Jurisdiction(s):
United Kingdom

Restructuring and Insolvency weekly: Model Articles sole director ruling; sanctions and administration; pensions inalienability; BBL director bans; insurer contribution rights; CRI Dec 2024; key regulatory dates — 12 December 2024

Published on: 12 December 2024

Published by a LexisNexis Restructuring & Insolvency expert

Legal News

Article summary

In this issue:

Key R&I law developments
Pensions and insolvency
Directors and insolvency
Insurance and insolvency
Daily and weekly news alerts
Corporate Rescue and Insolvency (December 2024 edition)
Key dates for restructuring and insolvency professionals

Key R&I law developments

High Court elucidates, in particular, the status of sole directors under the Model Articles and the complex relationship between UK sanctions rules and the in‑court appointment of administrators (Re KRF Services (UK) Ltd). This High Court decision—addressing two significant issues in UK company law and the sanctions framework—will be of interest to insolvency practitioners, corporate and restructuring counsel, sanctions specialists, and businesses and individuals affected by sanctions. First, it clearly settles how the Model Articles apply to single directors of private limited companies. The court held that a sole director may validly and lawfully take board decisions and bind the company, whether they have always acted alone or previously served on a larger board. This interpretation resolves the tension between Articles 7(2) and 11(2) of the Model Articles, with the court expressly favouring Article 7(2). Secondly, the judgment explores how UK sanctions regulations interact with the in‑court appointment of administrators in practice. The court...

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