- South Square - https://southsquare.com -

BTI 2014 LLC v Sequana SA [2019] EWCA Civ 112: the Twilight Zone

In February this year, the Court of Appeal dismissed an appeal and cross appeal against the decision of Mrs Justice Rose in BTI 2014 LLC v Sequana SA. In doing so, the Court of Appeal provided welcome guidance on the approach to directors’ duties in the twilight zone before insolvency, and the circumstances in which the payment of dividends might constitute a transaction susceptible to challenge under Section 423 of the Insolvency Act 1986.