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This judgment, Manolete Partners Plc v Rutter & Anor [2022] EWHC 2552 (Ch), offers an important reminder that directors must adhere to their statutory duties under the Companies Act 2006 and maintain scrupulously accurate financial records, particularly where insolvency looms. The case, pursued by Manolete Partners following assignment of claims by the liquidator, highlig...
This judgment ([Manolete Partners plc v Mohammed Jawed Karim & Others [2024] EWHC 2053 (Ch)]) reinforces the principles governing directors’ fiduciary and statutory duties under sections 171 to 174 of the Companies Act 2006 and the creditors’ duty clarified in [BTI 2014 LLC v Sequana SA [2022] UKSC 25]. Deputy Judge Richard Spearman KC found that the d...
Compulsory liquidation arises when a court issues a winding-up order, typically following a creditor’s petition for unpaid debts exceeding £750, forcing the closure of an insolvent UK limited company. HMRC issues more petitions for unpaid taxes than all other creditors combined. Directors immediately lose authority over company operations and assets, with ...
Master Cook’s judgment in Chinda v Cardiff & Vale University Health Board EWHC 2696 (KB) provides an important clarification on the strict limits surrounding the withdrawal of Part 36 offers once accepted. This case highlights that a mere change of mind, even by a vulnerable claimant suffering severe neurological injury, does not meet the threshold for &ldqu...
The Court of Appeal’s landmark decision in Tulip Trading Ltd v van der Laan & Ors [2023] EWCA Civ 83 marks a significant development in digital asset law, addressing whether blockchain developers can be fiduciaries to crypto owners. The case, concerning billions of dollars’ worth of Bitcoin lost in an alleged hack, raises novel questions at the interse...
