls for the unsuspecting director who remains personally responsible for discharging his director’s duties to the company. Delegation should be thoroughly…

News 12 May, 2022

Lydia Seymour successful in Court of Appeal case CRAFT v Pope & Ors

Lydia Seymour recently acted for the successful Respondent in CRAFT v Pope & Others [2022] EWCA Civ 22, which considered the extent to which a company could subsequently challenge the decisions of sole Directors and Members to award themselves company property.  CRAFT brought claims for breach of directors’ duties and breach of fiduciary duty against its former directors/members who had awarded themselves company property in circumstances in which the company’s constitution prevented distribution of its assets. The Defendants had asserted that they could not be in breach of any duty to the company because the interests of the company should be equated to the interests of the sole members/directors, and further that the company could not bring any claim in…

News 9 Feb, 2022

Suspension of wrongful trading provisions to ease COVID-19 fallout – not a panacea for directors

In more Covid-19 related business news, the Government will amend the UK Insolvency Act 1986 to temporarily suspend provisions relating to wrongful trading by UK directors to help them to tackle these extreme trading conditions without the threat of personal liability. Saaman Pourghadiri has collaborated with Meriel Hodgson-Teall and Daniel Mills of Enyo Law to analyse the proposed suspension of wrongful trading provisions & Directors continuing liabilities and duties. Amongst a set of far-reaching new measures designed to ease the pressures and impact of the COVID-19 pandemic on UK businesses, the UK Government recently announced its intention to temporarily suspend provisions relating to wrongful trading by directors of UK companies. The measures, implemented by way of amendment to the UK…

Covid-19 28 Apr, 2020

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