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Law360, Expert analysis: 2024 saw a number of developments in European restructurings that will shape how the market responds in 2025. Inga West, counsel, at Ashurst LLP focuses on three notable developments: the evolution of directors' duties in the UK and how they compare in other European jurisdictions, the use of cramdown restructuring tools in the UK and Spain, and the emergence of aggressive liability management exercises in Europe together with strategies creditors can use to defend against them.
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Can a director, who personally settles a company’s debt as a result of a personal guarantee they provided, then reclaim from the company in administration the sums they paid under the guarantee for the amount the company owed to the creditor?For general guidance on guarantor rights, see Practice
How can a director be disqualified as a company director?There are various ways in which a director can be disqualified from acting as a director of a limited liability company. The most common of these is to be disqualified for 'unfit conduct' as a director of an insolvent company under section 6
What constitutes unfitness under section 6 of the Company Directors Disqualification Act 1986?Section 6 of the Company Directors Disqualification Act 1986Section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986) provides that:•'the court shall make a disqualification order against a
A company director is subject to disqualification proceedings as a result of selling assets of the company, which led to the insolvency of the company. The sale was effected following legal advice, which is privileged, and the liquidators have taken control of the company's privilege. Can the lawyer
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