Publication
International Restructuring Newswire
Welcome to the Q2 2025 edition of the Norton Rose Fulbright International Restructuring Newswire.
Former BHS directors found liable for wrongful trading
United Kingdom | Publication | June 2024
Two former BHS directors, Lennart Henningson and Dominic Chandler, have been fined more than £18m following a High Court ruling that they had breached their fiduciary duties ahead of the company’s collapse in April 2016.
The case was brought forward by the liquidators, who accused the directors of wrongful trading, misfeasance, and breach of statutory and fiduciary duties in the year running up to the retailer’s administration.
In the High Court, Judge Leech ordered the directors to pay £6.5m each after it found they were liable for wrongful trading and misfeasance between March 2015 to April 2016. They were also ordered to pay a further £5m for breaching their corporate duties by continuing to trade rather than entering an insolvency process.
Former BHS owner Dominic Chappell, who returned to jail in March over breaching licence conditions, also had the same claims brought against him but was unable to attend the trial due to ill health. The claims against him will be considered further later this month.
Partner
Email
lesley.browning@nortonrosefulbright.com
Recent publications
Publication
UK MAR: Navigating disclosure obligations in uncertain markets
In the current geopolitical climate, with the imposition of tariffs and associated macroeconomic uncertainty, publicly traded companies across sectors will need to consider the potential impact on their business in the context of their ongoing disclosure obligations.
Publication
Secondary capital raising regime
In July 2022 the UK Secondary Capital Raising Review published its report (Report) setting out a series of bold and wide-ranging recommendations for improving the secondary capital raising regime in the UK designed to make it quicker, more flexible, more inclusive of retail investors and more cost-effective, as well as moving towards digitisation and making better use of technology.
Subscribe and stay up to date with the latest legal news, information and events . . .