Algemeen wordt aangenomen dat dit najaar een gevaarlijke fase wordt voor vele ondernemingen. Naar de reden daarvoor hoeven we niet ver te zoeken alhoewel het misschien een beetje te gemakkelijk is alle schuld in de schoenen van Corona te steken. Het is in alle geval al lang geen schande meer om te moeten toegeven dat het soms moeilijk is om alle leveranciers te betalen.
On entend de manière générale que cet automne sera une période dangereuse pour de nombreuses entreprises. Et il n'est évidemment pas nécessaire de chercher bien loin pour en connaître la raison, bien que la situation économique difficile actuelle ne trouve pas sa cause unique dans la crise subie suite au Coronavirus. En tout cas, il n’y a rien d’honteux à admettre que l’on peut avoir du mal à payer tous ses fournisseurs.
It is generally accepted that the last quarter of 2020 will be a risky period for many businesses. The reason for this is not far-fetched, although it is maybe a little too easy to put all the blame on Corona. In any case, it is no longer a disgrace to have to admit problems to pay all suppliers.
During lockdown period, many companies were still able to survive with the special government coronacrisis measures. But now, as these measures are being systematically phased out, risk of bankruptcy has increased.
Het retentierecht dat reeds lang aanvaard wordt als een handig middel om alsnog betaald te worden, kreeg pas in 2018 een wettelijke basis met de nieuwe Pandwet. Onlangs kreeg het retentierecht nog een een steuntje bij van het Hof van Cassatie.
1. Waar gaat het over?
Het retentierecht is een handig middel voor schuldeisers die niet betaald worden en in het bezit zijn van een goed van hun schuldenaar.
Shenzhen Everich Supply Chain Co, Ltd (in Liquidation in the Mainland of the People's Republic of China) [2020] HKCFI 965 (date of judgment: 4 June 2020)
For the second time the Hong Kong Court has recognised a PRC winding-up proceeding and granted assistance to the administrator of a PRC company appointed by a PRC Court. The Hong Kong Court also granted the administrator an express right to take control of the company's subsidiaries in Hong Kong.
Background
On 24 April 2020, Royal Decree No 15 has been published which temporarily protects companies against conservatory and enforcement attachment and bankruptcy (and judicial dissolution) and the dissolution of agreements due to non-payment.
This does not affect the obligation to pay due debts.
This temporary suspension of legal actions that may lead to insolvency applies from 24 April 2020 to 17 May 2020 for all enterprises whose continuity is threatened by the corona crisis, provided that they were not already in default on 18 March 2020.
Re Joint Provisional Liquidators of Moody Technology Holdings Ltd [2020] HKCFI 416
The Hong Kong Court has explained why there is no inconsistency between: (a) its domestic insolvency law which does not permit the appointment of provisional liquidators purely for the purposes of restructuring the company; and (b) common law recognition of foreign "soft-touch" provisional liquidators.
What is a soft-touch provisional liquidator?
The authorities have taken several measures to support businesses and employment, under the pressure of the corona crisis. Measures in relation to tax and social security, temporary unemployment and state financial support were taken. An agreement with the financial sector to grant payment facilities was reached, as well.
——新修订将如何影响上市公司重组
作为打击壳股活动的一系列举措之一，香港联合交易所有限公司（以下简称“联交所”）修订了《香港联合交易所有限公司证券上市规则》（以下简称“《上市规则》”）中的大量条文，并发布了相关指引信。最新修订的条文于2019年10月1日生效，修订主要关于借壳上市和持续上市准则有关。其他已于2018年开始生效修订的条文与除牌机制和融资规则有关。除此之外，联交所逐渐加强了对新上市申请人的上市适合性审查。尽管这些修订主要针对壳股活动，但是也会影响其他重组活动，包括上市公司破产重组。
我们将在本文中分享对上述修订及其对上市公司破产重组的影响的看法。本文不讨论《上市规则》中所有经过修订的条文，仅关注某些会影响上市公司重组的特定条文。
除牌制度
在2018年8月以前，根据《上市规则》第17项应用指引的规定，除牌程序由三阶段组成。但在2018年8月以后，除牌程序简单化，上市公司持续停牌18个月，联交所即可将其除牌。
How the recent changes will impact restructurings of listed companies