Mondaq Asia Pacific: Insolvency/Bankruptcy, Re-structuring
Mayer Brown JSM
In a case of importance to foreign representatives of foreign debtors seeking the assistance of US courts pursuant to chapter 15 of the Bankruptcy Code, the US Court of Appeals for the Second Circuit has held that the debtor eligibility requirements of section 109(a) of the US Bankruptcy Code apply in cases under chapter 15 as they would in cases under other chapters of the Bankruptcy Code.
Clayton Utz
A forbearance arrangement will ensure that both lender and customer are aligned on the proposed turnaround or workout.
Rockwell Olivier
The service of a statutory demand could be the first step towards placing an insolvent company into liquidation.
Clayton Utz
Amendments to Australia's corporate insolvency laws may be considered to encourage and facilitate corporate turnarounds.
KordaMentha
Mirabela Nickel Limited has just undergone an Australian first in terms of restructuring through insolvency.
Swaab Attorneys
The administrator of a company under administration must convene a meeting of creditors within the convening period.
Clyde & Co
Hainan PO Shipping was established by Hainan State-owned Assets Supervision and Administration Commission in 2009.
Sheppard Mullin Richter & Hampton
Understanding your rights as a creditor while navigating under China’s bankruptcy laws is becoming a must these days, especially for foreign creditors.
Shine Wing
This article highlights the key provisions in this 2nd Interpretation and the distinction between this Interpretation and the relevant Hong Kong insolvency provisions.
Tanner De Witt
This update considers recent cases that clarify the statutory structure applying to a provisional liquidator’s remuneration.
Tanner De Witt
An unfair preference claim is a powerful tool for liquidators to recover assets of the company when a creditor’s position has been unfairly improved by the company prior to its winding up.
Tanner De Witt
The May 2010 decision of Harris J in Re Cyberworks Audio Video Technology Ltd [2010] caused some excitement among the insolvency community in Hong Kong.
Mayer Brown JSM
On a recent Mayer Brown JSM application (on behalf of the Liquidators of one of the Lehman Brothers entities) to reduce and expunge proofs of debt, the Hong Kong High Court has ruled that creditors who receive an overpayment of dividends due in respect of a proof of debt which has been "improperly admitted" (rule 96, Companies Winding-Up Rules) must give credit for those overpayments before receiving further dividends in the liquidation (Re Lehman Brothers Commercial Corp Asia Ltd ("LBCCA") [20
Mayer Brown JSM
Following our previous legal update on substituted service of a statutory demand against an individual, the Court of Appeal’s recent decision in "FWD Life Insurance Co (Bermuda) Ltd v. Chan Kim Fai" sheds light on the requirement of Rule 59 of the Bankruptcy Rules for substituted service of a bankruptcy petition.
Mayer Brown JSM
Did you know that dispositions of property of a solvent company made after the commencement of a winding-up will unlikely be disturbed unless it can be demonstrated that the disposition is not in the interests of the company?
Mayer Brown JSM
As we pointed out in our Legal Update of 30 January 2014 ("New Companies Ordinance – Old Winding Up and Insolvency Regime"), the new Companies Ordinance for Hong Kong (Chapter 622) is scheduled to take effect from 3 March 2014 but it will not cover the winding-up and insolvency regime.
Mayer Brown JSM
Did you know that in the recent matter of "Chan Kam Cheung v. Sun Light Elastic Ltd & Another" the petitioner's alternative remedy for winding-up was struck out by the court?
Mayer Brown JSM
The existing provisions on the winding up of companies in Hong Kong will continue to operate after the new Companies Ordinance comes into effect, which is expected to be on 3 March 2014.
Mayer Brown JSM
Did you know that a major shareholder can obtain relief pursuant to section 168A of the Companies Ordinance (Cap 32) (CO), a provision traditionally used by minority shareholders to seek an alternative remedy to winding-up in cases of unfair prejudice?
Mayer Brown JSM
In the bankruptcy proceedings in respect of Mr Gabriel Ricardo Dias-Azedo (the "Bankrupt"), the Court of First Instance recently exercised its discretion under sections 37(2) and 97 of the Bankruptcy Ordinance (Cap. 6) (BO) in favour of two creditors and granted them a priority claim against the Bankrupt's estate for their costs in preserving his assets incurred before receiving notice of the bankruptcy petition.
Most Popular Recent Articles
Singh & Associates
Section 530 under the Chapter V of Part VII of the Companies Act, 1956 provides for the sequence of the payments which shall be made in the course of winding up of a company.
CBP Lawyers
Liquidation or winding-up is the process when a company's assets are liquidated and a company is closed or deregistered,.
KordaMentha
Mirabela Nickel Limited has just undergone an Australian first in terms of restructuring through insolvency.
Clayton Utz
Provided a liquidator is acting properly, he or she is entitled to be paid fees in priority to a secured creditor.
Rockwell Olivier
The service of a statutory demand could be the first step towards placing an insolvent company into liquidation.
Nishith Desai Associates
A foreign decree has to satisfy the test prescribed by Section 13 of the CPC for it to be conclusive and executed in India.
Swaab Attorneys
The administrator of a company under administration must convene a meeting of creditors within the convening period.
Chapman Tripp
As New Zealand inches toward a more regulated insolvency regime, Australian court decisions may become more relevant here.
Clayton Utz
Amendments to Australia's corporate insolvency laws may be considered to encourage and facilitate corporate turnarounds.
Shine Wing
This article highlights the key provisions in this 2nd Interpretation and the distinction between this Interpretation and the relevant Hong Kong insolvency provisions.
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