News & Events

Helen Pugh

Andrew Short QC David E. Grant QC Helen Pugh Gus Bake

Four specialist barristers in landmark multiple derivative and ESG case

Andrew Short QC, David E. Grant QC, Helen Pugh and Gus Baker, of Outer Temple’s Pensions and Commercial team, have been instructed in a landmark multiple derivative and ESG case. In this case two members of one of the largest pension schemes in the UK made a novel attempt to obtain the court’s permission to bring a derivative claim against the directors of the corporate trustee of the pension scheme. In a detailed judgment dismissing the application, Mr Justice Leech provides welcome clarification on the test to be applied to multiple derivative actions. Such actions continue to be governed by the Foss v Harbottle common law test in contrast to single derivative actions which are now governed by the Companies Act 2006. Further, in one…

Commercial, News, Pensions 25 May, 2022

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…

Commercial, News 12 May, 2022

Breakthrough in access to justice for victims of crypto fraud

Asset Reality, Grant Thornton UK LLP, Outer Temple Chambers, Rahman Ravelli and Sandton Capital collaborate to help victims of crypto-related fraud overcome access to justice hurdles. While crypto-related fraud reached an all-time high in 2021, with illicit addresses receiving US$14bn over the course of the year*, up 79% on the previous year, matters brought before courts remain comparatively low, in large part due to a lack of funding options for otherwise meritorious lower-value claims. Under the new collaboration, Asset Reality, Grant Thornton UK LLP, Outer Temple Chambers, Rahman Ravelli have established a triage system for the initial assessment of claims, with investigatory and corporate intelligence expertise then deployed to contextualise claims for legal assessment. Meritorious claims will be assessed and…

Commercial, News, Financial Services 27 Apr, 2022

Glass Slipper

Helen Pugh acts for successful applicants in Re: Glass Slipper

Helen Pugh acted for the successful applicants, Crimson Flower Productions Ltd and others, who were seeking the maximum extension of 2 years to an existing extended civil restraint order in Re: Glass Slipper. The respondents were various companies within the ‘Glass Slipper group’ and their sole director who had persistently sought to re-litigate a dispute they had with Crimson Flower Productions Ltd arising out of the production of a Film in ‘Swan Lake’ by the Mariinsky Theatre, St Petersburg. That dispute had been decided definitively in favour of Crimson Flower, one of the applicants, a number of years ago in IPEC proceedings. Trower J’s order extending the ECRO demonstrates the flexibility and breadth of the ECRO jurisdiction. Noting there was…

Insolvency & Restructuring, News 15 Mar, 2022

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