Skadden, Arps, Slate, Meagher & Flom has triumphed in the U.K.’s Supreme Court in a landmark insolvency judgment.

Ruling in favour of Skadden’s client Sequana, a French paper merchanting company, the court dismissed an appeal by British American Tobacco, confirming the existence of a ‘creditor duty’, that a company’s directors owe a fiduciary duty to their creditors when the company nears insolvency.