在某些情况下，开曼公司的官方清算人可能能够采取行动追回公司破产前转移的资产。对于那些关注濒临破产的开曼公司事务的人来说，了解开曼群岛官方清算人和大法院所拥有的法定权力至关重要。

可撤销的优先权

《公司法（修订版）》（「该法」）规定，「在公司无法偿还第93 条所指的债务时，公司为了使该债权人优先于其他债权人而对任何债权人作出、招致、承担或遭受的任何财产转让或转移，或对财产的抵押，以及每项付款义务和司法程序，如果是在清算开始前六个月内作出、招致、承担或遭受的，经公司清算人申请，均可撤销。」

值得注意的是，如果在清算开始前六 (6) 个月内发生、产生、取得或遭受付款，则向开曼公司「关联方」支付的款项应被视为是为了给予债权人优先权而支付，因此，根据公司清算人的申请，该款项可予撤销。

如果债权人有能力控制开曼公司或在公司财务和经营决策方面施加重大影响，则该债权人应被视为「关联方」。

公司在什么情况下无法偿还债务？

若发生下列情况，开曼公司将被视为无力偿还债务：

(a) 未遵守法定要求；

The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution. It recently considered, as a matter of first impression for the SICC, whether to approve a prepackaged scheme of arrangement for a group of Vietnam-based real estate investment companies under Singapore's recently enacted Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA").

As the enactment of chapter 15 of the Bankruptcy Code approaches its 20-year anniversary, U.S. bankruptcy courts are still grappling with some unresolved issues concerning how its provisions should be applied to best harmonize cross-border bankruptcy cases. One of those issues was the subject of a bench ruling handed down by the U.S. Bankruptcy Court for the District of Delaware.

Introduction

In certain circumstances, the liquidator of a British Virgin Islands (“BVI”) company may be able to set aside certain transactions which took place in the lead up to the company’s liquidation. It is important for those concerned with the affairs of a BVI company that they are aware of the statutory powers available to the liquidator.

The U.S. Supreme Court handed down three bankruptcy rulings to finish the Term ended in July 2024. The decisions address the validity of nonconsensual third-party releases in chapter 11 plans, the standing of insurance companies to object to "insurance neutral" chapter 11 plans, and the remedy for overpayment of administrative fees in chapter 11 cases to the Office of the U.S. Trustee. We discuss each of them below.

U.S. Supreme Court Bars Nonconsensual Third-Party Releases in Chapter 11 Plans

Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the U.S. Court of Appeals for the Second Circuit staked out its position on this issue in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir. 2013), ruling that the provision of the Bankruptcy Code requiring U.S. residency, assets, or a place of business applies in chapter 15 cases as well as cases filed under other chapters.

Introduction

Liquidations in the British Virgin Islands (“BVI”) can be either:

1) an insolvent liquidation and therefore governed by the Insolvency Act 2003 (as amended) (“Insolvency Act”); or

2) a solvent liquidation and therefore governed by the BVI Business Companies Act (as amended) (“Companies Act”). The Companies Act was amended by the BVI Business Companies (Amendment) Act 2022 and BVI Business Companies (Amendment) Regulations 2022.

Introduction

Liquidations in the British Virgin Islands (“BVI”) do not have a rescue function and mark the end of a company’s lifecycle. A liquidation in the BVI can be either:

The Bankruptcy Code bars certain individuals or entities from filing for bankruptcy protection, generally because they do not reside or have a place of business or property in the United States, fail to satisfy certain debt thresholds, or are business entities, such as banks and insurance companies, subject to non-bankruptcy rules or regulations governing their rehabilitation or liquidation.

Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases involving multiple debtors that are members of an enterprise group doing business in several different countries. The U.S.