After several unsuccessful legislative endeavors in 2000-2001, 2008-2009 and 2014, the Hong Kong government plans to relaunch the much-anticipated Companies (Corporate Rescue) Bill (the “ Bill “) in 2021.

Dans l’affaire de la Loi sur les arrangements avec les créanciers des compagnies relative à Nemaska Lithium, la Cour supérieure du Québec rend une décision intéressante en ce qui concerne la possibilité pour une débitrice de résilier des contrats auxquels elle est partie et sur son obligation, le cas échéant, de payer à son cocontractant les frais qu’il doit encourir pour reprendre possession de biens loués.

In the matter of the Companies’ Creditors Arrangement Act of Nemaska Lithium, the Québec Superior Court rendered an interesting decision regarding the possibility for a debtor to disclaim agreements and its obligation, if any, to pay its counterparty the costs it must incur to repossess leased property.

Background: Nemaska Lithium disclaims a housing modules rental agreement

The new Companies Ordinance (Cap 622) enacted in 2012 was the first part of the effort to rewrite the statutory provisions relating to the incorporation and operation of companies. The remaining task of updating the winding up and insolvency provisions was completed in May 2016, when amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) (CWUMPO) were passed into law. Although the implementation date of these amendments are to be announced by the government, it is time to look at the significant changes ahead.