The Weekly Law Reports
[2022] 3 WLR 709
Supreme Court
BTI 2014 LLC v Sequana SA and others
[2022] UKSC 25
2021 May 4, 5; 2022 Oct 5
Lord Reed PSC, Lord Hodge DPSC, Lord Briggs, Lord Kitchin JJSC, Lady Arden
Company— Director— Breach of duty— Company becoming insolvent after payment of substantial dividend— Company bringing claim against directors for breach of averred duty to act in interests of company’s creditors— Whether duty existing— Point at which duty engaged— Content of duty— Whether duty conflicting with shareholder ratification principle and statutory provisions relating to unlawful trading and preferences— Whether applying to payment of lawful dividend—
Companies Act 2006 (c 46), s 172(3)