The WLR Daily case summaries
[2016] WLR (D) 388
Chancery Division
BTI 2014 Llc v Sequana SA and others
BAT Industries plc v Sequana SA and another
[2016] EWHC 1686 (Ch)
2016 Feb 23–26, 29; March 1–4, 7–11, 14–18, 21, 22, 23; April 5–8, 11–14, 22, 25–20; July 11
Rose J
Company— Powers— Distribution of profits— Reduction in company’s share capital supported by solvency statement signed by directors— Director declaring dividends— Whether in circumstances directors had been entitled to sign solvency statement— Whether dividends lawful— Whether directors in breach of duty to creditors— Whether company unable to pay its debts—
Companies Act 2006 (c 46), ss 643, 172(3)
Insolvency— Transaction at an undervalue— Purpose of transaction— Directors authorising distribution by way of dividend— Whether dividend “transaction”— Purpose in declaring dividend—
Insolvency Act 1986 (c 45), s 423