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.
Kemp Strang Lawyers
A successful action by the liquidators could leave the new owner of the RAPL business with a substantial liability.
Kemp Strang Lawyers
The appeal was by a liquidator seeking to claim an equitable lien on a fund, in priority to a secured creditor's charge.
DibbsBarker
The most obvious hurdle is establishing the requisite intention of the bankrupt.
CBP Lawyers
The tax debt amounts to a running account debt so a creditor is entitled to ask the court to wind up the debtor company.
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.
Jones Day
Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 28 countries that comprise the European Union, as well as the collective viability of eurozone economies.
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.
Mayer Brown JSM
In the recent case of "Lau Siu Hung v. Krzystof Marszalek" the Court of First Instance held that an annulment of bankruptcy does not debar a creditor, who has not proved his provable debt, from asserting his claim after the annulment.
Mayer Brown JSM
In The Joint and Several Liquidators of QQ Club Limited v. Golden Year Limited, the Court of First Instance held that a liquidator's costs in pursuing an avoidance claim are "fees and expenses properly incurred in preserving, realizing or getting in the assets", and are payable out of the company's assets in priority to all other payments prescribed in rule 179 of the Companies (Winding-up) Rules.
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.
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.
Chapman Tripp
A recent case provided an unsatisfactory outcome which, in our view, requires a legislative "fix".
Chapman Tripp
A payment recipient which traded closely with the company in liquidation successfully relied on the good faith defence.
Chapman Tripp
IRD is now ahead of liquidators and receivers in the liquidation payment queue, when cash is available and PAYE is owed.
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Bartier Perry
A trustee in bankruptcy (or a liquidator in an insolvency) has wide ranging powers to seek orders to claw back assets.
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,.
Surry Partners
The article discusses potential traps, such as the risk of directors being personally liable for insolvent company debts.
Holding Redlich
The article provides practical tips to ensure you maximise recovery of debts and minimise the likelihood of non-payment.
CBP Lawyers
The tax debt amounts to a running account debt so a creditor is entitled to ask the court to wind up the debtor company.
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.
DibbsBarker
The most obvious hurdle is establishing the requisite intention of the bankrupt.
Carroll & O'Dea
The judge held that the period of receivership should be ignored in order to determine the expiry of a limitation period.
Nishith Desai Associates
The Supreme Court of India has held that in the event of liquidation of a company, claims of employees have to be considered by the Official Liquidator of the company and not by the Debt Recovery Tribunal.
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