Hogan Lovells Publications | 01 April 2020

Analysis of the Royal Decree-Law 11/2020 of 31 March, which adopts additional urgent measures in the social and economic field to address the COVID-19 crisis

The recent Court of Appeal case involving Topland Limited and Smiths News Trading Limited was a salutary lesson about the strict rules that protect guarantors and the perils of forgetting them.  The facts of the case were relatively simple:  Topland owned a commercial property, leased to the rather aptly named Payless DIY Ltd, which became insolvent.  Topland brought a claim against the tenant’s guarantor, Smiths, for arrears of over £280,000 and required them to take a new lease for the remainder of the term.

The bankruptcy court in In re Ocean Rig UDW Inc., 17-10736 (Bankr. S.D.N.Y. Aug. 24, 2017) determined that a decision by an offshore drilling company from the Republic of the Marshall Islands (RMI) to shift its Center of Main Interest (COMI) to the Cayman Islands prior to defaulting on bonds and initiating reorganization proceedings there and in the U.S., was “prudent.” The Court held that the change offered the debtors the best opportunity for successful restructuring and survival under difficult financial conditions and did not preclude U.S.

Just in time for Chinese New Year, a Hong Kong court has taken a major step forward in the developing law on cross-border insolvency by recognising a mainland Chinese liquidation for the first time. InJoint and Several Liquidators of CEFC Shanghai International Group Ltd [2020] HKCFI 167, Mr Justice Harris granted recognition and assistance to mainland administrators in Hong Kong so they could perform their functions and protect assets held in Hong Kong from enforcement.

美国是世界上最容易开展业务的司法管辖区之一1。监管壁垒总体较低，建立分支机构或业务实体方 便快捷，相比其他多数发达经济体，劳动就业法律对雇主更为友好，并且法律体系发达、透明。然 而，在美国进行投资或设立业务之前，仍有若干准入壁垒及营商挑战需要考虑。 本刊将简要介绍可能限制非美国人进入美国市场或在美国设立业务后开展业务能力的贸易管制问题， 以及对外国投资者而言极其重要的公司、商事、劳动就业、移民、知识产权、反洗钱、反垄断、出 口管制、反腐败、责任、破产等法律及实践。本刊并非综合性指南，仅对投资者需要考虑及与法律 顾问商讨的一些重要问题加以概述。 

Decoding the code - China's new General Civil Law Rules: the first step towards a comprehensive civil code June 2017 Decoding the code - China's new General Civil Law Rules: the first step towards a comprehensive civil code June 2017 1 Overview and background On 15 March 2017, the People's Republic of China General Civil Law Rules (中华人民共和国 民法总则) (hereinafter referred to as the "GCLR") were formally adopted at the Fifth Session of the Twelfth National People's Congress. The GCLR will enter into force on 1 October 2017.

On 11 June 2014, the Supreme People's Court of the People's Republic of China ("PRC" or "China")  handed down its ruling in the case of Sino-environment Technology Group Limited  ("Sino-environment") v Thumb Env-Tech Group (Fujian) Co., Ltd ("Thumb").

OVERVIEW

This note outlines the various formal insolvency proceedings available in the People's Republic of China (excluding for purposes of this guide, the special administrative regions of Hong Kong and Macao and the territory of Taiwan) ("PRC").

On October 21, 2008, the China Insurance Regulatory Commission of the PRC (CIRC) issued the Circular on Implementing the Administrative Provisions on the Solvency of Insurance Companies which went into effect on the same day. The Administrative Provisions on the Solvency of Insurance Companies, which the Circular intends to implement, replaced the 2003 Provisions for the Administration of the Insurance Company Solvency Quota and Regulatory Indices (the 2003 Provisions). The 2003 Provisions did not prioritize solvency issues.

On December 29, 2008, the State Administration for Taxation (SAT) and the Ministry of Finance (MOF) jointly promulgated the Circular on Several Deed Tax Policies Concerning Enterprise Reorganization and Restructuring, (Cai Shui (2008) 175, Circular 175). Circular 175 took effect on January 1, 2009, and will be effective through December 31, 2011.