Collas Crill’s Post

“No matter where they are organized or what industry they operate in, officers and directors of companies have certain fiduciary duties to the companies they manage and oversee. Among those is a duty of loyalty, which requires officers and directors to put the company’s interests before their own when making decisions on behalf of the company. Breaches of the duty of loyalty can take many forms – usurping a corporate opportunity for your own benefit, using private corporate information for personal gain, and taking a personal interest in transactions between the company and another party. The last one is among the issues being investigated in Red Lobster’s recent bankruptcy filing as the company alleges its former Interim CEO, Paul Kenny, made decisions on behalf of Red Lobster that ultimately benefited a breaded shrimp supplier (at which supplier’s request, Kenny was installed in his position as Interim CEO), to the detriment of Red Lobster. If the allegations are well founded, Kenny, and any other director or officer who participated or assisted in the breach of Kenny’s duties, could be personally liable for all of the financial damages resulting from his actions.” Said BAST AMRON LLP partner Dana Quick regarding a recent article published by Law360. https://lnkd.in/gk_aMCJd #insolvencylitigators #insolvencyandbankruptcy #insolvencyandrestructuring #Bankrutpcyinsights  

Andrea Baroni of Capital Trustees comments the #Singaporean court case Dolce Vita Fine Dining Company Limited v Zhang Lan and others [2022] SGHC 278 regarding the #familytrust established by the Chinese entrepreneur Ms. Zhang Lan, in which the judge determined that the bank account assets purportedly owned by the trust were in fact #beneficially owned by Ms. Zhang, the settlor. The Zhang Lan case is a timely reminder of the #trustees’responsibilities to have in place the right #governance structure for power sharing/function delegation between relevant trust parties, and to properly document all relevant administrative activities such as operating a bank account. Whilst it’s understandable that sometimes clients would wish to control the operation of their trusts as much as they want, it’s part of the trustee’s job to warn them on the practical limits of such control. To the extent that certain control by the client is possible and indeed institutionalized in the governance structure of #discretionarytrusts, the trustee remains the ultimate party accountable for any decision made concerning the disposition of the trust fund. https://lnkd.in/dYvdg8cJ

Following the well publicised Cheese scandal, a local Suffolk business trading in artisan Salmon has been scammed and lost £37,000. A significant loss for a small business. Traders in high end product need to take extra precautions when receiving large orders from new customers. Now is a good time to review your processes and to consider an external review of your internal controls. https://lnkd.in/eHbVawFv #fraudalert #fraud #internalaudit #scam #businessfraud #forensicaccountant

The food service industry is suffering tremendously and no one seems to be spared, not even big, well-established chains who have been around for decades!   This trend spreads across to many other industries too.   Be prepared whether a debtor or creditor and know your rights and possible solutions or remedies.   Reach out to us at MANIS LAW for assistance and advise as you try to understand how to navigate these very difficult matters!

𝐆𝐚𝐭𝐞𝐡𝐨𝐮𝐬𝐞 𝐂𝐡𝐚𝐦𝐛𝐞𝐫𝐬’ 𝐈𝐧𝐬𝐨𝐥𝐯𝐞𝐧𝐜𝐲 𝐓𝐞𝐚𝐦 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐡𝐨𝐬𝐭𝐢𝐧𝐠 𝐭𝐡𝐞𝐢𝐫 𝐧𝐞𝐱𝐭 𝐢𝐧-𝐩𝐞𝐫𝐬𝐨𝐧 𝐬𝐞𝐦𝐢𝐧𝐚𝐫 𝐨𝐧 5 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 2024. ⚖ When the Supreme Court delivered its long-awaited decision in BTI 2014 LLC v Sequana SA [2022] UKSC 25, many wondered just how the principles outlined in that case might be applied in practice. The recent decisions in the BHS case, Wright v Chappell [2024] EWHC 1417 (Ch) and [2024] EWHC 2166 (Ch), have caused quite a stir in this regard. 🏢 In this seminar, the issues arising out of this case and what they mean for the future of the Sequana creditor duty will be analysed by a distinguished panel drawn from the Gatehouse Chambers Insolvency Team, consisting of Alaric Watson, Jonathan Titmuss, Charles Raffin, Phillip Patterson, Aileen McErlean, Ryan Hocking and Adam Smith-Roberts. 🥂 The seminar will be followed by a drinks reception at our office in Gray’s Inn. 📝 Please sign up here https://bit.ly/3ZShUuc 📧 If you have any questions, please email events@gatehouselaw.co.uk. 𝐓𝐢𝐦𝐢𝐧𝐠𝐬 3.45pm – registration 4pm – presentations 4.45pm – refreshments 5pm – presentations 5.45pm – Q&A 6pm – drinks reception #insolvency #restructuring #insolvencylaw #insolvencybarristers #sequana #BHS #creditors

Coming to you live from the beautiful Bellagio at Day 2of MTMP. Are you at MTMP? Let's connect. I will be at the Starbucks from 8-9 local time and then around all day at the hall. Send me a message to meet in person. A packed day at MTMP with a full agenda. Day 2 of MTMP focuses on smaller Mass Tort specific meetings and sessions. Some of the key sessions today are: Depo Provera - this new Mass Tort has everyone buzzing and there are a lot of victims out there that need our help. Weight Loss - leadership will be speaking on case criteria and litigation updates. Talc - those litigating J&J's third bankruptcy will provide updates on where things stand. PFAS - my #2 Mass Tort in the Power Rankings where we will hear about both the Class Action and individual Plaintiff cases. #joedoeslaw #masstorts #mtmp

Connell Foley litigation partner Margot Wilensky recently delivered a presentation discussing language that is critical for retail establishments to include in their contracts at USLAW NETWORK, Inc.'s 2024 Retail and Hospitality Industry Executive Risk Forum in Ohio. Participants received #CLE credit. Click here to learn more: https://lnkd.in/gVmRkvKr #RetailLaw #ContractLaw #HospitalityLaw

ASIC released its insolvencies results for the last financial year recently and confirmed what you might have known - the construction industry followed by food and accommodation were the two hardest hit industries. Sadly a popular Adelaide pizza chain has just quietly folded. I wonder if anyone is providing outplacement support to all the employees directly impacted by insolvencies in Adelaide. If you are an insolvency practitioner - do let me know if any help is provided to employees in this situation. I'd hate to think they have no support to find their next role. #insolvency #redundancy #insolvencies #insolvencysupport #redundancies #lostjob

Lawlessness is at its peak.

As the adage goes, if it sounds too good to be true, it usually is. Anything with “guaranteed returns” should be a major 🚩 Many much larger businesses (you've probably seen their ads) are touting similar claims... at this stage, they seem to be getting away with robbery in broad daylight. A public shared, immutable ledger that facilitates and records transactions in real-time will definitely help here in the long term but the first step has to be stricter regulations and consumer protection both in The U.K. and in Ireland. #caskinvestment #drinksindustry #whiskey #whisky