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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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In the recent decision of Euronav Shipping NV (Euronav) v Black Swan Petroleum DMCC (BSP) [2024] EWHC 986 (Comm) (the Judgment), the English Commercial Court has underscored the role of comity in international disputes.
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