The foundation of chapter 15 of the Bankruptcy Code and similar legislation enacted by other countries to govern cross-border bankruptcy cases is "comity" and cooperation among U.S. and foreign courts. The importance of these concepts was recently illustrated by a ruling handed down by the U.S. Bankruptcy Court for the Southern District of Florida. In In re Varig Logistica S.A., 2021 WL 5045684 (Bankr. S.D. Fla. Oct.
簡介
最近在Re Hsin Chong Construction Co., Ltd. [2021] HKCFA 14一案中，終審法院推翻了原訟法庭及上訴法庭（「上訴庭」）的裁決。與上訴庭及原訟法庭的裁決相反，終審法院裁定，於新昌開始清盤後出售其在合營協議項下剩餘權利及權益的交易是無效的。
背景
新昌營造廠有限公司（「該公司」）及Build King Construction Limited（「Build King」）於2013年11月訂立一份合營協議（「合營協議」），以成立及經營一間合營公司（「合營公司」）。合營公司於2016年6月獲得一項大型政府項目合約，其中該公司佔65% 權益，Build King佔餘下35% 權益。
該公司於2017/2018年度開始面臨財政困難。2018年8月27日，該公司被入稟清盤，導致該公司的銀行帳戶被凍結。
Introduction
In the recent case of Re Hsin Chong Construction Co., Ltd. [2021] HKCFA 14, the Court of Final Appeal (“CFA”) overturned the decisions of the Court of First Instance and the Court of Appeal (“CA”) below. The CFA found, contrary to the CA and Court of First Instance, that the disposition of Hsin Chong’s residual rights and interests under a joint venture agreement after the commencement of winding up was void.
Background
简介
最近在Re Hsin Chong Construction Co., Ltd. [2021] HKCFA 14一案中，终审法院推翻了原讼法庭及上诉法庭（「上诉庭」）的裁决。与上诉庭及原讼法庭的裁决相反，终审法院裁定，于新昌开始清盘后出售其在合营协议项下剩余权利及权益的交易是无效的。
背景
新昌营造厂有限公司（「该公司」）及Build King Construction Limited（「Build King」）于2013年11月订立一份合营协议（「合营协议」），以成立及经营一间合营公司（「合营公司」）。合营公司于2016年6月获得一项大型政府项目合约，其中该公司占65% 权益，Build King占余下35% 权益。
该公司于2017/2018年度开始面临财政困难。2018年8月27日，该公司被入禀清盘，导致该公司的银行帐户被冻结。
Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11 petition in good faith. The bankruptcy court can dismiss a bad faith filing "for cause," which has commonly been found to exist in cases where the debtor seeks chapter 11 protection as a tactic to gain an advantage in pending litigation. A ruling recently handed down by the U.S.
Chapter 15 petitions seeking recognition in the United States of foreign bankruptcy proceedings have increased significantly during the more than 16 years since chapter 15 was enacted in 2005. Among the relief commonly sought in such cases is discovery concerning the debtor's assets or asset transfers involving U.S.-based entities. A nonprecedential ruling recently handed down by the U.S. Court of Appeals for the Eleventh Circuit has created a circuit split on the issue of whether discovery orders entered by a U.S. bankruptcy court in a chapter 15 case are immediately appealable.
Introduction
In the recent case of Chau Cheok Wa v CT Environmental Group Ltd [2021] HKCFI 2602, the Court of First Instance (“Court”) reiterated that for appointment of provisional liquidators pending determination of a winding-up petition, an applicant must establish that there is a good prima facie case for winding-up order at the hearing of the petition and it is right that a provisional liquidator should be appointed in light of the circumstances of the case.
Background
Introduction
In the recent case of Re Grand Peace Group Holdings Ltd [2021] HKCFI 2361, which concerns the winding-up of a foreign incorporated listed company, the Court of First Instance revisited the 2nd core requirement and considered whether the possibility of the court making an order to compel the directors of the company to execute the documents necessary for the liquidators to take control of the company’s BVI subsidiaries would be sufficient to be considered as a real possibility of benefit to the petitioner.
U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." It has been generally understood that recognition of a foreign bankruptcy proceeding under chapter 15 is a prerequisite to a U.S. court enforcing, under the doctrine of comity, an order or judgment entered in a foreign bankruptcy proceeding or a provision in foreign bankruptcy law applicable to a debtor in such a proceeding.